ENERGY-

Dragon Oil eyes more investments in Egypt: Emirates National Oil Company subsidiary Dragon Oil wants to up its production from the Al Wasl field, CEO Ali Al Jarwan told CNBC Arabia. The company, which the government owes USD 200 mn in receivables, also plans to to acquire more concessions in Egypt and Iraq.

PRIVATIZATION-

Al Ahly Pharos to work on CID, Misr Pharma offerings: State-owned pharma manufacturer HoldiPharma tapped Al Ahly Pharos to advise on the planned offerings of subsidiaries Chemical Industries Development (CID) and Misr Pharma, unnamed sources with knowledge of the matter told Hapi Journal. The exact size of the stakes hasn’t been determined, but majority stakes could be on the table if strategic investors make attractive offers.

Remember: Unconfirmed reports out earlier this month said HoldiPharma is looking to offer stakes in both companies on the EGX during the first half of 2025. The subsidiaries are on the government’s list of 35 state-owned companies earmarked for privatization via stake sales to strategic investors, the EGX, or a mix of both.

TAX-

Egypt signs tax cooperation agreement with BRICS: The Egyptian Tax Authority signed a framework agreement for cooperation in tax matters with BRICS countries, the authority said in a statement. The agreement aims to enhance collaboration among member states in updating tax laws, risk assessment, and developing strong databases for tax administration.

DEVELOPMENT FINANCE-

Egypt, UN launch EUR 12.2 mn refugee support program: Egypt and a coalition of UN agencies launched a support program, backed by a EUR 12.2 mn grant from the EU, to improve health and education services for migrants and refugees in Egypt, according to a statement. The program will be implemented by the UN Refugee Agency (UNHCR), the International Organization for Migration (IOM), Unicef, and the World Health Organization.

HOSPITALITY-

Preatoni to expand resort in Sharm El Sheikh: Italian real estate conglomerate Preatoni Properties is looking to invest some EGP 7 bn to expand its existing Domina Coral Bay resort in Sharm El Sheikh by developing a 750k sqm area behind the resort, Al Arabiya reports, citing sources it says are close to the matter. The firm is currently holding talks with Egyptian investors and banks to contribute to financing the expansion.

M&A-

HR solutions company Talent 360 acquired people development and training firm Wish-It for an undisclosed amount, the company said in a statement (pdf). The acquisition is part of Talent 360’s efforts to grow into a fully comprehensive HR solutions firm “with a focus on team development, soft skills enhancement, and internal communication.”

REAL ESTATE-

El Gouna unveils its newest district: Orascom Development’s El Gouna has launched Tuban, “its largest multi-purpose district to date,” according to a pressrelease (pdf). Tuban is a district within the heart of the city that spans over one mn sqm. It will house marinas, a hotel, a commercial area, green spaces and parks, a waterfront promenade, and El Gouna’s first complex for senior living.

Remember: The project targets EGP 45 bn in sales over a five-year period, with 40% of these revenues projected to come from outside the country.

DEBT-

AAIB is on course to issue USD 500 mn worth of sustainability bonds: The Arab African International Bank (AAIB) plans to issue a USD 500 mn five-year sustainability bond program, according to a summary from the International Finance Corporation, which has committed to invest USD 300 mn in the program. The bonds will support the expansion of “green and sustainable related projects.”

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