Egypt

Economic and general news

Egypt’s balance of payments (BoP) recorded an overall surplus of USD2.81bn in FY5/26, reversing a deficit of USD2.07bn a year earlier, the Central Bank of Egypt (CBE) announced. The surplus was supported by a c47% y-o-y increase in net foreign direct investment (FDI) to USD18.0bn and a c2.7x y-o-y hike in net portfolio investments to USD4.2bn. However, the current account deficit widened to USD22.5bn from USD15.4bn a year earlier, reflecting the widening of the deficit of the trade balance by c27% y-o-y to USD64.8bn (mainly due to a widening in the oil trade deficit by c32% y-o-y to USD18.3bn due to higher imports of natural gas and crude oil) and a c34% y-o-y widening in the investment income deficit to USD21.2bn; however the widening in the current account deficit was curbed by the increase in worker remittances by c30% y-o-y to USD47.3bn and the pickup of the services surplus by c11% y-o-y to USD16.7bn, in light of the increase in tourism revenue by c10% y-o-y to USD18.4bn, and the Suez Canal transit receipts by c22% y-o-y to USD4.40bn, which began to partially recover. The change in banks’ foreign assets and CBE’s non-reserve assets registered an increase in net outflows (representing an increase in assets), to USD9.7bn against USD5.6bn, and the change in the CBE’s liabilities recorded a net outflow (representing a decrease in liabilities) of USD696m, against a net inflow of USD3.6bn. Medium- and long-term loans and facilities registered a net disbursement of USD1.9bn (against a net repayment of USD3.5bn), as total disbursements recorded USD9.0bn (against USD8.9bn), while total principal repayments reached USD7.1bn (against USD12.4bn). (CBE)

The World Bank estimates Egypt’s real GDP growth to decelrate to 4.7% y-o-y in FY26/27 from 5.1% y-o-y in FY25/26, inflation to average 14.8% in FY26/27 up from 13.3% in FY25/26, and the current account deficit to widen to 4.9% of GDP in FY26/27 from 4.4% of GDP in FY25/26, according to its World Economic Outlook October 2026 report. (World Bank)

In reference to the Financial Regulatory Authority’s (FRA) circular dated 16 September 2026 governing transactions in goods, services, and products under consumer finance activities, the CBE has instructed banks not to grant, renew, or permit the utilization of credit facilities extended to consumer finance companies for transactions involving the purchase of gold bullion, gold jewelry, and other precious metals, including silver and platinum, as the FRA prohibited financing such transactions since they do not fall under consumer goods and services, it announced. Existing outstanding balances related to such purchases must be fully settled and cannot be redrawn. (CBE)

Egyptian banks, including the National Bank of Egypt (NBE), Banque du Caire (BQDC EY), Housing and Development Bank (HDBK EY), Bank ABC, Suez Canal Bank (CANA EY), Qatar National Bank (QNBE EY), Bank of Alexandria and the United Bank of Egypt (UBEE EY), have postponed extending new financing to real estate developers and are reviewing some existing credit facilities as the government is currently identifying distressed developers and projects delayed beyond their planned execution and delivery schedules, according to unidentified banking sector sources. (Asharq Business)

The Egyptian government’s proceeds from legalizing state-owned land could reach EGP124bn, based on the volume of applications submitted, land area indicators, and amounts collected from previously concluded contracts, according to unidentified official sources familiar with the matter. Around 14,100 agricultural contracts have been issued, covering a total area of 221,000 feddans, with collections averaging EGP24,000/feddan, and the final proceeds will depend on the outcomes of application reviews, inspections, and valuations, as well as the characteristics of each case and the regulations governing the disposal of state-owned land, the sources added. The State Land Recovery Committee, in coordination with the Ministry of Local Development, launched the National Platform for State Land Legalization in January to serve as the official electronic channel for submitting applications and tracking the process, from review, inspection, and valuation to final contracting. Applications undergo technical and legal reviews, including land surveying, inspections, and the assessment of amounts due, before legalization decisions and final contracts are approved. Around 330,000 applications have been submitted, with EGP3.5bn collected to date. (Al Mal)

Egypt’s Real Estate Tax Authority (RTA) is studying a bank installment scheme that would allow taxpayers to pay their tax dues through banks, with banks paying the authority upfront and collecting repayments from taxpayers in installments at rates expected to be below prevailing market levels, according to an unidentified official source. Meanwhile, the Ministry of Finance (MoF) is studying industry requests to extend property tax relief or introduce new support measures for factories after the current exemption expires in December, the sources added. The state has been covering property tax liabilities for 20 industrial sectors since 2022. (Enterprise)

Italy-based Eni and UK-based BP plan to begin natural gas production from the Denise West 1 field in Egypt’s Mediterranean Sea in 2027, with initial output of 200 mcf/day and estimated reserves of 2 tcf, according to unidentified official sources. The consortium aims to raise production to more than 400 mcf/day in later development phases as additional wells come online, supporting Egypt’s efforts to offset declining domestic gas output and narrow the production-consumption gap. The partners have begun tendering and awarding development contracts to oilfield services companies, with Egyptian firms including Petrojet and Petroleum Marine Services (PMS) potentially securing contracts worth more than USD400m combined in the first phase. The development plan includes drilling four wells, installing an offshore production platform and building the necessary infrastructure and pipelines to connect the field to the national gas grid. The field is located in the Temsah offshore concession, 70 km off the coast of Port Said in waters 95 m deep, and is just 10 km from existing production facilities, which could speed up its connection to the grid. (Asharq Business)

