MINING-

State-owned Shalateen Mineral Resource Company plans to redirect operations to the production of gold and minerals this year, two government officials told Asharq Business. The move would mark a shift for the company which currently acts as a bridge between the gold market and the Central Bank of Egypt, buying gold from individuals and selling it to the central bank.

What’s the plan? The company will reportedly kick off exploration operations at its Eastern Desert concessions this year, they said.

The unconfirmed report follows in the footsteps of news alleging that the company will relaunch its gold exploration bid in the first half of 2025 after the offers for its four-times extended tender that came to a close in November did not meet the required criteria. The requirements entail that the company should have at least ten years of experience in mining exploration and exploitation, a work team with over 100 cumulative years of experience in the field, and at least 10 mn ounces of existing gold reserves.

AVIATION-

Plaza Premium Group (PPG) will manage, operate and commercialize six lounges at Cairo International Airport under a strategic joint venture with Egypt Aviation Services and the Cairo Airport Company, the Hong Kong-head quartered aviation-focussed hospitality firm said in a statement (pdf). In addition to the six upmarket lounges that will be rebranded as Plaza Premium Lounge by CAC and EAS, the joint venture will also set up a new lounge in Terminal 3.

Remember: The Madbouly government first revealed plans last November to invite private sector players — including foreign companies — to take over the management of airports in the country in order to improve services and increase revenues collected by the state coffers. The list of airports earmarked for the private management plan initially started with only five, but now includes all of Egypt’s airports after the government agreed last week with the International Finance Corporation to spearhead the airports privatization plan.

CAPITAL MARKETS-

Egyptian b’naire Naguib Sawiris has transferred his entire 5.8% stake in Orascom Construction to his brother Nassef Sawiris, as part of asset re-allocation among the family, and bringing the latter’s stake and entities held for his benefit in the firm up to 42.4%, the company said in a disclosure (pdf). Naguib inherited his shares in the company from his late father Onsi Sawiris in 2022 — the Sawiris family’s total ownership in Orascom Construction remained unchanged at 54.9%.

INFRASTRUCTURE-

Elsewedy Engineering Industries will carry out infrastructure for work for MBG Development’s Pukka project in the new administrative capital, the real estate developer said in a statement (pdf). Elsewedy will establish the project’s wastewater, water supply, rainwater drainage, irrigation, fire systems, and electricity networks under the agreement. The company did not disclose the financials of the agreement.

LEGISLATION-

Egypt will up its subscription to the IMF by 50% under a presidential decree issued by President Abdel Fattah El Sisi, according to the Middle East News Agency. The move, which was approved by the House of Representatives back in October, was then said to be worth some USD 1.4 bn and EGP 48 bn.

COMMODITIES-

The government has removed the export limit for cotton, allowing cotton producers to export the crop at full capacity, Al Arabiya reports, citing unnamed sources from a body representing cotton exporters. The government had previously set a 40% limit on exports for cotton exporters last year with the aim of securing larger quantities of the crop for local factories — a move that left local companies with a surplus of cotton by the end of last year.

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