Tuesday, 30 December 2014

TE to announce choice of investment bankers • will water shortage prevent fracking in Egypt? • Tax Authority isn’t taking EGAS to court • oil at 5-year lows • LNG deal with Algeria • Railways need EGP 76 bn upgrade • Shake Shack to IPO

WHAT WE’RE TRACKING TODAY

The Ministry of International Cooperation will gather with unspecified investment bankers for a meeting with the International Finance Corporation today to review projects that could be presented at the Sharm El-Sheikh economic summit in March, according to a brief report in Al-Borsa.

WHAT WE’RE TRACKING THIS WEEK

Telecom Egypt will announce tomorrow its choice of advisors for the valuation of its subsidiaries, Al Borsa reports. Top contenders include an alliance of EFG Hermes and Lazard and a competing cartel of Perella Weinberg Partners and CI Capital.

Wednesday may also see election dates announced for the three-stage poll to elect a new Parliament — and the possible release of a draft Suez Canal Zone investment law.

Arab U.N. delegations on Monday endorsed a Palestinian proposal by Mahmoud Abbas to end the Israeli occupation by 2017, and the resolution is to be put to a vote by the UN Security Council on Tuesday or Wednesday, with the U.S. expected to veto. (Read in Reuters)

The first hearing in the appeal of three imprisoned Al-Jazeera English journalists is scheduled to take place on Thursday.

LAST NIGHT’S TALK SHOWS

According to Ibrahim Eissa, odds are good we will be disappointed by the 17 new governors President Abdelfattah El-Sisi has signaled he will appoint in January. Why? Because we have not yet learned to “think outside the box.”

“I am afraid we will be seeing the same old cast of retired army generals and police officers with a few university professors thrown in for good measure. They might not be bad people, but they will be too old-school,” said Eissa.

“Where did we get the idea that generals make good ministers and governors? What do these people know about management? I’m not questioning their integrity, but they are taking on jobs for which they’re completely unqualified,” said Eissa.

“Isn’t it about time that we try something different, like maybe someone with management experience, someone who turned around a company, someone who has managed a large workforce? Why don’t we try something really different, like a female governor or a Coptic governor?”

Eissa then asked the fundamental question: “Will President El-Sisi follow in the footsteps of his predecessors and appoint generals? Given his background and his affinity for generals, it is highly likely that this will be the scenario. That’s fine, but just keep in mind that if we keep doing the same thing, we can’t expect different results,” said Eissa.

Lamees in Luxor: Lamees El Hadeedy recorded her entire episode on location in Luxor and a nearby village. Her trip sought to highlight Luxor in general with particular focus on the historical significance and touristic appeal of the Temple of Karnak. She did a thorough job of examining the impact the near-absence of tourism in past years has had on the population through face-to-face interviews with local residents from various walks of life.

The episode tried to address a point expressed by a frustrated Nile boat owner, who said there has been a lack of media coverage letting people know that Luxor is safe.

The first half or so of the episode, Lamees explored the Temple of Karnak with an (unnamed?) guide. As a large group of foreign tourists walked into frame, Lamees noted they were the first groups of visitors she’d seen arrive since she’d been there.

Halfway through, Lamees decided to go off on a tangent and attend a wedding in the nearby rural village of Isna. To tell the truth, she said at first she didn’t plan to stay for the whole thing, but then she changed her mind, and at that point this reviewer forgot that the episode was on and just got up and walked away, because no one said anything about having to watch a wedding.

As a whole, it was a pretty hard episode about which to be passionate, even if it did carry an important message to domestic and regional audiences who might be pondering a visit tourists.

SPEED ROUND

The Tax Authority denied yesterday having taken either legal or administrative action against EGAS to compel the Oil Ministry subsidiary to pay back taxes, Al Masry Al Youm reported.

Oil prices hit new five-year lows yesterday as concerns about a supply glut continue, with new figures showing a buildup of US supplies offsetting worries about violence in Libya. We’re now on track to record the second-biggest drop in oil prices since oil futures started trading in the 1980s, it seems. Get more from the usual suspects: WSJ, Bloomberg and Reuters.

Russian wheat still coming in January. With only one cargo previously confirmed, Minister of Supply and Domestic Trade Khaled Hanafi told Reuters yesterday that he has no reason to believe that Egypt will not receive all of the Russian wheat it bought for January delivery. Russia has introduced a 15% export duty on wheat exports effective 1 February 2015. Only the 120,000 ton contract for 11-20 January delivery had previously been confirmed, with a second cargo for 60,000 tons for 21-31 January delivery having been in question. (Read)

The long-delayed UK investigation into the Muslim Brotherhood will not be released until January, will not be published in full, and will not make the determination that the group is a terrorist organization, according to reports that surfaced yesterday in both RT and the FT. (Read)

Egypt keeps Salafi imams out of pulpits ahead of elections: “Over the last two months, the Egyptian Ministry of Religious Endowments held two such exams [designed to fail out Salafi imams]. Many of the questions used are known for being disputed by Salafi, most notably those about the ruling of Islam regarding the military salute, standing during the national anthem, women in the judiciary, the concept of the caliphate, the reconstruction of places of worship for non-Muslims, bank profits, women wearing the veil and the establishment of museums for ancient Egyptian and Pharaonic artifacts.” (Read)

Some of us here at Enterprise are in love with Shake Shack. So unhappy are we that the nearest location is in Dubai that we’ve even researched the best hacks to make your own Shake Shack burger. So imagine our delight yesterday at news that Shake Shack is pursuing a USD 1 bn IPO. Get more from Bloomberg, learn 10 “fun facts” from its prospectus (including that “The Middle East has been our most prominent growth market with 20 Shacks in operation”) or check out a few charts from Quartzon the burger chain’s rise.

Egypt-based correspondent Bel Trew’s ‘A Ground Invasion of the Capital is Imminent’ in American tabloid Foreign Policy is a well-sourced piece of work on the escalation of civil war in Libya, In an incredibly difficult environment, she managed to get direct access to all the major players on the ground. But in her effort to give equal attention to both sides of the story, she ends up equivocating: Nowhere in her article does she make mention that the internationally recognized and elected government of Libya is facing an armed Islamist insurrection. Rather, here they are presented as two (equally at blame) factions squabbling. Still worth the read for the quotes alone: “He [head of the Tripoli rebels Omar-al-Hassi] defended his administration’s alliance with Ansar al-Sharia — saying the jihadi group had been misunderstood and actually represented a “simple, beautiful, friendly idea.” (Read)

The Greek Parliament’s failure yesterday to elect a new president and head-off early elections raises the possibility of austerity measures once more being called into question. Read in The New York Times on the reactions of European officials hereand read in Reuters how the news impacted the Euro to drop to its lowest point since August 2012. For an in-depth look at the national politics driving these snap elections, Nick Malkoutzis of MacroPolis does a very detailed take: How snap elections in Greece fit into Samaras’s strategy (Read) What’s at stake for the Greeks? “Fiscal consolidation? Of course, yes, but in our way, in a way which places the burden on those who can pay,” John Milios, chief economist for the opposition Syriza Party’s Economic Policy Committee, told The Associated Press. (Read)

Chinese smartphone maker Xiaomi has become the world’s most valuable tech startup, raising USD 1.1 bn, for a valuation of more than USD 46 bn. “Investors included All-Stars Investment Ltd., Russian investment firm DST Global, Singapore sovereign-wealth fund GIC Pte. Ltd., and Yunfeng Capital, a private-equity firm affiliated with Alibaba Group Holding Ltd. Executive Chairman Jack Ma.” (Read in WSJ)

BG starts LNG shipments from USD 20 bn Australian project: “BG Group is loading the first shipment of liquefied natural gas destined for China at its USD 20.4 bn project on Australia’s east coast, a company spokesman said.” (Read in BusinessWeek)

EGYPT IN THE NEWS

As expected, the one-year anniversary of the imprisonment of three Al-Jazeera English journalists led international coverage of Egypt in the past 24 hours. This Associated Press piece is representative.

Christopher Coats of Forbes follows the signing of Egypt’s first shale gas deal with Apache and Shell but warns that fracking in Egypt might not be viable due to, among other logistical hurdles, the shortage of water domestically as “an average shale well can use anywhere from 2 to 7 mn gallons of water during its lifetime.” The challenges are amplified with the drop in international oil prices and higher operational risks from political and security uncertainty.

Films aside, what else can we ban? A court decision yesterday banned once more the annual festival in Beheira honoring Moroccan rabbi Yaakov Abu Hatzira — and appears to have stripped the site of the festival of its 2001 designation as a protected Egyptian cultural monument. Again, the AP story on this topic is getting wide pickup.

