ENERGY-

#1- Another player to help produce green ammonia in Damietta: Belgium engineering group John Cockerill is joining Norwegian firms Scatec and Yara International, the Egyptian Petrochemical Holding Company, and Misr Fertilizer Production Company (Mopco) in producing green ammonia in Damietta with investments exceeding USD 900 mn, according to a ministry statement. The parties will produce around 150k tons of green ammonia annually in Mopco’s factories. The project will include solar and wind plants, in addition to a dedicated electrolyzer.

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More companies to join? Oil Minister Karim Badawi met with representatives from US-based oil player SLB, the European engineering company Technip, and global energy company Repsol to look into their potential participation in the project.

#2- Taqa Arabia is looking to set up two new solar plants with investments ranging between USD 25-30 mn, the company’s head of sustainability Sherif Mubarak told Al Borsa. In July, chairman Khaled Abu Bakr said that the company is negotiating with clients in the tourism, industrial and agricultural sectors about proposed projects to produce 150 MW of solar energy in Egypt.

MANUFACTURING-

Meeting the energy needs of building material factories: The Oil Ministry will ensure the supply of mazut to the building material factories through a centralized distribution system so they can operate at full capacity starting today, Transport and Industry Minister Kamel El Wazir said yesterday at the ministerial group for industrial development meeting. Alongside this, the Industrial Development Authority will inventory the energy needs of building material factories operating in the country.

STARTUPS-

Bokra, CIC launch EGP 10 mn student fund: Local fintech startup Bokra and the Canadian International College (CIC) have launched a EGP 10 mn student fund aimed at “empowering change makers with disruptive ideas at CIC to embark on their entrepreneurial journey” under a strategic partnership between the two sides, according to a press release (pdf). The fund will be the first under the new partnership, which will be a cornerstone of the newly launched Bokra Academy — a platform that aims to “bridge the gap between academia and industry,” giving users access to a range of free online courses in topics that include financial planning, marketing, technology, AI, and corporate law, the statement read.

INVESTMENT-

Lesaffre to double investments in Egypt: French yeast producer Lesaffre Egypt is planning to double its investments in the local market to USD 100 mn. This came during meetings between Investment Minister Hassan El Khatib and a number of French companies — private equity firm Eurazeo, makeup and skincare producer L’Oreal, and healthcare company Sanofi — during his multi-day visit to France to drum up investments.

M&A-

Even more acquisitions in the pipeline for Premium Healthcare: Medical diagnostics company Premium Healthcare has plans to expand its network of labs to 216 across Egypt, Saudi Arabia, and Jordan next year, chairman Salah El Din Baghdadi told Mubasher.

ICYMI: The recently rebranded medical group earlier this week inked MoUs for five previously-announced acquisitions that will give it a 50% stake in a number of local and Gulf medical companies and full ownership of local lab operator Hassab Labs as part of a wider plan that will see it expand its footprint across the region.

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