INVESTMENT-

Beltone Holding’s Beltone Venture Capital made an undisclosed equity investment in Moroccan eyewear brand LNKO, Beltone said in a statement (pdf). LNKO is present in 24 countries online, has 10 points of sale across Morocco, and has cultivated a customer base of over 100k since it launched four years ago. No details were provided on the size or value of the investment.

What they said: “This equity investment in LNKO marks a key milestone in our African expansion strategy. By partnering with LNKO, we’re backing a visionary company with immense growth potential,” said Beltone Venture Capital CEO Ali Mokhtar.

ENERGY-

#1- ExxonMobil eyes ramping up its Egypt operations: US energy giant ExxonMobil is reportedly planning to dig two new exploratory wells in its Cairo and Masry offshore concessions in 1Q 2026, with an initial investment of USD 240 mn, an unnamed government official told Asharq Business.

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#2- Egypt is reportedly planning to increase crude oil production by 18% y-o-y by the end of the current fiscal year, an unnamed government official told Al Arabiya. The Egyptian General Petroleum Corporation is said to be working with foreign energy companies to increase daily production to 565k barrels per day, up from an average of 475k recorded in the last fiscal year, with about 40% of the targeted increase coming from mature fields undergoing development and the remainder extracted from new wells.

We’re on the right track: Egypt’s production capacity rose by 30k barrels of oil per day during the first quarter of FY 2024-25, Oil Minister Karim Badawi said in October.

DEVELOPMENT FINANCE-

ICD to provide private sector with USD 100 mn under 2025 work plan: The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank, signed Egypt’s work plan for 2025, under which it will provide USD 100 mn in funds to support private sector projects in the country, according to a statement (pdf). The ICD plans to offer financing and support for several economic sectors, all while expanding financial inclusion initiatives, supporting SMEs, and spreading awareness about Islamic financing tools.

M&A-

Amethis acquires majority share in Kazareen Textile: Africa-focused investment fund manager Amethis has acquired a majority stake in textile manufacturer Kazareen Textile Group through its Amethis Fund III, according to a statement. The acquisition will support Kazareen’s expansion plans. While the statement doesn’t disclose the stake acquired, the Egyptian Competition Authority late last year said it greenlit the fund’s request to snap up 56% of the company.

DEFENSE-

The US State Department greenlit USD 929 mn in possible US arms sales to Egypt on Tuesday, Pentagon’s Defense Security Cooperation Agency announced earlier this week. The decision paves the way for a possible USD 625 mn contract with Lockheed Martin to upgrade Egypt’s fast missile craft and a USD 304 mn contract with Northrop Grumman for its long-range radar technology.

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