ENERGY-

Egypt prepares new gas exploration tender: The government is gearing up to launch a new international tender for natural gas exploration in at least ten areas in the Mediterranean and waters in the Delta, Asharq Business reports, citing an anonymous government official. Oil Minister Karim Badawi has agreed with foreign partners operating in Egypt to accelerate development plans for concession sites, aiming to add new wells to the production network over the coming months, according to the source.

The timeline: The official said the tender’s announcement could coincide with the Mediterranean Offshore Conference and Exhibition scheduled for October in Alexandria.

ICYMI: The Oil Ministry formed an advisory committee to manage oil and gas reserves and boost production last week.

FINTECH-

Fawry gears up for Saudi expansion in the next four months: Local e-payment services giant Fawry is planning to set up shop in Saudi Arabia by the end of 2024, the company’s CEO and founder Ashraf Sabry told Asharq Business (watch, runtime: 8:19). The company is in the process of finalizing some contracts with companies in the kingdom ahead of its launch in the country, Sabry added. Sabry’s comments followed the release of the company's earnings for 1H 2024.

M&A-

Le Pacha to offload a controlling stake? Dining and entertainment venue Le Pacha 1901 is offering a controlling stake to local and foreign investors, Hapi Journal reports, citing unnamed sources. The company has reportedly tapped Stanhope, an affiliate of New York-based Concord International Investments Group, as the financial advisor on the transaction. The sale is open to either a single investor or group of investors, with no cap on how much each investor within a group can purchase.

LABOR-

Ceramica Venezia resumes operations: Ceramic manufacturer Ceramica Venezia yesterday resumed operations after management struck an agreement with worker representatives to study worker demands and restructure wages by the end of the year, according to a statement from the Labor Ministry. The company, which has some 1.3k workers, has pledged to uphold the minimum wage in the new structure. This comes just a few days following the factory’s closure.

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