ENERGY-

Two more LNG shipments on the way: The Oil Ministry is set to receive two LNG shipments — holding a combined 145k tons of LNG — within the coming ten days, Al Arabiya reports, citing an unnamed government official. The shipments will head directly to the Ain Sokhna port where they will be regasified and fed into the national grid.

So far, we’ve welcomed five shipments: State gas firm EGAS has so far received five shipments carrying 155k cubic meters of LNG, the Oil Ministry said in a statement. The shipments are to be regasified on one of the floating storage and regasification units Egypt has access to in Jordan’s terminal in Aqaba and Ain Sokhna port. The remaining 16 shipments will be arriving according to a set timeframe.

Remember: Egypt secured 21 LNG shipments last month as it works to ensure it has sufficient supplies to keep the lights on during the current period of increased demand expected to last till September. The government has announced that it plans to suspend power cuts for the remainder of the summer starting next week.

TELECOM-

Telecom Egypt customers will soon have access to 5G services: Telecom Egypt has partnered with Nokia to bring 5G services to select cities across Egypt — Alexandria, Giza, Luxor, and Aswan — with the service set to be deployed later this year, the company said in a pressrelease(pdf). Nokia will provide 5G radio access network equipment, alongside assistance with integration and system optimization.

Remember: TE, earlier this year, partnered with Chinese tech giant Huawei to deploy 5G networks, allowing Huawei to set up 5G sites in “hotspot areas” throughout Egypt. This came shortly afterTelecom Egypt received the first 5G license in the country from the National Telecommunications Regulatory Authority.

AUTOMOTIVE-

Stellantis to assemble more of its models locally? Automotive player Stellantis — the manufacturer of Fiat and Jeep, among others — is looking into expanding its local assembly line to include two new models, an unnamed government official told AlMal. The company is currently in discussions with state-owned Arab Organization for Industrialization over the matter.

DEVELOPMENT FINANCE-

More funds from the EBRD ahead: The European Bank for Reconstruction and Development (EBRD) wants to on-lend some USD 705 mn to a number of local banks this year, EBRD Associate Director Hashem Abd El Hakim told Asharq Business. The funding will be split between SMEs, green energy projects, and bilateral trade.

INFRASTRUCTURE-

#1- Egypt-Saudi electricity linkup is 60% complete: The USD 1.8 bn Egypt-Saudi electricityinterconnection is 60% complete, Asharq Business reported, citing an unnamed government official. The 3-GW project is scheduled to be completed in two phases. The source estimated that the first 1.5-GW phase is set to go live in July 2025 and the second in early 2026.

The Electricity Ministry has more ambitious plans, hoping to have the project generating electricity ahead of next summer to help bridge the gap between heightened energy demand that coincides with the summer and domestic gas production.

#2- Germany’s Siemens to implement automatic train control system on Egypt’s railways after being awarded the EUR 26 mn contract from the National Railway Authority, unnamed sources told Al Mal. The authority is currently in the process of acquiring the necessary funds for the first installment of the project, with the project set to begin implementation once Siemens is paid, the sources added.

#3- Elsewedy Cables Qatar lands QAR 1 bn contract: Elsewedy Cables Qatar is set to supply and install 132kV power cables for “strategic projects” after inking a c. QAR 1 bn (USD 274 mn), three-year engineering, procurement, and construction contract with Qatari state utility company Kahramaa, according to an EGX disclosure (pdf). The company is 73.4% owned by Qatari industrial group Senyar Industries Qatar Holding, which is itself 50% owned by Elsewedy Electric.

ICYMI: Kahramaa in January 2023 awarded Elsewedy Cables Qatar a QAR 1.2 bn 30-month contract to establish a new underground transmission line.

TECH-

Cloudmania enters Egypt: Cybersecurity consultancy Liquid C2 — a subsidiary of the Africa-focused tech firm Liquid Intelligent Technologies — launched its cloud computing and cybersecurity solutions unit, dubbed Cloudmania, in Egypt, according to a press release (pdf).

The big picture: Cloudmania has an extensive network of partners across 35 countries in the Middle East and Africa. Through its strategic partnership with Microsoft, Cloudmania has been delivering cloud computing and cybersecurity services, including Microsoft 365 and Azure solutions, to numerous partners.

CAPITAL MARKETS-

CCS to enter the investment banking game: Cairo Financial Holding’s brokerage arm Cairo Capital Securities (CCS) has received its investment banking license, CEO Ahmed Abu Hussein told Al Borsa. CCS is also looking to enter the NBFS market through setting its own microfinance outfit, he added.

LOGISTICS-

Alex Container to revamp operations: Alex Container and Cargo Handling will carry out a three-phase development plan put forward by a global consultant to help it improve operations and increase competitiveness, it said in an EGX disclosure (pdf). The development plan will take place over the course of five years.

AGRICULTURE-

Homegrown agribusiness company Al Salam International wants to spend EGP 200 mn to cultivate 3k feddans in Beheira and New Valley, Chairman Ahmed Sobhy told Al Borsa.

EARNINGS-

Maridive Oil & Services saw its net income rise 152% y-o-y during 1Q 2024 to USD 20.4 mn driven by favorable market conditions and higher shipping prices, the company said in an EGX disclosure (pdf). Revenues recorded a 35% y-o-y increase during the quarter to USD 56.1 mn.

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