INFRASTRUCTURE-

Hassan Allam takes on coral preservation project: Our friends at Hassan Allam Construction Saudi are set to build the primary coral nursery of the world’s largest coral reef restoration project in Saudi Arabia’s Neom under a freshly-inked agreement with the King Abdullah University of Science and Technology (Kaust), according to a statement (pdf). The agreement sees Hassan Allam in charge of carrying out external and internal infrastructure works of the nursery.

The project is part of the Coral Restoration Initiative, which KAUST and Neom launched to preserve and restore 100 hectares of corals in the Red Sea.

INVESTMENT WATCH-

#1- Egypt Post’s investment arm Post for Investment (PFI) launched its assetmanagement company, dubbed PFI Asset Management, yesterday, according to a statement (pdf). The company aims to manage EGP 5 bn-worth of assets in its first year.

#2- Turkish tourism investments ahead? A number of Turkish companies operating in the hospitality sector — hotel supplies provider, hotel operator, and hotel furniture manufacturer — have expressed interest in working with Egyptian hotels. This came during meetings between company representatives and officials from the General Authority for Freezones and Investment (GAFI), according to a statement.

M&A WATCH-

Kingsway Capital reduces stake in Edita: UK-based fundKingsway Capital sold a 3.87% stake — representative in 22.8 mn shares — in local snackmaker Edita in an EGP 672.6 mn transaction, according to a regulatory filing (pdf). The sale brought the UK investment fund’s total holdings in Edita to 8.65% from 12.52%.

DEVELOPMENT FINANCE-

Egypt and Italy agreed yesterday to kick off negotiations for the fourth phase of their debt swap arrangement, with Italy saying it wants this phase to focus on the agro-food sector, supporting communities that are most affected by climate change and food shortages, and investing in human capital, according to a statement from the International Cooperation Ministry. The phase could also see the establishment of technical schools for agriculture.

Debt swap? The agreement allows Egypt to channel debts owed to the Italian government into development projects instead of paying them back. The USD 100 mn third phase of the program wraps up in December.

ENERGY-

A pipeline for petroleum products: State-owned oil and gas contractor Petrojet has completed more than half of the construction of a new EGP 1.7 bn fuel transport line that will connect the Middle East Oil Refining Company (Midor) to Al Hamra terminal — the sole oil trading port on Egypt’s Mediterranean coast — writes Al Arabiya, citing unnamed sources. The construction of the project will be fully completed by the end of 3Q 2024, with operations due to begin in 4Q, the source said.

Feeding the Mediterranean coast: The 140-km pipeline will supply the city of El Alamein and its surrounding areas with refined fuel. Some of the products transported by the pipeline will also be allocated for exports starting 2025, the source said.

RENEWABLES-

NREA earmarks land for green projects: The New and Renewable Energy Authority (NREA) started the process of allocating around 6 mn sqm of land for seven renewable energy companies looking to set up solar and wind projects, an unnamed government official told Asharq Business. The projects will have a combined capacity of 27 GW and with an investment ticket of USD 40 bn over the next ten years.

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