ENERGY-

#1- ExxonMobil has found natural gas at its Mediterranean’s North Marakia offshore concession after drilling at the block began in mid-December, according to a report from industry publication Mees. The size of the find has yet to be determined, but pre-drill estimates came in at around 3.5 tn cubic feet, the report reads.

Remember: The exploratory well is ExxonMobil’s first in Egypt, with the company having reportedly invested USD 100 mn in the first phase of the exploration process. ExxonMobil owns 60% of the Mediterranean’s North Marakia offshore concession, while Qatari state-owned oil and gas company Qatar Energy owns the remaining 40%.

Some corners of the international business press also picked up the story: Bloomberg

#2- Saudi Arabia’s Alqahtani Holding inked two cooperation agreements with Tanmia Petroleum, Enppi, and Petrojet to cooperate through Africa and the Middle East, according to an Oil Ministry statement. The agreements aim to foster cooperation between the parties to work together on engineering, supply, and construction projects related to petrochemicals, infrastructure, and industry.

FINANCIAL SERVICES-

CI Capital has launched a new research portal to expand investors’ access to its MENA research offering, the investment banking group said in a press release (pdf). The portal allows “institutional and high-net-worth investors” to access research publications, coverage lists, and forecasts for MENA-listed stocks, while facilitating direct interaction with CI Capital’s analysts.

What they said: “We are excited to introduce our new research portal, which reflects an important step in our digital transformation strategy. This platform will streamline access to our research, providing enhanced tools and timely insights, while also facilitating more efficient scheduling of analyst interactions and easy access to financial models. Although this marks a crucial advancement, we recognize its arrival as a timely development to our research capabilities,” said Managing Director and Head of Research Monsef Morsy.

MANUFACTURING-

Alstom has launched a tender for the construction of its planned EUR 80 mn Borg El Arab railway manufacturing complex, which was sent by the French rolling stock manufacture to around 15 Egyptian contracting firms, Al Borsa reports. The winning company is set to be announced in February before construction begins in March, with the factory expected to begin production in 1Q 2027.

Remember: The cabinet last week approved extending Alstom’s land lease period to 30 years from 15 years for the complex, which is expected to house two factories on 40 acres alongside an additional 50 feddans for future expansion. The first phase of the project’s development will see a components factory built on 13 acres, while the second phase will add a vehicle factory on 27 acres.

RENEWABLES-

Misr Beni Suef Cement will build an EGP 298 mn solar project in partnership with Chinese tech giant Huawei, Chinese solar module manufacturer Jinko Solar, and local renewables company Integrated Renewable & Sustainable Communities, the company said in a disclosure (pdf). The solar project will support the company’s efforts to power its industrial activities with renewables.

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