DIPLOMACY

Lebanese news and analysis site NOW News carries “‘Rapprochement’ aside, Egypt and Qatar remain rivals,” by Oren Kessler and David Andrew Weinberg of the Foundation for Defense of Democracies.

The basic thrust of the piece is that the current detente between Egypt and Qatar is more of a normalization than a full resumption of diplomatic relations. The article notes a number of Qatar’s violations of their end of the Riyadh agreement, namely: “Of the seven Brotherhood leaders said to have been deported from Qatar in September, one or more appear to have returned permanently. Between 70 and 200 Egyptian Islamists still remain in the country, and Egyptian officials do not expect Doha to extradite even those charged with violent crimes. A new Qatari-funded media outlet, Al-Araby Al-Jadeed, continues its Sisi-bashing unabated.”

WORTH READING

Youth and old age are in our thoughts as the year ends. “This CEO is out for blood“ is what we’ll be recommending to all of our friends’ teenage kids / younger siblings / nieces and nephews as the application season for fall 2105 university admission limps to a close: “Elizabeth Holmes founded her revolutionary blood diagnostics company, Theranos, when she was 19. [She’s now 30 and the company] is worth more than USD 9 bn — and poised to change health care.”

Book-end that with the Wall Street Journal’s “Why Everything You Think About Aging May Be Wrong,” which tells us: “Everyone knows that as we age, our minds and bodies decline—and life inevitably becomes less satisfying and enjoyable. Everyone knows that cognitive decline is inevitable. Everyone knows that as we get older, we become less productive at work. Everyone, it seems, is wrong.”

WORTH WATCHING

Wind turbine tree from Reuters Plus, running time 1:14 (Watch)

WHAT YOU CLICKED ON

The five most-clicked-on stories during the holiday season last week and this were:

  • Ikwanweb’s breakup letter to Qatar and Al Jazeera Mubasher Misr (Ikhwanweb)
  • Play Space Invaders in your browser (Yes, really. Just mute the volume so your business partner — who may not share your joy at rediscovering a childhood favorite — doesn’t want to kill you for subjecting her to the game’s absolutely monotonous mono sound) (tie)
  • Naguib Sawiris, Basel El-Baz and Ali Gomaa appointed to Tahya Masr board (Al-Shorouk) (tie)
  • Egypt is open for business, but not for reform (Washington Post)
  • Four Charts That Defined the World in 2014 (New Yorker)
  • Everybody, whether they realize it or not, knows Marwa from AUC (YouTube)

ENERGY, RENEWABLE ENERGY & SUBSIDY REFORM

Port of Alexandria and the Ministry of Environment coordinate coal delivery
Al Mal | 29 Dec 2014
The Port of Alexandria is coordinating with officials from the Ministry of Environment regarding the delivery of coal and other loose bulk material to the Port of Dekheila. This follows a tender by the Ministry of Transportation inviting companies to bid for the project. The two companies competing for the project are National for River Ports Management Company (NRPMC), a Qalaa Holdings subsidiary, and Sisco Trans Egypt, which specializes in loading and unloading products. (Read in Arabic)

Four international companies apply for tender on El Shabab project
Al Mal | 29 Dec 2014
The Egyptian Electricity Holding Company announced the names of the four companies that applied for a civil work tender at El Shabab Electricity project in Ismailia. According to an official in the EEHC, the four companies are ARCADION (Greek company), Arab Contractors, Orascom Construction Industries and Hassan Allam Holding. (Read in Arabic)

Shanghai Electric signs MOU to build wind, solar farms in Egypt
SeeNews Renewables | 29 Dec 2014
Chinese utility Shanghai Electric Group Co Ltd announced Sunday it has signed an agreement with Egyptian Electricity Holding Co and The New and Renewable Energy Authority of Egypt (NREA) to develop and construct wind and solar power projects in Egypt. The group did not disclose the wind and photovoltaic (PV) capacity they plan to add under the non-legally binding MoU. In addition to renewables, the accord also calls for the construction of 4.64 GW of coal-fired and 2.55 GW of combined cycle and gas-fired power plants, as well as for the upgrade of existing thermal power facilities. (Read)

OIL & GAS

LNG shipments from Algeria to be delivered in 1H15
Al Mal, Al Borsa, Reuters | 28-29 Dec 2014
EGAS sources revealed told Al Mal the first LNG shipments from Algeria will arrive in Egypt during the first half of 2015. Al Borsa is more specific and expects delivery in April 2015. EGAS will receive six LNG shipments from Algeria, according to the deal. The sources also said a winner for another LNG import tender will soon be announced, denying reports of a delay. Reuters carries the most detail, suggesting that Oil Minister Sherif Ismail, now in Algiers to seal the deal, could ink an agreement for six cargoes of 145,000 cubic meters of LNG each. (Read in Arabic in Al Mal and Al Borsa or check our Reuters in English)

Daily shale gas production to reach 40-50 mcf
Al Mal | 29 Dec 2014
EGPC expects production from the shale gas concessions awarded to Apache and Shell to reach 40-50 mcf a day. A finalized purchasing price for the gas has not yet been reached, but the two companies have already committed to spending USD 30-40 bn to explore a minimum of three horizontal wells. Operations are expected to begin in early 2015. (Read in Arabic)

The Nile Delta might contain 223 tcf of gas
Al Mal | 28 Dec 2014
Egypt’s Nile Delta likely contains an estimated 223 tcf of natural gas reserves, according to a 2010 study by the U.S. Geological Survey, said geologist Ahmed Abdel Halim, the former head of the Egyptian Geological Survey and Mining Authority. In an interview with the Anadolu News Agency, Abdel Halim also denied that Egypt was entitled to any natural gas rights in Israel or Cyprus. He also rejected claims that there is any overlap between Egyptian and Turkish maritime borders, adding that Egypt’s maritime borders are demarcated unequivocally. (Read in Arabic)

Repairs on vandalized 10th of Ramadan pipeline completed
Youm 7 | 28 Dec 2014
Repairs have been completed for the main gas pipeline located at the 10th of Ramadan City, which was damaged by vandals last Thursday, according to a source at EGAS. The source said repairs were completed within 48-hours and were helped by moderate power consumption in the area.  (Read in Arabic)

REAL ESTATE

Ministry of Housing invites Arabtec executives to finalize housing agreement; 77,679 tenders purchased thus far
Al Borsa | 29 Dec 2014
The Ministry of Housing extended an invitation for executives from Arabtec to visit Cairo and finalize the million housing units’ agreement. The issues of unit pricing and the number of units the ministry will receive remain unresolved. Arabtec had laid out a general plan for the first phase of the project; it will build 120,000 units around 96,000 of which are between 85-90 sqm in size with the rest between 100-125 sqm.  (Read in Arabic) Daily News Egypt reports The number of buyers in the million unit housing project reached 41,564, and the total number of tenders bought at 77,679. “The ministry has begun allocating 13,000 housing units to the beneficiaries of the first stage of social housing project in the cities of 10th of Ramadan, Sadat and New Assiyut, the statement read.” (Read)

Enterprise Notes: Anecdotally, staff of Enterprise have spoken with beneficiaries of the million-unit housing program, and they can confirm that they are currently in the process of having their application reviewed, and that is proceeding smoothly and with due diligence. The process includes choosing the location from the aforementioned cities, and that the beneficiary’s employment records are being checked for income eligibility. In another encouraging sign, the above Daily News article cites Housing Minister Madbouly as saying that he is working on a mechanism to allocate units to the beneficiaries of the previous national housing project.

TRANSPORTATION

True cost of Cairo Metro ride is EGP 25, ENR needs EGP 76 bn over 10 years — Dahy
Al-Shorouk, Al-Mal, Ahram Online | 29 Dec 2014
Transport Minister Hani Dahy says the true cost of a ticket to ride the Cairo Metro is about EGP 25, not the EGP 9 previously estimated by the National Authority for Tunnels: “The cost of the ticket is EGP 25, while the passenger pays only EGP 1 per ticket for all destinations,” state-run news agency MENA quoted the minister as saying. Ahram Online has coverage only of the Metro story, while Al-Shorouk covers the minister’s broader remarks on the transport sector, including his claim that the ministry needs to come up with EGP 76 bn over the next 10 years to modernize the Egyptian National Railway’s inventory of rolling stock, among other issues. (Read in Ahram Online or in Arabic in Al-Shorouk or Al-Mal)

TOURISM

Hurghada, Sharm occupancy rates could peak at 70% this weekend
Daily News Egypt | 29 Dec 2014
Hotel occupancy rates on the Red Sea coast stood at c. 60% yesterday compared to 50-55% a week ago and could peak this weekend in the 70% range with the arrival of foreign holidaymakers and domestic travelers alike over New Year’s weekend. Luxor and Aswan (15% occupancy) and Cairo (25% occupancy) are not likely to see much of a bounce, tourism officials say. (Read)

