ENERGY-

Khalda Petroleum to invest USD 70 mn in new diesel project: Khalda Petroleum — a JV between US oil producer Apache and EGPC — will allocate USD 70 mn of its planned USD 1.3 bn in investments earmarked for the current fiscal year to launch a new diesel production project, chairman Saeed Abdel Moneim told Al Borsa. The investment comes as part of a broader plan to boost production by 5% to 145k barrels per day.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

RENEWABLES-

Some 500 MW of renewables started feeding the national grid after UAE’s AMEA Power wrapped up construction of its 500 MW Abydos solar plant in Kom Ombo and linked it to the national grid after months of operational testing, Al Mal reports. The Egyptian Electricity Transmission Company will purchase the energy generated by the solar plant for 25 years as per a previously-inked offtake agreement.

Remember: AMEA Power is investing USD 800 mn to develop and expand solar and battery energy storage projects in Upper Egypt — adding a 300 MWh storage system to the Abydos solar plant and setting up a 1 GW solar facility with a 600 MWh battery storage system in Benban. The company is also working on a 500 MW wind farm in Ras Ghareb dubbed Amunet, which is scheduled to come online in 3Q 2025.

AVIATION-

Borg El Arab and El Alamein airports are getting a capacity boost come November: Developments to the Borg El Arab and El Alamein International airports are set to be completed by early November, Civil Aviation Minister Sameh Elhefny said. Borg El Arab International Airport will have the capacity to welcome 6 mn passengers a year when the government and the Japan International Cooperation Agency (JICA) set up Terminal 2 — the country’s first eco-friendly passenger terminal. Meanwhile, work on the El Alamein International Airport is set to push its annual capacity to 1 mn passengers.

DIG DEEPER- The government has been expanding the country’s airports and adding new ones, offering flight incentives, and even working towards getting private players to run the nation’s airports as part of efforts to overhaul Egypt’s aviation sector, in a bid to boost tourism inflows and turn the country into a cargo and transit hub. We dive into the details in a Hardhat published earlier this year.

LEGISLATION-

MPs approve EUR 11 mn in grants from the EU: The House of Representatives approved two grants worth a total of EUR 11 mn from the EU — EUR 8 mn will go towards fighting child labor and help provide children with access to protective services related to education, healthcare, nutrition, housing, and others and another EUR 3 mn will go towards funding the production of vaccines and drugs.

ALSO APPROVED- MPs gave final approval to a draft bill establishing the National Council forEducation, Research, and Innovation, which will outline and develop education policies.

REAL ESTATE-

HHD board greenlights EGP 2.2 bn land purchase in Mansoura: The board of Heliopolis Housing and Development (HHD) approved the purchase of a 52k sqm plot in Mansoura from the Holding Company for Spinning and Weaving for EGP 2.2 bn, the company said in an EGX disclosure (pdf).

Remember: HHD and the Holding Company for Spinning and Weaving in January inked a cooperation agreement that saw HHD make an EGP 2 bn down payment on a plot to use for a real estate project.

M&A-

Premium Healthcare’s acquisition spree continues: Premium Healthcare — formerlyCity Labs — has finalized the acquisition of local lab operator Hassab Labs for EGP 298 mn, with EGP 14 mn already paid and the remainder to follow after a capital increase, it said in an EGX disclosure (pdf). The medical group’s board also greenlit the acquisition of 50% of Saudi Arabia’s Distinguished Diagnostics for SAR 14.8 mn (EGP 195 mn).

Part of a bigger plan: The medical diagnostics company has plans to expand its network of labs to 216 across Egypt, Saudi Arabia, and Jordan next year.

COMMODITIES-

Supply Ministry opens the door for fertilized egg imports in efforts to control rising prices: The Agriculture Ministry has given ten firms operating in the poultry sector the greenlight to import fertilized eggs for broiler and layer chicks in addition to table eggs, Al Borsa reports, citing ministry official Tarek Soliman. The measure aims to combat recent increases in local poultry and chick prices, and will remain in place until prices stabilize, Soliman added.

PHARMA-

Locally-made polio vaccines: State-owned vaccine maker Vacsera has inked a cooperation agreement with Dutch pharma firm Bilthoven Biologicals to locally produce injectable polio vaccines, according to a Health Ministry statement.

DEBT-

Fresh funds for Madkour expansion: Madkour Group has secured a EGP 1.2 bn facility from Suez Canal Bank, the company said in a LinkedIn post. The funds will go toward developing the company’s current and future projects domestically and abroad.

ICYMI: Madkour last month inked a EGP 400 mn leasing and factoring agreement with Beltone Holding subsidiary Beltone Leasing and Factoring, with the proceeds earmarked to “pursue new growth plans in various markets.”

EARNINGS-

Delta Sugar saw its net income dip 17.8% y-o-y to EGP 1.2 bn during the first nine months of 2024, the company said in an EGX disclosure (pdf). The company attributed the drop to higher production input costs, a drop in sales, and increased interest on credit facilities. Meanwhile, the sugar maker’s revenues declined 58.3% y-o-y during the nine-month period to record EGP 2.3 bn.

Tags: