Pre-Trading Thoughts

Remittances from Egyptians abroad fell 15% y-o-y and m-o-m in July to USD2.38 bn, from USD 2.8 bn. Egypt wants to attract USD7.7-8 bn in foreign investment into the oil and gas sector in the current fiscal year. Fees for most vessels crossing the Suez Canal will rise 15% starting 1 January 2023, except for dry bulk ships and cruise ships which will witness a 10% hike instead. The expected increase in revenue is USD600 million from the higher fees. The Ministry of Finance received the applicat...