Pre-Trading Thoughts

Sources told local press that Abu Dhabi Developmental Holding Company, the sovereign arm of the UAE, signed the final contracts with the Sovereign Fund of Egypt to purchase stakes in 3 government companies in the pre-IPO fund portfolio, which are “Ethydco” and “National Drilling.”, and “Elab”. The sources added that the value of the deal, amounting to USD800 million, will be transferred immediately. Minister of Planning said that unemployment rate is expected to increase to 7.6% in FY2023/24...