ENERGY-

TAG Oil looks to raise USD 7.2 mn to fund its activities in Egypt: Canada-based oil and gas company TAG Oil is looking to raise CAD 10 mn (USD 7.2 mn) through a public offering of additional units in the company, with the firm planning on using the proceeds of the offering to “advance appraisal and development activities” in Egypt’s Western Desert, the company said in a statement. The firm will use the funds to expand its work in the Badr field as well as a new 512k-acre concession in the Western Desert that it is currently in the process of acquiring.

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

Remember: Last week, TAG Oil secured a no-objection letter from the Egyptian General Petroleum Company for its binding proposal submitted in 2Q 2024 to acquire a 2k km concession in the Western Desert.

MANUFACTURING-

#1- Knauf sets up its third factory in Egypt: Building material manufacturer Knauf is opening a new gypsum board factory in Egypt — its third so far — with investments of EUR 80 mn, CEO Mohamed Abdelrasoul told Prime Minister Moustafa Madbouly, according to a cabinet statement. The new factory will push the firm’s total production capacity to 60 mn sqm of gypsum boards annually and will reduce water and energy consumption by 35%, according to Abdelrasoul.

Knauf has big investments planned in Egypt: Abdelrasoul announced back in June that the company is planning to increase its investments in Egypt to EUR 120 mn by 2026, up from EUR 50 mn at the time. The funds were set to go toward expanding the company’s existing operations and adding new production lines to Knauf’s gypsum board factory in Suez.

#2- Oppo expands local smartphone manufacturing: Chinese smartphone manufacturer Oppo has begun production of its Reno 12 5G phones in Egypt, according to a company statement picked up by local media outlets. The company is also aiming to increase production from 70k phones per month currently to 500k in the coming period and create 1.2k jobs.

** Check out our Inside Industry rundown of the localization of our smartphone industry here.

COMMODITIES-

Our supersized wheat shipment hits a speed bump: Our massive 430k ton wheat shipment contracted last month may not be moving forward, Bloomberg reports, citing traders familiar with the matter. The shipment — which was slated to be delivered by the first week of November — has been delayed, with no ships assigned to collect the grain and paperwork still not complete.

REFRESHER- Egypt grain buyer GASC purchased 430k tons of Russian wheat last month at USD 235 per ton to bring the country’s strategic wheat reserves to a level equivalent to 6.1 months of consumption. The size of the wheat buy was driven by wheat’s low price at the time — something Egypt will not be able to capitalize on if the agreement is delayed further with wheat prices rising.

EXPANSION-

Elsewedy to help diversify Iraqi economy: Elsewedy Electric has signed an MoU with the Iraq Development Fund to establish a new fund — dubbed the Localization Fund — that aims to attract both local and foreign investments to support Iraq’s economic diversification, according to a statement (pdf). The partnership will focus on developing projects across the agricultural, industrial, and service sectors, with the aim of reducing Iraq’s dependence on oil and fostering collaboration between international and local investors.

Where Elsewedy fits in: “Through this alliance, we will offer our expertise in project execution while also focusing on human capital development by establishing technical and vocational schools, as well as universities, in line with global standards,” Elsewedy Electric CEO Ahmed El Sewedy said.

INTERNATIONAL COOPERATION-

Egypt OECD country program renewed to 2025: The Organisation for Economic Cooperation and Development (OECD) will renew its Egypt Country Program for another year until 2025 under an MoU inked with the International Cooperation Ministry. The program focuses on five key pillars for Egypt’s development inline with OECD standards — economic growth, innovation and digital transformation, governance and anti corruption, enhancing statistics, and sustainable development.

REAL ESTATE-

Madinet Masr join up with Zahraa Maadi Investment and Development for New Heliopolis project: Local real estate players Madinet Masr and Zahraa Maadi Investment and Development will jointly develop a 42-feddan residential project in New Heliopolis with projected revenues of EGP 11.4 bn, according to a statement (pdf). The project will take some six years to implement with Madinet Masr holding a 64% share and Zahraa Maadi holding a 36% share.

AUTOMOTIVE-

Mercedes-Benz wants to up its production in Egypt: Mercedes-Benz Egypt is looking to increase its production by 30% in 2025, newly-appointed CEO Stefanie Volz said during a meeting with Investment Minister Hassan El Khatib last week, according to a ministry statement. Volz added that the Egyptian market holds significant potential for the auto industry given its strategic location as a hub for African markets.

Tags: