The Egyptian pound fell to a record low against the dollar, recording 56 pounds to the dollar on Monday, according to data from the London Stock Exchange Group, ahead of a parliamentary vote expected to authorize the armed forces to provide defensive support to Saudi Arabia against the Houthis.
The main index of the Egyptian Stock Exchange, EGX 30, fell by about 2 percent in early trading, before reducing its losses slightly, according to the data. This came the day after the Egyptian Stock Exchange suspended Sunday’s session, the first trading day of the week, for half an hour, after the equal-weighted EGX 100 index fell by about 10 percent.
The pound had exceeded the level of 55 pounds to the dollar at major local banks on October 22, in light of continued pressure on the currency.
Central Bank of Egypt Governor Hassan Abdullah said during a forum held in Cairo last week that exchange rate flexibility could represent the “first line of defense” against external shocks. Compare this to the previous crisis, when Egypt adhered to a fixed exchange rate following the repercussions of the Russian invasion of Ukraine, before the emergence of a parallel market for the currency.
Abdullah added, “What is most important to us is unifying the exchange rate, not the exchange rate itself.”
A survey conducted by the European Central Bank on Monday showed that euro zone companies are facing increasing difficulties in obtaining bank credit, at a time when their financial conditions are under increasing pressure due to rising fuel prices and operating costs.
The European Central Bank continues to gradually raise interest rates to contain the wave of inflation driven by rising energy costs, amid expectations that it will keep interest rates unchanged during its meeting this week, to allow for a broader assessment of the impact of rising borrowing costs, including in bond markets, on economic activity.
The bank's quarterly survey on companies' access to financing in the euro zone showed signs of tightening credit conditions, with companies reporting higher interest rates and a decline in the availability of bank loans.
As companies increasingly need lines of credit, obtaining them has become more difficult, exacerbating pressures on liquidity needed to finance operations and meet short-term obligations.
“The concurrent and sustained increase in the need for trade credit and lines of credit indicates that companies are facing broader pressures on working capital, possibly due to higher input costs,” the ECB said.
He added, “The decline in the availability of credit lines indicates that banks have become more cautious in providing this type of financing, which may increase restrictions on companies’ ability to meet their short-term financing needs.”
The percentage of companies that reported obstacles to obtaining bank loans rose to 7 percent during the three months ending in September, compared to 5 percent in the previous quarter, according to the survey results.
The survey also showed a significant increase in companies' expectations regarding prices, wages and other costs, but the European Central Bank explained that this increase was affected by the increase in the number of companies participating in the survey for the first time.
Companies that participated in the last two rounds of the survey expected their prices to rise by 3.6 percent on average over the next 12 months, compared to 2.5 percent in the second-quarter survey.
As for the full sample, which included 12,822 thousand companies, the companies expected selling prices to rise by 7.1 percent, compared to 3.2 percent in the previous survey.
The Arab Internet and Communications Services Company “Solutions” achieved a net profit of 417 million riyals ($111.2 million) during the third quarter of 2026, without change compared to the same period of the previous year.
In a statement published on the Saudi Stock Exchange (Tadawul), the company attributed the stability of net profit to an increase in total profit by 35.7 million riyals ($9.5 million) as a result of revenue growth, offset by an increase in operating expenses and other expenses related to the early retirement program, in addition to an increase in zakat and tax expense.
The company's revenues increased by 9.55 percent during the third quarter, reaching 3.39 billion riyals ($905.1 million), compared to 3.1 billion riyals ($826.1 million) in the same period of the previous year. The company attributed this growth mainly to an increase in revenues from basic communications and information technology services by 20 percent, and digital services by 4.9 percent.
The company explained that the net profit during the current quarter included expenses related to the early retirement program amounting to 20 million riyals ($5.3 million), while the net profit in the same quarter of the previous year did not include similar expenses. She added that if the impact of these expenses is excluded, the net profit growth is about 5 percent.
During the first nine months of 2026, Solutions’ net profit increased by 1.39 percent to 1.24 billion riyals ($330.9 million), compared to 1.22 billion riyals ($326.4 million) in the same period of the previous year.
Revenues during the period increased by 9.23 percent to 9.64 billion riyals ($2.57 billion), compared to 8.82 billion riyals ($2.35 billion).
The company attributed the increase in net profit during the nine months to an increase in total profit by 137 million riyals ($36.5 million), as a result of revenue growth, despite the increase in operating expenses by 21.3 million riyals ($5.7 million), and recording net other expenses of 46 million riyals ($12.3 million), compared to other net gains amounting to 37 million riyals ($9.9 million) in the same period of the previous year, in addition to an increase in zakat and tax expenses by 10 million riyals. ($2.7 million).
The company explained that the net profit during the current period included expenses related to the early retirement program amounting to 23 million riyals ($6.1 million), compared to non-recurring gains from fair values of 20 million riyals ($5.3 million) in the similar period of the previous year. It stated that when excluding the impact of these items, net profit growth amounts to about 5 percent.