OTHER BUSINESS OF NOTE

EAC and JICA cooperate to build new terminal at Borg Al Arab Airport
Al Shorouk | 29 Dec 2014
The Egyptian Airports Company signed an agreement with Japan’s International Cooperation Agency to finance the building of a new terminal at the Burg Al Arab Airport in Alexandria. The terminal will cost EGP 1.2 bn in total and is expected to serve 4.5 mn travellers a year. The project will also make Burg Al Arab Egypt’s first environmentally friendly airport as it plans build solar energy facilities as well as reduce the airport’s carbon dioxide emissions. (Read in Arabic)

Ras Mohamed oil spill cleaned
Al Shorouk | 28 Dec 2014
The Ministry of Environmental Affairs removed an oil spill from a 400m area of the Ras Mohamed protectorate. During the process, the ministry’s team also managed to remove over 25 kg of solid waste. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

During President El Sisi’s meeting with some of the chief editors of Egyptian newspapers, he revealed that there will be reshuffling of his governors in January, one that could possibly coincide with a cabinet shuffle. The President also said he’s consideringcreating and heading a Supreme Investment Council, which could be formed before the March investment summit in Sharm El Sheikh.

El Sisi meets with top state-newspaper editors, part II
Al-Ahram | 30 Dec 2014
The second part of the president’s interview was published this morning. He began by saying that the soon-to-be-elected parliament will, hopefully, be more responsible than its predecessors — and face up to the challenges presented by the dislocations of the last four years. El-Sisi pointed out that the re-distribution of the electoral districts was definitely a step forward, and that he is certain that the Egyptian people will not make the same mistake twice, namely allowing the Muslim Brotherhood or any of it affiliates back into the political spotlight.

The president then reiterated that youth should play a bigger role in the political arena, and that the government is currently looking into establishing an organization that will prepare the country’s youth for political office. He stressed that the next parliament should have a majority of women and young leaders if it is going to start bridging the gap between the government and the people.

The presidency, he said, is keeping a close eye on developments nationwide, and a polling and public opinion website specific to the presidency will be set up so voters can have a way of voicing their opinion on his performance as well as that of his ministers.

On the foreign affairs front, President El Sisi said that he’s very much focused on reinforcing Egypt’s geopolitical position and strengthening its ties with its regional counterparts. He said this was why he accepted the Saudi King’s invitation to mend ties with Qatar, in respect of which he noted, “We will proceed with the King’s request, keeping a close eye on Qatar’s change in attitude and behavior towards Egypt.” He mentioned that Egypt can play a defining role in peace talks between all sides of the Syrian conflict, and that his office must also create peaceful dialogue between all sides of the Palestinian political arena.

You can read the transcript of the interview in here in Arabic.

Algeria and Egypt working together to against commercial fraud and drug trade
Al Mal | 29 Dec 2014
The finance ministers of Egypt and Algeria are set to sign an agreement in February to facilitate trade and limit scope for commercial fraud, says Finance Minister Hany Dimian. Dimian also noted that the rekindled cooperation between both countries, which led to the agreement, comes as a result of President El Sisi’s recent visit to Algeria, as part of his effort to clean up intra-regional trade, educate custom officers across MENA, and maintain transparent trade rules and regulations. The two sides will also be tightening up cooperation on interdiction of drug trafficking. (Read in Arabic)

Ministry of Interior denies asking Church to change service times
Al Shorouk | 29 Dec 2014
The Ministry of Interior denied it had asked the Coptic Church to change the timings of its services on New Year’s Eve and Coptic Christmas. The ministry also stressed that the security plan laid out for the period is intact. (Read in Arabic)

REGIONAL

Escalation of the conflict in Libya drives oil prices up
Bloomberg | 29 Dec 2014
Oil prices rose for the first time in three days as concerns about an escalation of the conflict in Libya increased. Five tanks at Libya’s largest port, Es Sidr, were set ablaze with two yet to be extinguished. “Clearly potential disruptions to supply could be constructive for oil” Michael McCarthy, a chief strategist at CMC Markets, told Bloomberg. (Read)

