ENERGY

#1- Germany’s PtX Development Fund grants Scatec EUR 30 mn to support the Egypt Green Hydrogen plant that the Norwegian renewables giant is setting up with Fertiglobe, Orascom Construction, the Sovereign Fund of Egypt, and the Egyptian Electricity Transmission Company, according to a statement.

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It’s part of a wider project to fuel Europe’s green hydrogen import ambitions: The EUR 30 mn grant is part of a wider EUR 270 mn project to support green hydrogen production efforts in Egypt and six other countries.

Remember: Germany, through its H2Global hydrogen initiative, wasawarded a 20-year EUR 397 mn green ammonia offtake agreement with UAE-based renewables player Fertiglobe. Egypt Green Hydrogen will provide the green hydrogen needed for Fertiglobe to produce green ammonia at its ammonia plants that will then be exported to Europe under the agreement. The entire project will cost EUR 500 mn, Scatec said in a separate statement.

#2- Solar panel mounting and installation factory in the works: The first USD 1.8 mn phase of a solar panel mounting and installation factory is set to kick off in two months under a contract inked between industrial developer Main Development Company and project owner Pyramids Alu — a JV between Egypt’s Alu Afric and China’s Alu Pro, according to a Suez Canal Economic Zone (SCZone) statement. The factory, being set up in the SCZone, should eventually reach a monthly capacity of 1.8k tons and only local components in its production.

SMES-

Beltone SMEs doubles paid-in capital: Beltone Holding’s Beltone SMEs increased its paid-in capital to EGP 500 mn, up from EGP 250 mn, the company said in a press release(pdf). The move demonstrates the company’s “strategic commitment to expanding operations and supporting Egypt’s dynamic SME sector.”

What they said: “We are on track to achieve a portfolio of EGP 1 bn by the end of 2024. This paid-in capital expansion enables us to further accelerate our efforts to support the SME sector, which is a key driver of Egypt’s economic growth,” CEO Asharf Abdel Fattah said.

M&A-

Euromena to exit International Eye Hospital? Lebanese private equity fund Euromena II is reportedly looking to offload its entire 51% stake in local healthcare chain International Eye Hospital, Al Borsa reports, citing unnamed sources. The fund is currently in talks with one local and one foreign investor, with the sale expected to wrap up before the end of 1Q 2025.

Remember: Al Borsa reported in August that an unnamed strategic investor was looking to acquire no less than 51% of the hospital, and said the talks should come to a conclusion by the end of 2024.

INVESTMENT BANKS-

A new investment bank incoming? Jordanian trading platform CFI Financial Group plans to set up an investment bank in Egypt as part of its expansion plan, CEO of CFI Egypt Sameh El Azab told Al Mal. The bank will offer securities trading, asset management, and other services. The group will start setting up the investment bank in three year’s time.

CFI is still the new kid on the block, with the firm only beginning to operate in Egypt in 2023, setting up branches in Cairo and Alexandria.

FINTECH-

#1- PayTabs has partnered with Global Corp’s consumer financing platform Ollin to integrate its payment technology into Ollin’s services, according to a press release(pdf). The collaboration aims to “further propel [Ollin’s] technological advancements, offering customers even more comprehensive financial service experiences.” Global Corp’s consumer financing arm offers installment programs covering auto loans, mortgages, education, healthcare, and more.

#2- Paysky to expand to Saudi Arabia: Local digital payment platform Paysky plans to partner with Saudi investors to expand into the Saudi market in 1Q 2025 through its Yalla app, Al Borsa reports citing founder and CEO Waleed Sadek. The app will enable Egyptians in Saudi to send remittances to Egypt.

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