ENERGY-

#1- North Petroleum to boost production from its Western Desert block: NorthPetroleumInternational Company (NPIC), the Egyptian arm of China’s Zhen Hua Oil, will invest some USD 78 mn to increase production from its Western Desert’s East Ghazalat concession, Al Mal reported. The fresh funds are part of newly-approved amendments to the NPIC’s oil exploration agreement.

#2- Harbour Energy snaps concessions in the Nile Delta, Mediterranean: UK-based energy firm Harbour Energy has acquired Germany’s Wintershall Dea Egypt concessions in the Nile Delta and the Mediterranean, according to a statement. Harbour has been buying the German company’s assets in other countries as well.

INFRASTRUCTURE-

Iraq looks at Egyptian contractors to revamp its hospitals: The Iraqi Ministry of Health is holding discussions with Egyptian contractors to take part in revamping 12 hospitals with an estimated cost of USD 480 mn, Asharq Business reported, citing unnamed Egyptian sources. The Arab Contractors and Concrete Plus are among the potential candidates, one of the sources said.

Remember: Egyptian contracting firms are setting their sights on overseas projects as the government cut back on public spending, including a 15% reduction in funds allocated to public investments in the current fiscal year’s budget.

CAPITAL MARKETS-

A new era of accessibility for EFG Hermes ONE: EFG Holding’s online trading platform EFG Hermes ONE will introduce a new debit card top-up option on its platform, which is poised to enable customers to “leverage their debit cards for fluid securities trading, setting the stage for a new era of accessibility and efficiency,” according to a press release (pdf). This is the result of a strategic partnership between the platform, state-own lender Banque Misr, and EFG Holding’s subsidiary and e-payment solutions provider PayTabs.

INVESTMENT-

Alfa Trans to invest EGP 100 mn in Egypt this year: Local shipping agency service provider Alfa Trans wants to — together with its strategic partners — invest over EGP 100 mn in Egypt this year, the company’s chairman of the board Khaled Elawwa told Al Borsa.

INSURTECH-

Mal Bazaar acquires licensed ins. broker: Insurtech player Mal Bazaar has acquired an unnamed licensed ins. brokerage firm after receiving the greenlight from the Financial Regulatory Authority, the company said in a statement (pdf). The company recently launched its ins. management platform — dubbed My Policy — which allows its clients to digitize their operations. Mal Bazaar allows its corporate and individual clients to search, compare, and apply for ins. products in Egypt.

FINTECH-

QR code payment coming to Instapay? The central bank’s digital payment platform Instapay will “within days” roll out QR code payment services, Asharq Business reported. The service will allow users to transfer funds by scanning QR codes on their mobile devices. QR code payments — aka scan-to-pay services — will make their way to points of sale later this year.

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