ENERGY-

Fertilizer companies restart operations following shutdowns: Abu Qir Fertilizers and Mopco restarted operations at their factories yesterday following the resumption of natural gas supplies, the companies said in EGX disclosures (here, pdf, and here, pdf). The move follows the resumption of production at Sidpec’s factory last week.

Remember: The nation’s power crisis and shortage of gas supplies has forced major companies from the famously energy-intensive fertilizer industry to halt operations completely, the latest being Egypt Kuwait Holding’s AlexFert, which suspended production on Monday. Sidpec, Abu Qir Fertilizers, Mopco, and Kima have cited the lack of feed gasses as a reason to power down their factories. The government secured 20 LNG shipments last week as it works to ensure it has sufficient supplies for households and factories during the current period of increased demand expected to last till September.

EXPANSION TO THE GCC-

#1- Futek eyes JV with the Saudi government: Lighting products manufacturer Futek Lightings is in talks with the Saudi government to set up an industrial complex for the manufacture of energy-saving lighting fixtures in the kingdom, CEO Mohamed Helal told Al Borsa. The project is expected to see an initial investment of USD 25 mn that will be entirely funded by the Saudi side, with Futek providing its expertise in the field.

#2- Wellpal sets up shop in KSA: Health-focused e-commerce platform Wellpal has launched in Riyadh, according to a company statement. The company has also relocated its headquarters to Saudi Arabia and will soon announce a new investment, Follow ICT quotes CEO Mohamed Ali as saying.

Wellpal? Founded in 2020, the company offers a range of natural and organic lifestyle products, such as herbs, oils, hair and skincare products, and foods. It connects merchants, suppliers, and end users through its app on the App Store and Google Play.

#3- Azimut goes to Saudi next year: Asset manager Azimut expects to make its KSA debut by early 2025, once it secures approval from the Saudi Capital Market Authority, CEO Ahmed Abo El Saad told Asharq Business. The asset manager intends to focus on “asset management, whether in equities or fixed-income instruments,” according to Abo El Saad.

BANKING-

CBE to restructure bank boards for enhanced governance: The Central Bank of Egypt has issued new guidelines aimed at improving the composition and governance of bank boards, aiming to bolster decision-making and operational efficiency within banks, according to a CBE circular (pdf).

New rules enforce executive-non-executive balance and limit tenure: According to a recent amendment, boards must now include a balanced mix of executives and non-executives, with a cap of three executives. At least two independent non-executive members are required, who will play a key role in supervising senior management. Non-executive members can serve a maximum of two terms, totaling six years, with a potential three-year extension subject to strong justifications and CBE approval.

STARTUPS-

EdVentures invests in Edtech startup El Kheta: Nahdet Misr’s VC arm EdVentures invested USD 400k in online education platform El Kheta, as part of the company’s vision to support educational tech entrepreneurs and startups, writes Al Mal.

HOSPITALITY-

Hilton’s DoubleTree is heading to New Cairo: Global hospitality brand Hilton will set up a branch of its 3.5 star DoubleTree hotel chain in New Cairo’s @40 commercial complex under a partnership with Misr Company for Investment and Development, according to a press release (pdf) from Hilton. Expected to open in 2027, the hotel will house 70 apartments, a fitness center, cafe, restaurant, two bars, and three meeting rooms. The development is the latest in Hilton’s plans to double its portfolio of properties in Egypt by 2028.

REAL ESTATE-

Orascom Development Egypt wraps EGP 1.5 bn land sale in El Gouna: Orascom Development Egypt (ODE) has sold a 145.3 sqm plot of land in El Gouna for EGP 1.5 bn — 15 times the land’s book value of EGP 101 mn — the company said in a statement (pdf) without naming the buyer. The sale is part of the company’s “strategic initiative to enhance value creation through selective land sales and land development aimed at accelerating the monetization of its land bank.”

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