CHEMICALS-

Singapore chemicals outfit to invest USD 700 mn in Egypt: Singapore-based chemical company Indorama is set to invest around USD 700 mn to establish two factories to produce phosphate fertilizers and silicon metal for solar panel production, cabinet said yesterday. This follows an MoU signed last month between the chemicals company and the Sovereign Fund of Egypt (SFE). The firm is also interested in exploring options in several sectors including phosphate extraction and medical fibers.

Indorama’s owner already has operating assets in Egypt: Thailand-based sister company Indorama Ventures owns half of a plastic factory situated in the Ain Sokhna freezone that produces 540k metric tons of polyester a year.

ENERGY-

More details on BP’s exploration plans: BP intends to drill four new exploratory wells looking for natural gas in offshore Mediterranean concessions in 4Q 2023, the Oil Ministry said yesterday following a meeting between BP CEO Bernard Looney and Oil Minister Tarek El Molla. The British oil major will drill two wells at its King Mariout Offshore concession and two at its Raven natural gas field at the North Alexandria concession. The company was awarded 100% exploration rights at King Mariout last year. BP has been producing gas at the Raven field since 2021.

Remember: Ittihadiya said on Monday that BP plans to spend USD 3.5 bn on exploration and production operations in Egypt over the next three years.

REAL ESTATE-

Orascom Construction x Eagle Hills: Our friends at Orascom Construction will build part of the first phase of a new North Coast project planned by Emirati real estate developer Eagle Hills Properties, the companies said in separate statements (here, pdf and here, pdf) yesterday. The EGP 1.9 bn contract will see the contractor deliver two sections of the initial phase of the Soul Luxury Beach Resort within three years. Eagle Hills is owned by Emaar Properties founder Mohamed Alabbar.

FINTECH-

aiBank x Visa: Visa will provide digital payments services to EFG Holding’s aiBank under a long-term agreement signed by the two sides, according to a joint press release (pdf).

STARTUPS-

Glamera gets Saudi fintech license: Egypt-born B2B beauty startup Glamera has secured a fintech license from the Saudi central bank to provide soft POS services in the kingdom via Glamera Pay, it said in a statement (pdf) last week.

Remember: The company closed a USD 1.3 mn seed funding round led by Riyadh Angel Investors last year.

WASTE MANAGEMENT-

Our first recycling plant for construction waste? Local real estate developer Waterway Developments, the National Center for Housing and Building Research, and an unnamed German construction research institute will explore establishing a construction waste recycling facility in Egypt, the Environment Ministry said yesterday. Waterway Developments is owned by Ahmed Elsewedy and Hossam Hassan.

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