Saudi Arabia has extended the term of its $5-billion deposit at the Central Bank of Egypt (CBE), the kingdom's state-run SPA reported.
The duration of the extension was not disclosed.
Saudi Arabia placed that deposit in March to boost Egypt's economy after the outbreak of the war in Ukraine, bringing its total deposits at the CBE to $10.3 billion.
This comes as Egypt prepares to receive new financing worth $3 billion from the International Monetary Fund (IMF) in December, which is awaiting approval from the fund's executive board.
Earlier this month, Qatar deposited $1 billion at the CBE, ahead of a potential agreement to buy state-held stakes in Egyptian companies.
The Central Bank of Egypt (CBE) Deputy Governor Gamal Negm has reaffirmed that the central bank had ordered banks to halt the financing initiatives backing the industrial, agricultural and contracting sectors at an interest rate of 8 percent.
Negm's comment came during a ministerial meeting on Tuesday.
Earlier this month, Prime Minister Mostafa Madbouly ordered that the management of all the CBE's low-interest financing initiatives be transferred to the finance ministry.
The initiatives mentioned in Madbouly's decree include the mortgage finance initiative for middle-income buyers with a diminishing interest of 8 percent, the mortgage finance initiative for low and middle-income buyers, with a diminishing interest of 3 percent, the tourism initiative, the bi-fuel conversion initiative and the initiative to support modern irrigation methods.
Madbouly also banned all entities, including the CBE, from drafting any new financing initiatives or amending current ones except after obtaining the approval of the cabinet.
Oil markets showed mixed signals yesterday amid expectations of easing COVID-19 measures in China and worries that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) would stick to its policy of trimming output.
Brent crude futures decreased by 16 cents, or 0.2 percent, to settle at $83.03 a barrel, while US West Texas Intermediate (WTI) crude futures went up 96 cents, or 1.2 percent, to close at $78.20 a barrel.
Chinese health officials said the country plans to speed up the coronavirus vaccinations for elderly people as part of efforts to ease China's zero-COVID policy.
Oil prices were also boosted by weakness in the US dollar index against a basket of currencies, which dropped to 106.65 from a 20-year high. A weaker dollar makes crude cheaper for holders of other currencies.
Meanwhile, five OPEC+ sources told Reuters yesterday that it is likely to keep the oil output policy unchanged during the next ministerial meeting on Sunday.
Global Auto, the new agent for BMW and Mini Cooper cars in Egypt, will allocate investments of more than $100 million to develop its services and enhance its presence in Egypt, Fahd Al Ghanim, president of Global Auto, told Asharq Business yesterday.
At a press conference in Cairo yesterday, Al Ghanim announced the launch of BMW models again in Egypt after an absence of more than two years.
The company "will resume producing BMW cars locally, and the first batch will be launched in the Egyptian market in January 2023," he said.
"The first phase of BMW manufacturing in Egypt will have a production capacity of 1,500 cars for 2023, provided that the local component of the product ranges between 40 and 45 percent."
The Central Bank of Egypt has announced the appointment of Tamer Waheed as a non-executive director at the Arab African International Bank (AAIB) to represent the former on the AAIB's board.
The CBE owns about 49.5 of AAIB.
On Monday, it was reported by Al Mal that AAIB appointed Tamer Waheed as its new CEO, succeeding Sharif Elwi, who submitted his resignation.
Prior to his appointment, Waheed held the position of chief risk officer at the AAIB.
The Egyptian Financial Regulatory Authority (FRA) has issued a license for the operation of Misr Takaful Insurance – Hayat, which was established by Misr Insurance Holding Company, Misr Life Insurance, Misr Insurance and the National Bank of Egypt with a capital of EGP 150 million ($6.11 million).
The firm will offer various life insurance activities and long-term medical insurance plans.
It is seeking to collect EGP 1.5 billion ($61.1 million) in direct insurance premiums within five years.
Ghabbour (GB) Auto has filed an arbitration case against Algeria for the claimed damage and losses caused to the former's business and investments following the measures taken against it by the Algerian government, the company said in a bourse disclosure yesterday without elaborating what measures it was referring to.
GB Auto said that it had incurred a loss of at least $24 million in invested capital.
This resulted from the company's indirect shareholding of 54 percent in GBR Auto and 48.8 percent in GBR Auto Services, which were set up in Algeria, it said.
Misr Fertilizers Production Company (MOPCO) reported a 43.7-percent yearly increase in consolidated net profits after tax and non-controlling interests to EGP 5.06 billion ($206.12 million) in the first nine months of 2022, up from EGP 3.52 billion.
Revenues jumped 74.2 percent to EGP 12.34 billion ($502.69 million) from EGP 7.09 billion, according to a bourse filing yesterday.
Earlier this month, the firm posted a 253-percent year-on-year increase in standalone net profits after tax in the first nine months of the year to EGP 3.65 billion ($148.67 million) from EGP 1.04 billion.
The blue-chip EGX30 index gained 2.07 percent on Tuesday to close at 13,184.26 points, amid a turnover of EGP 990.11 million ($40.33 million).
Market bellwether Commercial International Bank (CIB) soared 3.99 percent to EGP 39.84 ($1.62).
Top performers included Qatar National Bank Alahli (QNB Alahli), which jumped 6.40 percent to EGP 18.13 ($0.74); Credit Agricole Egypt, which added 5.48 percent to EGP 8.27; and Housing and Development Bank, which rose 4.73 percent to EGP 13.52.
Lagging stocks included Juhayna Food Industries, which dipped 1.47 percent to EGP 6.70 ($0.27); Misr Fertilizers Production Company (MOPCO), which went down 0.94 percent to EGP 131.73; and Alexandria Mineral Oils Company, which lost 0.85 percent to EGP 4.64.
