Pre-Trading Thoughts

The CBE decided to keep interest rates unchanged at 8.25% and 9.25% for overnight deposit and lending rates respectively, citing inflation pattern, pick-up in domestic economic activity and continuation of global recovery from COVID-19.Quantities transported from natural gas reached 66.7 billion cubic meters, of which 62.1 billion cubic meters for local market and 4.6 billion cubic meters for exporting, which amounts to 142% growth YoY in FY20/21.President El Sisi issued a decree forming the Coordination Council between the CBE's monetary policy and the government's fiscal policy, headed by the Prime Minister.The Ministry of Finance allowed exporting companies in the ceramic, pharmaceutical and automobile sectors to apply to join phase 4 of the instant cash payment initiative to support exporters.Fawaz Abdulaziz Alhokair & Co., a company listed on the Saudi stock market, submitted an offer to HRHO to buy a stake of 10% in its subsidiary Valu in addition to cooperating with HRHO to launch Valu services in the Saudi market next year.HELI is meeting today with the representatives of the three bidders (Majid Al Futtaim, Hassan Allam Properties, and Mountain View) for the co-development of HELI’s 1,695 feddan Heliopark land plot to update their offers, HELI would select the winner early next year.EMFD plans to start the construction works of “Belle Vie” project, on an area of 500 acres in the new Sheikh Zayed City. Nakhla Tobacco Co. (JTI), British American Tobacco, and Al-Mansour International for Distribution Group have sent a joint statement for The Chamber of Food Industries informing them of their withdrawal from the new license auction.e-Aswaaq, a subsidiary of e-finance, has set up the online portals to buy entry tickets for the Giza Pyramids, as well as several electronic gates at the entrance of the pyramids.Average occupancy rate at hotels across the Red Sea are expected to reach 70-75% by the end of 2021, while Sinai hotels could end the year with an average occupancy rate of 55-60%.The number of hotels that resumed their activities until mid-December reached 900, representing 75% of the total number of hotels registered with the Ministry of Tourism.