Pre-Trading Thoughts

Egypt’s PMI recorded 46.4 in July, up from a two-year low of 45.2 in June. Revenues at the Suez Canal reached a record high of USD 704 mn in July (+32% YoY). SCA expects Canal revenues to hit USD7.8-8.0 bn in 2021, up from USD6.3 bn in 2021. ADQ Holding is in negotiations with the Egyptian government to acquire an additional stake of about 10 to 15% in MFPC. Eight major GCC and foreign investors will pump USD7.3 billion into the green hydrogen and green ammonia projects in Egypt. ...