ENERGY-

#1- Cheiron wants to expand operations in Egypt: Local energy giant Cheiron Energy is looking to expand its energy portfolio in Egypt, targeting new concessions and ramping up exploration to boost production, CEO Alan Linn said during a meeting with Oil Minister Karim Badawi.

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Remember: Cheiron recently secured a USD 80 mn loan to fuel exploration operations, as part of its efforts to increase production by 20% in 2025.

#2- Could KSA’s Alqahtani Holding step into Egypt’s energy sector? Saudi Arabia's Alqahtani Holding is in talks with the Oil Ministry to explore joint investments in petroleum, gas, and petrochemical projects, according to a ministry statement. The group is working with Shard Capital and the Egyptian Petrochemicals Holding Company to set up a petrochemical complex in the New Alamein Industrial Zone.

#3- The General Petroleum Company (GPC) has resumed production of its GYP field, following years of inactivity, according to a statement from the Oil Ministry. The field is expected to produce some 1.5 mn barrels of oil in the coming three years.

MANUFACTURING-

Unionaire Group Technology is developing an industrial complex dedicated to manufacturing home appliances exclusively for export, Vice Chairman Youssef Fathi said during a presser, according to Al Borsa.The facility will bolster the group’s efforts to expand its presence in Europe, starting with the UK, where it plans to establish a dedicated marketing and export subsidiary. The tech company will also diversify its product portfolio — expanding beyond air conditioners to include stoves, refrigerators, and washing machines soon.

Also on the agenda: The company plans to partner up with Italian cooking appliance manufacturer Premium Company to become its main agent in Egypt and produce its products locally.

EXPANSION-

Korra Energi eyes regional expansion: Energy solutions firm Korra Energi has begun the procedures to expand into the Saudi and Iraqi markets, chairman Ayman Korra told Asharq Business. The firm is looking into potential investments in Oman, he added.

ALSO FROM KORRA- Korra inked a strategic partnership with Solariz Egypt for USD 50 mn joint solar energy projects, according to a press statement (pdf). The projects will have a total capacity of 100 MW and will serve the tourism and the industrial sectors, particularly energy-intensive industries targeting exports to Europe, such as fertilizers, petrochemicals, and building materials.

PAYMENTS-

#1- Google Wallet is coming to Egypt next month, according to Google’s wallet release notes. The service is launching in Pakistan and Venezuela at the same time. The wallet offers a number of features, most notably the payments feature which functions similarly to how Apple Pay does, allowing users to use their phones to make payments. The wallet allows users to integrate loyalty cards, metro cards, entertainment tickets, and more into their online wallet. The launch of Google Wallet in Egypt will come shortly after Apple burst onto the local scene.

#2- Merchants within Paymob’s network can now accept Apple Pay, the local fintech startup said in a statement. Users can now make online and in-store payments through Apple Pay.

HOSPITALITY-

Egyptian-Emirati alliance to revive tourism project in Morocco: A coalition led by Egyptian bn’aire Samih Sawiris, tourism investor Hossam El Shaer, and Emirati investor and Al Nowais Investments and AMEA Power Chairman Hussain Al Nowais took over the Mogador tourism station in Morocco, Asharq Business reports. The project was initially launched in 2004 but was never completed.

The timeline: The investors intend to invest an initial USD 500 mn, Sawiris told Asharq, adding that if the project proves successful it could end up having a final investment ticket of USD 1.5 bn.

ALSO FROM SAMIH SAWIRIS- Orascom Development Holding (ODH) decided to delist from the SIX Swiss Exchange because it is not fairly valued in the Swiss market, Sawiris told Asharq Business. The delisting will grant the company more flexibility and save the hefty cost that comes with listing on the Swiss Exchange.

TOURISM-

Wait, so we’re not renting the pyramids to Mr. Beast? Mega YouTuber Mr. Beast misspoke when he said that he is renting the Giza Pyramids for 100 hours — the Tourism Ministry denied the news, explaining that the YouTuber only secured a license to film at the Giza Pyramids outside official working hours.Jimmy (aka. Mr. Beast) has already completed filming for his project without disturbing the area.

BUSINESS-

IWG wants to set up more workspaces locally: Swiss provider of coworking, office, and meeting spaces IWG plans to establish 25 new locations in Egypt next year, in line with a target of 150 by 2030, according to a press release. Alexandria, the new capital, and undisclosed cities along the Red Sea are all on IWG’s 2025 list.

What they said: “Cairo has emerged as a prime community for flexible workspace solutions. We recognize the unique seasonal work patterns in Egypt and are planning our expansion accordingly,” said CEO for the Middle East & Africa at IWG Marc Descrozaille.

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