Saudi Arabia’s Red Sea Development Company is reportedly less than a month away from securing USD 3.7 bn in green funding from a syndicate of domestic banks, Bloomberg reports. The funding would be earmarked for the company’s ambitious Red Sea project, a cornerstone of MbS’ program to diversify the Saudi economy. The tourism zone would be roughly the size of Belgium and will aim to attract some 500k international visitors a year (and an equal number of locals) when finished in 2030.

Video game chat app Discord has turned down Microsoft’s USD 10 bn acquisition bid and called off talks, theWall Street Journalreports. Discord was in talks with at least three potential buyers but now says it prefers to stay “independent at this time,” and appears to be looking at an IPO instead, people familiar with the matter said.

EGX30

10,620

+1.7% (YTD: -2.1%)

USD (CBE)

Buy 15.63

Sell 15.73

USD at CIB

Buy 15.63

Sell 15.73

Interest rates CBE

8.25% deposit

9.25% lending

Tadawul

10,117

+0.2% (YTD: +16.4%)

ADX

6,155

+0.9% (YTD: +22.0%)

DFM

2,624

-0.3% (YTD: +5.3%)

S&P 500

4,135

-0.7% (YTD: +10.1%)

FTSE 100

6,860

-2.0% (YTD: +6.2%)

Brent crude

USD 66.23

-0.5%

Natural gas (Nymex)

USD 2.72

-0.2%

Gold

USD 1,781.70

+0.2%

BTC

USD 56,048.84

+2.1%

The EGX30 rose 1.7% yesterday on turnover of EGP 1.1 bn (16.8% below the 90-day average). Local investors were net sellers. The index is down 2.1% YTD.

In the green: CI Capital (+5.0%), AMOC (+4.2%) and Sidi Kerir Petrochemicals (+4.1%).

In the red: Fawry (-2.0%), Edita (-1.5%) and Credit Agricole (-0.1%).

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