Today’s Top News & Analysis
Cabinet approves the move to join BRICS Development Bank
Gulf sovereign funds are bidding for Egypt desalination plants
Ministry of Agriculture releases amounts of corn and soybeans
Al-Baraka Capital launches a real estate investment arm
Ezz steel raises its selling prices
PACHIN addresses latest updates pertaining National Paints Holding MTO price
GB Auto finalizes the sale of its indirect stake in MNT Investments
MACRO
Cabinet approves the move to join BRICS Development Bank
Cabinet approved plans for Egypt to join the New Development Bank (NDB), a multilateral lender set up by the BRICS economic group. (Enterprise)
Gulf sovereign funds are bidding for Egypt desalination plants
Gulf sovereign wealth funds are among 28 bidders looking for contracts to build 21 desalination plants which the government is tendering to the private sector. (Enterprise)
Ministry of Agriculture releases amounts of corn and soybeans
It has been reported that Ministry of Agriculture released 83,000 tons of corn for USD30mn, besides 67,000 tons of soybeans for USD47mn. Meanwhile, fodder amounts worth USD2mn during last week. (Mubasher)
CORPORATE
Al-Baraka Capital launches a real estate investment arm
Al Baraka capital, a subsidiary of Al Baraka Bank - Egypt [SAUD], launched a real estate investment arm with the aim of providing liquidity for Sharia' compliant real estate projects. (Mubasher)
Ezz steel raises its selling prices
Ezz Steel's [ESRS] upped its selling prices by 5% to reach EGP21,450 per ton including VAT effective 12 December 2022. (Company release)
PACHIN addresses latest updates pertaining National Paints Holding MTO price
Paints & Chemical Industries (PACHIN) [PACH] declared that it didn’t receive any formal letter from National Paints Holding LTD implying that the latter will up its MTO price from EGP29/share to EGP32/share. (Mubasher)
GB Auto finalizes the sale of its indirect stake in MNT Investments
GB Auto [AUTO] has finalized the agreement to sell 7.5% of its indirect stake in MNT Investment B.V to Chimprop. This will reduce AUTO's stake in MNT Investments to 49.5%. (Company disclosure)
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