REAL ESTATE-

#1- Talaat Moustafa Group Holding reported EGP 504 bn in total contractual sales for 2024, representing a 253% y-o-y jump, the company said in a disclosure (pdf) to the bourse. The company’s sales accounted for 43% of the total market, which was valued at EGP 1.2 tn for the year.

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#2- Madinet Masr reported EGP 46.1 bn in sales in 2024, with the real estate developer selling 4.7k units over the period, it said in a statement (pdf). The company said the results reflect “the success of its expansion strategy aimed at developing its land portfolio and diversifying its projects in strategic locations.”

ENERGY-

#1- Egypt has settled another USD 1 bn in overdue payments to foreign energy companies, 40% of which went to Eni, a government official told Asharq Business. This brings total dues settled since June to USD 5.5 bn.

We knew this was coming: A government official had told EnterpriseAM that the government is planning to pay USD 1 bn of arrears owed to foreign energy companies early next month to encourage energy investments in the country. Egypt had repaid USD 1 bn to foreign oil companies last month following a previous payment made in November.

#2- EGPC signs two oil agreements worth USD 13.5 mn: The Egyptian General Petroleum Corporation (EGPC) inked updated agreements with US-based IPR Energy and Tunisian oil and gas firm HBS International worth a combined USD 13.5 mn, according to an Oil Ministry statement.

The details: Under the agreements, IPR Energy will invest USD 10 mn to drill four wells in the Yidma Concession and pay a USD 3 mn signing bonus. As for HBS, it will invest USD 3.5 mn to drill four development wells, one exploratory well, and pay out a USD 2 mn signing bonus.

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