ENERGY-

#1- Egypt entered into a five-year leasing agreement with Germany to charter an LNG regasification vessel — the Energos Power — which is set to dock at Ain Sokhna port by June, two sources with knowledge of the matter told EnterpriseAM. Germany — which reportedly has a charter contract for the vessel until 2032 — will lease the vessel to Egypt at an estimated cost of USD 80 mn per year to provide 500 mn cubic feet of gasification capacity per day.

The government is preparing for a surge in demand over the summer months, which has led the country to target importing 155-160 shipments of LNG this year to close the gap between demand and supply. Egypt reportedly needs around 6.2 bn cubic feet per day (bcf/d), but domestic production currently only contributes 4.4 bcf/d, increasing the need for energy imports.

#2- Italian energy giant Eni has plans to invest around EUR 24 bn over the next four years in Egypt, Libya, and Algeria to boost production, Reuters reports, citing comments made by CEO Claudio Descalzi during an energy conference in Italy. The investment amount will be split equally between the three countries, with each country in store for EUR 8 bn in investment. “Internal demand in these countries — because of demographic growth — is increasing at about 7-8% every year, this means they need gas ... they need investment,” he said.

EXPANSION-

#1- Egyptian grocery delivery startup Rabbit stepped into the Saudi market, launching a network of dark stores and setting up its GCC headquarters in Riyadh as part of a “pragmatic strategy for GCC expansion,” according to a statement (pdf). The company is targeting Saudi Arabia’s USD 60 bn food and grocery market, with plans to deliver 20 mn items across major cities by 2026. No details on the size of Rabbit’s investment in Saudi Arabia were provided.

#2- Local industrial machinery manufacturer Simplex is planning to expand to Qatar and Algeria this year as part of a wider regional and international expansion plan, CEO Ahmed Shaaban told Al Borsa. Simplex is also expanding its footprint into the Saudi market, having inked an MoU with KSA’s National Industrial Development Center in January to build its first factory in the Kingdom with investments of USD 13 mn. The company has secured the funding needed for the plant, Shaaban told Al Borsa.

M&A-

#1- Fintech player Maseera Holding acquired local consumer finance platform Adva, making it its data and tech hub for North Africa, according to a press release. The company — which has now applied for a digital consumer finance license in Egypt — focuses on offering financing for middle- and low-income segments through an AI-driven credit scoring model that uses alternative data like mobile usage insights.

REMEMBER- 2PointZero, the investment arm of Abu Dhabi’s International Holding Company, acquired Cairo-born fintech Maseera in February, pledging USD 1 bn to the local fintech to support its expansion, rebranding, and the establishment of a new Abu Dhabi-based entity under the Maseera Holding name.

#2- Apex Securities is in advanced talks with Emirati institutions to sell a stake in the firm as part of a broader strategy to transform into a full-service investment bank, CEO Ahmed Turki told Al Mal. Apex, formerly MedCap Securities and Leaders Securities, set up a holdco to consolidate its brokerage and asset management arms. The firm has EGP 720 mn in assets under management.

OUTSOURCING-

Indian IT services company IGT Solutions has opened a new office in Egypt, as part of its expansion plan to quadruple its Egypt-based workforce to 2k employees by 2027, according to a statement (pdf) from the Information Technology Industry Development Agency. The firm currently operates a multilingual service center supporting eight languages and serves clients across sectors including travel, fintech, gaming, and e-commerce. While inaugurating the facility, ICT Minister Amr Talaat noted that Egypt now hosts over 200 global delivery centers — triple the number it had three years ago.

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