Qatar and Algeria’s USD 1.2 bn steel JV to begin in January 2015
Bawabat Al Sharq | 29 Dec 2014
The construction of Qatar Steel and Algeria’s Cedar Steel JV project will begin in January of 2015. Sources close to the subject mentioned that production should be around 2 mn tons of steel per year, and is slated for a 2017 production start. The JV is located at the Algerian Port of Jijel, and its ownership structure will be 51% owned by Cedar Steel, 49% Qatar Steel. The project is aimed at fulfilling Algeria’s domestic steel needs, of which the country imported about USD 10 bn in 2011. The factory should provide employment for about 2,500, and should add new opportunities for related business, such as transport, other services related to the steel industry around the Bellara area. Added to that both sides agreed on another project to build a 1,200 MW power station in the same region, which will be connected to the country’s main power grid, but whose primary output is essentially for the steel factory. (Read in Arabic)

SPOTLIGHT ON ISRAELI GAS EXPORT CRISIS

The unexpected announcement last Tuesday by Israel’s antitrust chief to revoke the drilling licenses of Noble Energy and Delek Group and the implications of that decision continue to reverberate through Israel and among those in the international community who have a stake in its outcome.

Rigzone has a good introductory primer on possible export avenues for the country for those unfamiliar, including Egypt. (Read)

Foreign investors may be deterred from investing in Israeli gas, experts say: “Some of the investors are shocked by the decision,” said Eddy Cukierman, founder and managing partner of Catalyst Investments and chairman of Cukierman & Co. Investment House Ltd. to the Jerusalem Post. “There is some jealousy about the success of one entrepreneur, especially coming from people working with a limited salary,” he said. “The only power they have is to say ‘no.’ They don’t understand what is the economic impact.” (Read)

The energy ministry hits back: Antitrust Authority director general David Gilo offered up a laundry list of points that he sees that the Israeli Ministry of National Infrastructures, Energy and Water could do to move the gas industry forward. “The Ministry of National Infrastructure, Energy, and Water said in response, ‘We regret that the Antitrust Authority unexpectedly decided, without any consideration by the government of the consequences of its action, to reverse its previous decision.We do not intend to bandy words with the Antitrust commissioner; we will offer real, responsible, and professional solutions in order to move the natural gas industry in Israel forward.’” (Read in Globes)

The majority of the Knesset came out in favor of Gilo’s decision, according to The Jerusalem Post (Read)

ON YOUR WAY OUT

Arab League chief Nabil Alaraby and Amr Moussa were among the diplomatic elite who turned up on Christmas Eve for the launch of former ambassador to Libya Hani Khalaf’s Arabic-language biography of the late, great Osama El-Baz, titled “Osama El-Baz: The Path of a Life”. (Read)

Expect delays at the Ahmed Hamdi tunnel into Sinai in the wake of an ongoing security operation there to prevent suspected terrorists on the peninsula from retreating back into Egypt. (Read)

As many as 3,000 employees of the Egyptian Radio and Television Union (ERTU) are on leave without pay, reports Al-Mal.

Qatar is looking to carve out a niche as a global hub as it tries to steal market share from Emirates by competing on quality and overall experience with the new Airbus A350XWB, travel industry news and analysis site Skift reports. (Read)

APICORP, GASCO, and EGAS have finalized their exits of MOPCO’s operations in Suez; they controlled a combined 24% share. (Read in Arabic)

Qena Cement’s will look to build a phosphorous fertilizers plant as well as a coal-fuelled power station, per recent BoD decisions. (Read in Arabic)

Gas supplies to Sinai have resumed partially, after repairs to the blown up pipeline took place, with full capacity expected to be restored within 15 days. (Read in Arabic)

This is our last issue of Enterprise for 2014. We want to thank everyone who’s supported us and wish everyone a Happy New Year. We’ll be back on Sunday, 4 January 2015.

BY THE NUMBERS

USD (CBE auction): 7.1401 (unchanged)
USD (parallel market): 7.79 (up 2 pts)

EGX30 (Monday): 8,958.13 (+2.44%)
Turnover: EGP 839.4 mn (23% above the 90-day average)

WTI: USD 53.77 (+0.30%)
Brent: USD 57.94 (+0.10%)

TASI: 8,856 (+0.0%)
ADX: 4,543 (-1.2%)
DFM: 3,938.6 (+2.6%)
KSE: 440 (-1.0%)
QE: 12,571 (-0.5%)
MSM: 6,391 (-0.7%)

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