Agriventure Egypt, a high-tech agriculture exporter based in Egypt, plans to offer its shares in an initial public offering (IPO) on the Egyptian Exchange (EGX) in 1Q27, but has not yet disclosed the offering size or its target valuation, according to its CEO. The company’s board has appointed an investment bank to manage the offering. Agriventure operates 6,500 acres across five sites in Dabaa, Fayoum, and Khatatba, of which 3,200 acres are net growing area. It exports c99% of its harvest: c80% to the UK and European retailers, the remainder to the Gulf, Russia, and the Far East, and c1% sold locally under its Nature’s Pick brand. Co-founders Ali Diab and Karim Hendi jointly own c60% of the company, while Egyptian businessman Mohamed Farouk holds c16%. Morpho Investments, a private equity firm, also holds an undisclosed stake. (Enterprise)

Egypt’s Administrative Court will hear the first lawsuit filed by steel rolling mills challenging the government’s anti-dumping duties on billet imports on 14 November, according to unidentified sources familiar with the matter. The court has asked the Ministry of Investment to submit data on the impact of billet imports on the local market and whether the duties have supported domestic industry growth before issuing a binding ruling on whether to maintain or scrap the measures. (Enterprise)

Egypt’s interbank volume reached USD130m on Sunday and USD450m yesterday, according to unidentified sources familiar with the matter. (Al Mal)

The Egyptian government sold yesterday 3-month T-bills worth EGP57.9bn, with a bid-to-cover ratio of 2.15x, at an average yield of 23.827%, down from 24.247% previously, and 9-month T-bills worth EGP97.4bn, with a bid-to-cover ratio of 2.06x, at an average yield of 25.352%, down from 25.45% previously, according to the Central Bank of Egypt (CBE)’s data. (CBE)

Company news

OCI NV (OCI NA) | Orascom Construction (ORAS EY, OC DH): OCI Global notes that the Enterprise Chamber of the Amsterdam Court of Appeal has today dismissed the petition brought by VEB and certain other shareholders and declined to order an inquiry into OCI’s policy and course of affairs, it announced. The Enterprise Chamber also ordered the VEB and Smits to pay, jointly and severally, the administrative costs of the proceedings, estimated to date at approximately EUR18,000 in aggregate, including amounts awarded to OCI, NNS, the Independent Directors and the Enterprise Chamber appointed Directors. The previously announced NNS offer, and the EGM scheduled for 30 October 2026, will continue in accordance with the published terms and timetable. Shareholders should continue to refer to the offer memorandum, OCI’s position statement and the EGM documentation for complete information regarding the offer and the proposed combination. (OCI Global release)

MNT Halan (HALN EY) | GB Corp (GBCO EY): The public tranche of the company’s initial public (IPO) offering was 2.7x covered on the third day of subscription, as investors placed orders for some 129m shares out of the public tranche’s total of 48.0m shares, according to EGX data. (Al Borsa)

Bonyan for Development and Trade (BONY EY): The company purchased some 2.63m treasury shares during the 11 October trading session, it announced. (EGX) 

UAE

Economic and general news

The UAE Cabinet approved a AED293bn budget for 2027 to 2029, a 28.3% increase over the previous three years, according to the UAE government media office. (Bloomberg)

Company news

Abu Dhabi Investment Authority (181586Z UH): IHC, the investment company of Abu Dhabi’s national security adviser and deputy ruler Sheikh Tahnoon bin Zayed al-Nahyan, is among those in early-stage discussions to buy into the promoter of Bandhan Bank, Bandhan Financial Services (BFSL), which owns a little more than a third of the private lender, according to unidentified sources familiar with the matter. The move aims to give early-stage financial investors an opportunity to sell stakes. BFSL, led by Bandhan founder Chandra Shekhar Ghosh, has been working with advisers Jefferies to find strategic investors for 25-32%, up to USD600m of stake. (Bloomberg)

Abu Dhabi National Oil Co (158443Z UH): The trading arm of Abu Dhabi National Oil Company bought Oman crude for January to December 2027 from state- owned Indian Oil Corp. via a tender, according to unidentified traders familiar with the matter. ADNOC Trading bought the term supply at a 35c-40c/bbl premium to the grade’s official selling price. Indian Oil Corp Ltd IOC offered about 2.8m bbl of Oman oil from Mina Al-Fahal over 2027. (Bloomberg)

Qatar

Company news

QatarEnergy (16453Z QD): QatarEnergy set the official selling price of Qatar Marine crude at a discount of USD8/bbl to the Middle East benchmark for November, according to a producer document, compared with a USD5/bbl discount for October. (Bloomberg) 

Kuwait

Economic and general news

Kuwait has set the official price of its export-grade crude to Asia at a USD6.75/bbl discount to the Oman- Dubai benchmark for November on an FOB basis, according to a price list seen by Bloomberg, compared with a discount of USD2.75/bbl for October. (Bloomberg)