Egypt aims to increase its imports of Kuwaiti oil by 33% starting in early 2024

Newsletter

14 Nov 2023

Egypt aims to increase its imports of Kuwaiti oil by 33% starting in early 2024. The Egyptian government aims to increase its imports of Kuwaiti crude oil by 33% starting in 2024, reaching 3 million barrels per month. This statement comes after the Egyptian Prime Minister, Mustafa Madbouly, announced in September of last year that the country would cease importing refined petroleum products such as gasoline and diesel, working instead to refine them domestically. The Egyptian General Petroleum Corporation plans to increase the country’s imports of crude oil by 40% starting from the next fiscal year, 2024-2025, to halt the import of refined petroleum products. Egypt currently possesses about 12 oil refining facilities with a total production capacity of 34 million tons, of which only about 25 million tons are utilized annually. (Asharq Business)

Exports of Israeli gas to Egypt rise by 60% amid reduced risks.
Natural gas flows from Israel to Egypt increased by up to 60% this month, according to a person familiar with Egyptian imports. This comes as security concerns related to the conflict with Hamas eased, coupled with the resumption of production from a major gas field. The source, who requested anonymity due to the sensitivity of the information, stated that supplies rose to 350-400 million cubic feet per day compared to around 250 million earlier in November. However, these flows represent half the normal supply levels before the conflict. (Asharq Business)
Kuwait renews a deposit of 4 billion USD with the Central Bank of Egypt.
Kuwait renewed a deposit of 4 billion USD at the Central Bank of Egypt in two tranches, with one maturing in April and valued at 1 billion USD, and the second in September 2024. This renewal aims to support the country's foreign currency reserves. Egypt's foreign currency reserves increased by about 131 million USD in October, reaching 35.1 billion USD. Central Bank data revealed that the country's external debt declined to approximately 164.7 billion USD by the end of June 2023, compared to 165.3 billion USD at the end of March. (Asharq Business)
Egypt’s outstanding balances of T-bills, T-bonds reach 4.961 trillion EGP by September end.
This total comprises 2.605 trillion EGP in treasury bills and 2.355 trillion EGP in bonds. The breakdown of outstanding T-bill balances reveals approximately 1.189 trillion EGP for 364-day bills, around 219.611 billion EGP for 273-day bills, about 564.504 billion EGP for 182-day bills, and roughly 632.209 billion EGP for 91-day bills. The ministry noted that bids for T-bills amounting to 411.577 billion EGP were scheduled for October, with the remaining sum set to be settled between November 7 and September 24, 2024. It's noteworthy that similar bills are routinely reissued on a weekly basis. (Daily News)
Egypt's exports to the Nile Basin countries reached 1.7 billion USD last year, marking a 7.3% increase.
Egypt's exports to the Nile Basin countries increased last year, reaching $1.7 billion, marking a 7.3% annual growth, according to a statement issued on Monday by the Central Agency for Public Mobilization and Statistics. The Nile Basin countries include Sudan, Ethiopia, Uganda, Congo, Kenya, Tanzania, Rwanda, Burundi, and Eritrea, in addition to South Sudan. On the other hand, Egypt's imports from the Nile Basin countries amounted to $1.4 billion last year, showing an increase of 75.9%. (Economy Plus)
The increase in steel prices today is attributed to the impact of global factors, raising the price per ton by 3865
New increases in steel prices today in Egypt were announced by the Ezz Steel factory, marking the first time in November. The increase amounts to 3865 Egyptian pounds per ton. According to Abdul Khaliq Farhat, the head of the New Delta Company for the trade of building materials, the current steel prices at Ezz Steel factory are around 36,000 EGP, effective from Monday, November 13, 2023. (Al Mal)
The Ministry of Housing reclaims lands worth 35.5 million EGP in "New Suez."
Assem El Gazzar, the Minister of Housing, stated that encroachments on lands measuring 10,000 square meters, with a total value of 17.5 million EGP, have been removed. Additionally, an area of 19,660 square meters, valued at a total of 18 million EGP, has been reclaimed in the New Suez City. The total market value of the lands, where encroachments were removed and reclamation took place, amounted to approximately 35.5 million EGP. (Al Borsa News)
The revenues of Vodacom company increased by more than a third thanks to the Vodafone Egypt deal
The revenues of Vodacom Group grew by more than a third to 72.8 billion Rand (3.88 billion USD) during the first six months of the year, supported by the acquisition of Vodafone Egypt. The company, headquartered in Johannesburg, stated in a statement that service revenues increased by 42% due to the deal, with profits reaching the upper end of its medium-term target. Vodacom has 73.5 million customers for financial services, including Safaricom, and the company's transaction value is around one billion dollars daily. It also announced an interim dividend of 3.05 Rand per share, compared to 3.40 Rand per share for the same period last year. (Asharq Business)
"Nasser" and "Al Masri Al Khaliji" are offering a piece of land owned by them to investors.
Nasser Social Bank and Egyptian Gulf Bank have signed a cooperation protocol to manage and invest in a piece of land owned by both banks, located on the Nile Corniche. Nevin El-Qabbaj, the Minister of Social Solidarity and Chairperson of the Board of Directors of Nasser Social Bank, explained that the signing of the agreement comes due to the distinguished location of the piece of land. The aim is to optimize its use and achieve the highest and best return by offering it for sale to major investors through public auction or entering into an investment partnership with prominent investors and real estate developers to establish an investment project.(Al Borsa News)
Volkswagen is considering establishing an automotive manufacturing complex in the industrial zone of East Port Said.
Mostafa Madbouly, the Prime Minister, witnessed the signing ceremony of an agreement for strategic cooperation in studying the establishment of the "Joint Automotive Industry Complex in the East Port Said Industrial Zone (EPAZ)." The signatories included the General Authority for the Economic Zone of the Suez Canal, the Sovereign Fund of Egypt, East Port Said Main Development Company, and Volkswagen Africa. The ceremony took place at the Cabinet headquarters in the New Administrative Capital and was attended by Dr. Hala El Said, the Minister of Planning and Economic Development. (Arab Finance )
1250 investment opportunities are available on the investment map, distributed across 56 governorates.
Prime Minister Dr. Mostafa Madbouly reviewed with Hossam Hieba, the CEO of the General Authority for Investment and Free Zones, the results of promotional efforts to attract foreign investments to Egypt. At the beginning of the meeting, Dr. Madbouly emphasized the importance of attracting new foreign investments, in addition to resolving any issues facing current investors to encourage others and expand their projects. He also highlighted the unprecedented facilitations and incentives provided by the state, especially for investors in the industrial sector, as part of efforts to promote localization and industrial development. (Hapi Journal)