Pre-Trading Thoughts

Egypt welcomed around 13 million tourists in 9M2023, putting Egypt on track to hit the target of 15 million visitors in 2023, up 32% YoY.The volume of imports accumulated at ports decreased by about 17% last October, equivalent to USD800 million, to reach about USD3.9 billion, compared to USD4.7 billion at the end of last September.Units of Saudi Arabia’s Fawaz Abdulaziz Alhokair Company (Alhokair) could invest as much as USD1.5 billion in Egypt in 2024, according to press.The Minister of Electricity said that the German government pledged to support renewable energy projects in Egypt by providing financing amounting to EUR285 million.Egypt's gas production declined during 9M2023 by about 10.4% YoY, reaching 45.23 billion cubic meters.The value of the EGX30 index is continuing to reach new heights, climbing 2.1% yesterday to close just shy of 25,000, as investors pile into alternatives to LCY cash deposits in response to the prolonged currency uncertainty fueled by widespread anticipation of another devaluation in the coming weeks.ECAP reported 3Q23 financial indicators, recording net profit of EGP70.8 million (+29.9% YoY, +17.1% QoQ), bringing 9M23 net profit to EGP188.2 million (+36.7% YoY).EFIH (FV: EGP23.50, OW) is close to finalize acquiring a stake in an e-payments player, operating locally, before the end of this month, according to local press.BTFH subsidiary, Beltone Mortgage Finance, has received a mortgage finance license from the Financial Regulatory Authority.