The broader EGX70 EWI rose 1.63 percent to close at 2,591.51 points.
Net purchases by Egyptian investors registered EGP 105.07 million ($4.28 million), while net sales by Arab and foreign investors came in at EGP 16.56 million and EGP 88.51, respectively.
Egypt's Senate, the upper house of parliament, has given its final approval to a new bill that allows a wider scope of illegal building violations to be reconciled.
The bill is set to be passed back to the lower house, where it will be put to a vote for final approval.
The new bill now covers buildings constructed outside the official urban zones, those that affect architectural identity, exceed the height limits prescribed by civil aviation and state defense authorities and those built on state-owned land and car parking lots, Ahram Online reported.
Offenders will be required to pay fees in return for legal reconciliation for building violations, which will range between EGP 50-2,500 ($2.04-$101.84), depending on the district.
As for uneasy or impossible-to-correct violations, citizens will have to pay three times the fixed value of settlement fees per square meter. The bill, however, allows paying in installments over five years.
The bill also offers a 25 percent discount to offenders who pay the total value of settlement fees at once.
Turkish Foreign Minister Mevlut Cavusoglu announced that his country may appoint an ambassador to Egypt in the new future, the turkeish state-run Anadolu news agency reported.
"Turkey and Egypt may resume full diplomatic relations and reappoint ambassadors in the coming months," Cavusoglu said.
On Sunday, Turkish President Recep Tayyip Erdogan said that a process of building bilateral ties with Egypt would start with meetings between the ministers of the two countries, without providing a timeframe.
Last week, El-Sisi met with Erdogan in Qatar on the sidelines of the opening ceremony of the 2022 World Cup.
The pair shook hands and held talks during a meeting in what was described in an Egyptian presidency statement as a new start in bilateral relations between the two countries.
Erdogan also signaled the possibility of improving ties with rival Syria.
"Just as this business is now on track with Egypt, things may also get on track with Syria," he said in comments that were broadcast.
In September 2021, Turkey and Egypt held the second round of a series of political consultations in Ankara to normalize ties between the two nations and agreed to continue consultations in a bid to bolster diplomatic and political relations. The first round of exploratory discussions was held in Cairo in May of that year.
The thaw came after a years-long rift due to Turkey's support for the Muslim Brotherhood, which Egypt outlawed after the ouster of former President Mohamed Morsi in 2013.
Germany signed a 15-year agreement with Qatar yesterday to receive up to 2 million tonnes of liquefied natural gas (LNG) as it seeks to diversify its suppliers amid the energy standoff with Russia.
The agreement was signed by ConocoPhillips and state-run Qatar Energy. Its total value was not disclosed.
The deal could see Qatar begin to send LNG shipments to Germany through the latter's under-construction terminal at Brunsbuettel starting in 2026.
In September, Germany signed an LNG agreement with Abu Dhabi National Oil Company (ADNOC) in a similar move away from Russian supplies.
North Atlantic Treaty Organization (NATO) Secretary General Jens Stoltenberg on Tuesday reaffirmed the military alliance's commitment to supporting Ukraine, saying the war-torn country would one day become a member of the world's largest security organization.
Stoltenberg's remarks came as US Secretary of State Antony Blinken and his NATO counterparts met in Romania to drum up urgently needed support for Ukraine with the aim of ensuring Moscow fails to defeat the country as it bombs its energy infrastructure.
"NATO's door is open," Stoltenberg said before chairing the meeting.
"Russia does not have a veto" on countries joining, he said in reference to the recent entry of North Macedonia and Montenegro into the security alliance. He added that Russian President Vladimir Putin "will get Finland and Sweden as NATO members" soon.
"NATO will continue to stand for Ukraine as long as it takes. We will not back down," Stoltenberg added in a speech in Bucharest.
Also, Latvian Foreign Minister Edgars Rinkevics said in an interview on the sidelines of the meeting in Bucharest: "We should allow Ukrainians to use weapons to target missile sites or air fields from where those operations are being launched." Allies "should not fear" escalation, he added.
For his part, Secretary of State Antony Blinken announced that his country would provide $53 million to support Ukraine's electricity grid, which is facing a barrage of Russian attacks.
On Tuesday, the Russian Ministry of Defense said that its forces thwarted attempts by the Ukrainian army to carry out attacks on a number of areas, confirming the killing of about 200 Ukrainian soldiers and the destruction of missile systems.
The ministry indicated that "nine Ukrainian drones were shot down in several areas in Luhansk and Donetsk," adding that "a weapons depot of missiles and artillery of Ukrainian forces in Zaporizhia was destroyed."
The Organization of Petroleum Exporting Countries and its allies (OPEC+) will hold Sunday's ministerial meeting online, which was planned as an in-person gathering in Vienna, sources familiar with the matter were quoted as saying by Bloomberg and Reuters.
The meeting may be partly or fully virtual, the sources said.
On Monday, talks circulated of an expected further output cut by the oil grouping to boost oil prices.
However, five OPEC+ sources told Reuters yesterday that it is likely to keep the oil output policy unchanged on Sunday.
In October, OPEC+ agreed -- in its first in-person meeting since the outbreak of the coronavirus pandemic -- to cut their production target by 2 million barrels per day (bpd) in November to boost prices.
The cut amounted to 2 percent of the global oil supply, OPEC's biggest cut since the beginning of the pandemic.
|UAE ABU DHABI||ADX||10,392.30||-0.13%|
|US||Dow Jones IA||33,852.53||+0.01%|
|China||HANG SENG INDEX||18,228.34||+0.13%|
|Gold Egypt||LE/ oz.||1,753.45||+0.71%|
|Silver Egypt||LE/ oz.||21.29||+1.73%|
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