ENERGY-

#1- BP is set to invest at least USD 1.5 bn in Egypt: Global energy giant BP is planning to inject at least USD 1.5 bn in “new investments for development and exploration activities,” with the potential of an additional USD 5 bn in investments over the coming years, the company’s CEO Murray Auchincloss told President Abdel Fattah El Sisi on the sidelines of the Egypt Energy Show, according to an Ittihadiya statement.

#2- The Industrialization and Energy Services Company (TAQA) is planning to tap into Egypt’s offshore oilfield services sector in 2026, TAQA Executive Vice President of Well Solutions at TAQA Amir Nessim told Al Arabiya. He also said that the company, whose current activities in Egypt focus on the Western Desert, will invest three or four times the amount it invested in 2023 during the current year.

DEBT-

#1- AUSD 1.5 bn top-up from the ITFC: The International Islamic Trade FinanceCorporation (ITFC) has inked its USD 1.5 bn annual work program with Egypt, according to a Planning Ministry statement. The funds, earmarked for the Egyptian General Petroleum Corporation and the state grain buyer GASC, will support the state’s energy and commodities purchases.

#2- Banque Misr could tap a USD 30 mn credit line for SMEs: The Islamic Corporation for Private Sector Development, a subsidiary of the Saudi Islamic Development Bank, has signed a letter of intent with Banque Misr to provide a USD 30 mn line of credit to finance private sector and SME projects, according to a joint statement(pdf).

FINANCE-

EFG Corp-Solutions to dole out EGP 10 bn this year:EFG Corp-Solutions, theleasing and factoring arm of EFG Holding, plans to provide at least EGP 10 bn in financing in 2024, up from the EGP 8.5 bn provided last year, CEO Talal Elayat told Asharq Business. The financing target would be raised in the event of a devaluation, Elayat added.

IN THE HOUSE-

MPs vote to toughen hoarding penalties: The House’s Constitutional Affairs Committee gave its final approval yesterday to amendments to the Consumer Protection Law, whereby hoarding key food commodities will get offenders can now face one year in prison and fined between EGP 150k-3 mn. Repeat offenders will be faced with 2-5 years in prison and a fine of EGP 6 mn.

TRANSPORT-

GoBus to launch new company in Saudi Arabia: Local bus service GoBus is planning to establish a new company in Saudi Arabia set to launch in June — dubbed GoArabia Transportation Services — with an investment of SAR 45 mn, Al Borsa reports, citing the company’s CEO Fady Maher. The company is also looking to establish a new company in the UAE as part of its expansion plan.

HEALTHCARE-

Saudi Egyptian Company for Medical Laboratories is set to invest some EGP 400 mn in the Egyptian market this year, the company chairman — and former Speed Medical chairman — Mahmoud Lasheen said in an interview with Al Mal.

Tags: