MINING-

New gold extracting and processing factory in the works: Canadian gold miner Aton Resources will set up a gold extracting and processing facility to process finds from its Abu Marwat concession in the Eastern Desert, according to an Oil Ministry statement. The company is planning to launch the facility in 1Q 2026, the president of Aton subsidiary Abu Marwat Gold Mines, Ayman Ibrahim, told Al Borsa.

The details: The facility will feature advanced and environmentally friendly technologies that will maximize the extraction of gold and accompanying minerals from the concession’s Hamama and West Rodruin sites.

Remember: Aton and the Egyptian Mineral Resources Authority’s JV Abu Marawat Gold Mines Ltd inked an agreement with LSE-listed Capital Drilling earlier this week to drill up at least 5k meters in the Abu Marawat concession. The concession is slated to begin producing gold in 2026, after operations were delayed a year.

EDUCATION-

Education Ministry, British Council team up to promote inclusion for special educational needs students: The Education Ministry and British Council have launched a new initiative in collaboration with UNICEF to support the further integration of students with special educational needs into Egyptian schools, according to an Education Ministry statement. The campaign, dubbed Making Schools a Place for All Students, will see the British Council collaborate with education sector stakeholders and policymakers to develop action plans for inclusive schools and build capacity among local leaders and within school communities.

ENERGY-

BP to drill two more exploratory wells in January: Global energy giant BP is set to begin drilling two USD 160 mn exploratory natural gas wells in Egypt’s West Delta in January 2025, Asharq Business reports, citing an anonymous government source. The news follows BP’s announcement that it will invest USD 400 mn to drill two new wells at the Raven natural gas field in its North Alexandria concession during the current fiscal year.

EXPANSIONS-

Sabbour Consulting expands to KSA: Engineering consulting firm Sabbour Consulting signed an agreement with Nasser Nassif Engineering Consultancy to set up a consultancy firm in Saudi Arabia — dubbed Sabbour KSA, it said in an online post. Sabbour Consulting has been eyeing four potential projects totalling SAR 3 bn in KSA, including a residential compound, residential towers, a tourist resort, and a residential project in the Neom development.

DEBT-

Fresh details emerge about Misr Petroleum’s newly confirmed multi EGP bn syndicated loan: State-owned Misr Petroleum inked a syndicated loan agreement with nine banks for EGP 10 bn, according to a statement (pdf) from the National Bank of Egypt that confirmed earlier unconfirmed reports — and added some fresh details.

The breakdown:

  • The National Bank of Egypt led the syndicate, acted as arranger, coverage guarantor, marketer, financing agent, and contributed EGP 750 mn;
  • CIB acted as arranger, coverage guarantor, marketer, debt service account bank, and added EGP 2 bn;
  • QNB was arranger, coverage guarantor, financial marketer, document bank, and put forwards EGP 3 bn;
  • The Arab African International Bank played the role as arranger coverage guarantor, financing marketer, security agent, and added EGP 2 bn;
  • Banque du Caire was arranger, coverage guarantor, and contributed EGP 750 mn;
  • The National Bank of Kuwait was a coverage guarantor and EGP 500 mn;
  • Midbank was a coverage guarantor and put forwards EGP 400 mn;
  • EG Bank was a coverage guarantor and added EGP 300 mn;
  • And the Agricultural Bank of Egypt was a coverage guarantor and put EGP 300 mn in the pot.

What’s the money for? The fresh funds will help support the petroleum sector through current headwinds and help make it more competitive, according to the statement.

AVIATION-

Saudi’s Flyadeal adds flights to two Egyptian cities: Flyadeal launched two new routes — one connecting Madinah to Cairo and another connecting Jeddah to Sohag — the Saudi budget airline said (here and here). This raises the airline’s weekly flights between the kingdom and Egypt to 44, up from 39. The statement didn’t clarify the flights’ frequency on each of the new routes.

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