RATINGS-

Fitch Ratings affirmed CIB’s long-term issuer default rating at B with a stable outlook, mirroring its recently reaffirmed sovereign credit rating for the country, the agency said in a note. The country’s largest private bank’s national long-term rating was also maintained at AA(egy) with a stable outlook, along with its viability rating at b.

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The rating agency pointed to CIB’s strong fundamentals and performance despite its exposure to the government as driving its decision. The bank benefits from solid profitability, resilient loan quality, and a strong capital position well above regulatory requirements, according to Fitch. Its stable funding base, supported by a large share of low-cost customer deposits and ample liquidity, was also highlighted.

Any upgrade for CIB would need to follow an upgrade for the country, given the bank’s exposure to government debt, according to Fitch. And by the same metric, any sovereign credit rating downgrade would lead to a downgrade for the bank.

ENERGY-

Efforts to up production at Zohr have been boosted with a new 70 mcf/d well, according to a statement from the Oil Ministry. The drilling of the Zohr 9 well will be followed by two other new development wells in the current fiscal year, the Oil Ministry said in August.

EXPANSION-

The Egyptian Company for Cosmetics plans to establish its first manufacturing facility in Saudi Arabia under the brand KCC by 1H 2026, CEO Mohammed Salah told EnterpriseAM. The USD 10 mn factory will be built on a 1.5k sqm site in Jeddah and will launch with five production lines in its first phase.

The new facility is part of ECC’s regional growth strategy to meet rising Gulf demand. Saudi Arabia currently accounts for about 7% of ECC’s total sales, making it the company’s top export market in the GCC, Salah told us. A second phase will add dietary supplement lines, positioning the Jeddah plant as a springboard for further expansion across Gulf markets.

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