Africa Finance Corporation (AFC) is planning to invest 1 billion USD or more in Egypt in the coming period

Newsletter

08 Mar 2023

Africa Finance Corporation (AFC) is planning to invest 1 billion USD or more in Egypt in the coming period, AFC Executive Director and Chief Investment Officer Sameh Shenouda said. The investments will be geared towards infrastructure projects, including renewable energy and natural gas, along with heavy industries. The African Finance Corporation’s investments in Egypt currently amount to 300 million USD in various fields, including gas and renewable energy. (Al Arabiya)

In addition, UK’s bp eyes further investments in oil exploration in Egypt
UK-based petroleum company bp is planning to reinforce its strategic partnership with the Egyptian petroleum sector by considering further investments in oil exploration projects. This came during a meeting between the Egyptian Minister of Petroleum Tarek El Molla and bp’s CEO Bernard Looney. (Al Mal)
Egypt, Eni mull cooperation in crude oil, natural gas fields
Egypt is considering cooperation with the Italian energy firm Eni to execute development and production plans for crude oil and natural gas fields to benefit from the global price hikes and scale up production to meet the domestic demand. This came during a meeting between the Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla and Eni’s Chief Operating Officer-Natural Resources Guido Brusco. (Al Mal)
Dubai-based National Paints Holdings (NPH) is submitting a mandatory tender offer to fully acquire the state-owned company Paint and Chemical Industries (Pachin) for 34 EGP per share
NPH’s offer is up from its initial offer of 29 EGP per share. Meanwhile, the government is still studying the potential sale of a stake in state-owned Telecom Egypt. The study of the potential sale is still “in the preliminary stages” and no final decisions have been made, Telecom Egypt said in the statement, noting that the studies may end up ruling out a stake sale. (Enterprise)
The Sovereign Fund of Egypt’s (SFE) pre-IPO fund is set to offer stakes in 2-3 state-owned companies to strategic investors or via public share sales in April
The government will “within days” make an announcement on stake sales in the seven hotels it bundled into one company ahead of a sale. The company will offer a 20% stake to strategic investors, followed by an offering of 5% on the bourse. (CNBC Arabia)
Also, Soliman added that stake sales in 11 of the 32 companies in the government’s privatization program will be managed through the pre-IPO fund
The SFE reportedly added five state- and military-owned companies to its pre-IPO fund in January: Bottled drinks firm Safi, fuel retailer Wataniya, Banque du Caire, Misr Life Ins., and Egyptian Linear Alkyl Benzene (Elab). The fund, which also reportedly includes the Siemens-built, 4.8 GW combined-cycle power plant in Beni Suef, is said to be planning to offer a 20-30% stake in these companies to strategic investors. (CNBC Arabia)
Madbouly reviews proposals to boost yacht tourism in Egypt
Representatives of Italy's Navigo group laid out plans to develop berths and maintenance centers, train personnel, enhance services provided in yachts, promote Egyptian yacht destinations globally, and develop yacht tourism programs. Accordingly, Madbouly and representatives of Navigo group have agreed on drafting a memorandum of understanding (MoU) to be signed later. (Arab Finance)
The CBE hasn’t moved forward its March policy meeting
Economist Mostafa Badra misspoke when he claimed that the central bank will meet on 18 March on Sunday night, he told Ala Mas’ouleety yesterday. The Monetary Policy Committee meeting will go ahead on Thursday, 30 March as scheduled. (Enterprise)
Delta Construction pen EGP 100M finance lease contract with ADIB’s arm
Delta for Construction and Rebuilding (DCRC) has signed a five-year finance lease contract with ADI Finance, a subsidiary of Abu Dhabi Islamic Bank Egypt, at a value of 100 million EGP. Delta is an Egypt-based public shareholding company engaged in the real estate investment sector. (EGX)
Emaar Misr logs 59.3% YoY surge in 2022 profits
Emaar Misr for Development (EMFD) recorded net profits after tax of 6.563 billion EGP in 2022, compared to 4.119 billion EGP in 2021. Revenue surged to 14.736 billion EGP last year from 11.080 billion EGP in 2021. (Mubasher)
Two arms of Contact Financial introduce new life insurance policy
Sarwa Life Insurance and Contact Insurance Brokerage, affiliated with Contact Financial Holding, have jointly launched an individual savings insurance product comprising several packages to suit the customers’ need. (Arab Finance)