COMMODITIES-

The Supply Ministry is stocking up on imported poultry + rice ahead of Ramadan: The Supply Ministry is planning to import fresh quantities of frozen poultry over the coming few days, and rice over the next few weeks, as it prepares for spike in demand during Ramadan, Al Mal quotes Supply Minister Ali El Moselhy as saying. The news come as Chicken and rice prices have soared in recent weeks due to the impact of the EGP devaluation and last year’s import restrictions, which triggered shortages of feed. Local poultry production dipped 40% over the “recent period,” the minister said, pointing the finger at more expensive feed and climate change.

INFRASTRUCTURE-

Japanese banks provide more finance for Egypt-Saudi interconnector: A Japanese banking syndicate will provide a USD 207 mn loan to the Saudi Electricity Company for its side of the 3-GW Egypt-Saudi electricity interconnection project, Asia-focused news outlet the Asset reported yesterday. The Japan Bank for International Cooperation (JBIC) is guaranteeing the loan and will contribute USD 103 mn, while MUFG Bank, Bank of Yokohama and Nishi-Nippon City Bank will co-finance the remainder. The signing of the new loan comes several months after Standard Chartered Bank and Sumitomo Mitsui Banking Corporation announced the provision of USD 566.4 mn to the Saudi electric company for the project.

What about the Egyptian side? That’s a little less clear. The head of the Egyptian Electricity Transmission Company said in October that it has secured USD 600 mn for the project from Arab funds and agencies, though declined to disclose the lenders.

Remember: Trial operations for the USD 1.8 bn project are set to begin in May 2025 with an official operational launch set for later in the same year.

AVIATION-

EgyptAir has become the first African operator of the Airbus A321neo. Aircraft lessor Aercap delivered the plane to EgyptAir earlier this week in Cairo. The national flag carrier will use the airliner, which has 16 business class seats and 166 in economy, on routes to Europe, the Middle East and Africa, according to Simple Flying.

BANKING-

CIB is now offering CDs in Gulf currencies: Leading private sector lender CIB is now offering monthly 5.25% certificates of deposit in SAR, QAR and AED (in addition to USD and EUR), it said (pdf) yesterday. The minimum purchase amount for SAR-, AED-, or QAR-denominated CDs is 5k. CDs can only be bought in multiples of 1k, it added.