Good morning, and welcome to Telda Lens — your daily pulse on Egypt’s markets.

Today: Maridive signs a new deal in Qatar, Orascom Development acquires additional land for an expansion of Makadi Heights, and updates on the capital increases of Macro Group and ADIB.

🔔 EGX30 ended +0.48% by market close at 41,963 points, the EGX70 dropped 0.36% to 12,748 points, and the EGX100 decreased 0.13% to reach 16,903 points.

💸 The number of transactions reached 150,676 spread across 4,346,410,019 stocks leading to a turnover of EGP 7.3 billion.

🏷️ Local investors were the only net buyers.

📈 Top gainers for the market as a whole included Ismailia National Food Industries (+18.31%), Amer Group Holding (+9.13%), and CI Capital Holding (+7.0%).

📉 Top losers for the market included Elsewedy Electric (-13.95%), Egyptians Real Estate Fund Certificates (-5.77%), and Arabia Investments Holding (-5.15%).

⬆️ Top gainers for EGX30 included Emaar Misr (+3.7%), Telecom Egypt (+3.2%), and ADIB (+2.3%).

⬇️ Top losers included Eastern Company (-2.6%), Qalaa Holdings (-2.6%), and TMG Holding (-1.4%).

Other Important Stats: 

🧈 24K Gold reached EGP 6,407 per gram, down 0.18% day-on-day but up 4.94% month-on-month.

💲 The USD reached EGP 47.47 at the National Bank of Egypt.

💸 Maridive & Oil Services (MOIL) said yesterday that one of its subsidiaries signed a long-term contract in Qatar for maintenance and production support in the oil sector, valued at over USD 10 million per year. (Read more in our Deeper Look Section.)

🏖️ Orascom Development Egypt (ORHD) said its subsidiary, Makadi Heights for Tourism Development, signed an agreement  with the government to develop a new plot of over one million sqm next to its Makadi Heights project on the Red Sea. Effective January 2026, the land will be added to the existing project, expanding Makadi Heights’ total area to about 4.75 million sqm. The development will include residential units, serviced apartments, commercial spaces, and a hotel. Under the new agreement, the government will be entitled to receive 50% of the project’s components in kind. For context, Orascom Development’s share value is up 37% since the start of the year.

📝 Beltone Holding (BTFH) said yesterday it is considering a potential acquisition of all shares in a UAE-based firm that is owned by a sister company of its major shareholder, Abu Dhabi’s Chimera Investment.Beltone’s share price is up 56% since the beginning of 2025.

✅ Macro Group Pharmaceuticals (MCRO) announced that the subscription coverage for its capital increase has reached 99%. This effectively wraps up the first and only tranche, with investors subscribing to 2.822 billion shares worth EGP 564.51 million. The company’s share value is up 127% year-to-date.

💰 Abu Dhabi Islamic Bank -Egypt (ADIB) has announced that the first tranche of its capital increase was covered by 98.55%, with 295.633 million shares subscribed. This means we’re heading into a second tranche, where the remaining 4.36 million shares will be offered without subscription limits. The total capital increase consists of 300 million shares, each priced at ten pounds. For context, the company’s shares are up 65% since the start of the year.

💸Suez Canal traffic from July to yesterday reached 5,874 ships with 247.2 million tons of cargo, generating USD 1.97 billion, up 17.5% from USD 1.677 billion in the same period last year. Suez Canal Authority head Osama Rabie expects revenues to grow to around USD 8 billion in 2026/2027 and USD 10 billion in 2027/2028, underlining the canal’s key role as a major source of foreign currency for Egypt. 

☀️ Norwegian fund Norfund and French energy company EDF have taken stakes in Scatec’s USD 600 million Obelisk solar project in Nagaa Hammadi, Africa’s largest solar plant under construction. Scatec keeps majority control of the operating company with a 60% share, while EDF and Norfund each hold 20%. Following the transaction, Norfund will also own 25% of the Obelisk holding company with Scatec owning the remaining 75%.The project’s first 561 MW phase and 200 MWh battery storage will go online in early 2026, with a second 564 MW phase following later that year. The project is in line with Egypt’s target to have renewable energy sources comprise 42% of its electricity mix by 2030.

Maridive & Oil Services (MOIL) said yesterday that its subsidiary, Maridive Offshore Projects Egypt, signed contracts in Qatar to provide maintenance and production support to the Qatari oil sector under a 15-year agreement worth USD 10.15 million annually. Work is set to begin in Q1 2028.

The company is making moves beyond Qatar: Late in October, Maridive announced plans to establish a new limited liability subsidiary in the UAE. Details will be announced once the general assembly signs off.

Egypt’s Petroleum Minister, Karim Badawi, met a Maridive delegation recently to review the company’s expansion plans. Maridive presented proposals to upgrade mature oil fields and support higher domestic output. Maridive executives said the company intends to expand its presence in Egypt, particularly in production and integrated offshore services.

Maridive reported USD 10.88 million in profits for the six month period between  January–June 2025, up from USD 5.14 million in the same period of 2024. Revenues rose to USD 124.67 million from USD 107.23 million in 1H 2024.

For context, the company’s share price is up 24% since the start of the year.

Stay curious, stay invested — we’ll see you tomorrow.

Your daily market lens, signing off.