The headlines from this morning

Missed this morning’s edition of EnterpriseAM? Here are the top stories in a nutshell.

• Egyptian granular urea is fetching about USD 535 a ton FOB in November contracts, up roughly 17% from about USD 457 in September. That makes Egypt the priciest origin of comparable regions, ahead of China, the rest of the Middle East, Nigeria, and Algeria. This price rally comes just as the government starts rationing the gas the plants run on: Kima told the EGX that its supplies were cut by 20% from noon on Sunday, 1 November, and that it has implemented the cut, with its urea plant still running normally;
• Money market funds added roughly 4x as much in assets as equity funds in 1Q 2026 (EGP 55.2 bn against EGP 12.8 bn), by our math. That lead narrowed to about 1.6x in 2Q against the equity and Islamic equity lines (EGP 24.8 bn against EGP 15.3 bn) and reversed in 3Q. Still, the funds, which invest primarily in T-bills, short-term deposits, and certificates of deposit (CDs), held some EGP 303.1 bn by the end of September, or 60% of an industry that crossed half a tn to hit EGP 504.71 bn;
• Egypt plans to send an LNG cargo to Europe this month, even as imports cover nearly half its gas use: The Idku plant should ship its first cargo to Europe in months by the end of November. That’s later than the October restart we flagged in late September. Exports only go out when winter demand dips: the Oil Ministry resumed feeding gas to Idku in recent days after agreeing on export volumes and marketing plans with Egas. How much gas ships depends on what’s left after domestic demand is covered;
• EGX-listed Egypt Aluminum is back on the state offerings program, with the government looking to sell what a senior official describes to EnterpriseAM as a large stake in the country’s largest aluminum manufacturer on the EGX before the end of this year. The size of the stake has not yet been determined and is pending a fair value study.