DEBT-

Companies no longer need a credit rating to issue bonds + sukuk: The Financial Regulatory Authority (FRA) will allow companies to sell bonds and sukuk without first acquiring a credit rating, making it less expensive for firms to raise capital for growth and development, it said in a statement.

Three caveats: The value of debt cannot exceed the value of the company’s net assets; companies must publish a disclosure detailing the nature of the issuance ahead of a sale; and only and only “qualified investors” can buy in through private placements.

M&A-

Arab Developers Holding could sell subsidiary for USD 18 mn: EGX-listed real estate firm Arab Developers Holding’s board of directors is mulling accepting a USD 18 mn bid from an undisclosed foreign company to acquire 100% of its subsidiary Amer Syria, according to a disclosure to the bourse(pdf).

REAL ESTATE-

Ora, Q Holding to build “smart city” in Abu Dhabi: Naguib Sawiris’ Ora Real Estate Development Group is partnering up with Abu Dhabi investment company Q Holding to develop a 20 mn sqm city in Abu Dhabi, according to a joint statement (pdf) yesterday. The city, described by the companies as “smart and sustainable,” will include residential areas, services, hotel establishments, and commercial spaces.

ENERGY-

EGPC kicks off first global tender to develop mature oil fields: The Egyptian General Petroleum Corporation (EGPC) launched its first international tender for the development of eight mature oil fields in the Gulf of Suez and Eastern Desert on Thursday, the Oil Ministry said in a statement. Interested parties have until 15 June to submit their bids, according to the bidding procedures (pdf) shared by EGPC.

REMEMBER- The ministry is planning to launch three international oil and gas exploration tenders this year, Minister Tarek El Molla said last month.

TOURISM-

State to tap Italian partner to boost yacht tourism? The Madbouly government met with representatives from the Italian Navigo Group to discuss the future of yacht tourism in Egypt, according to a statement. The two sides agreed to draft an MoU outlining proposals for future cooperation to boost yacht tourism in Egypt.

SUSTAINABILITY-

CIRA Education has published its first annual sustainability report, laying out the company’s use of natural resources and what it is doing to boost sustainability at its facilities and operations. The education investment firm plans to reduce energy use and emissions by 10% and implement an enhanced waste and recycling plan by 2026, as well as implement one renewable energy project each year for the next three years. Check out the report here (pdf).

REMEMBER- Corporates must now publicly disclose their performance on key environmental, social and governance metrics each year when they submit their annual financial statements.

STARTUPS-

Flat6Labs launched its StartMashreq initiative to support entrepreneurs across Lebanon, Jordan, and Iraq, it said in a statement(pdf) yesterday. The program aims to support budding entrepreneurs from underprivileged and marginalized groups, including women and displaced people, through customized training programs and virtual incubation programs. The Dutch government and the International Finance Corporation are co-partnering with Flat6Labs on the initiative.

Rabbit goes bulk: Grocery delivery startup Rabbit has launched a bulk delivery service, Gomla, it said in a statement(pdf)yesterday. The new service allows customers to buy in bulk through the Rabbit app and receive their products the following day.

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