OIL AND GAS-

Is Chevron the latest to exit Egypt’s Red Sea? Chevron — the operator of the last active exploration block in the Red Sea — is reportedly on its way out of the block it operates, Asharq Business reported, citing an unnamed government source. We had reported last month that Shell and its partners exited Red Sea blocks 3 and 4, leaving Chevron’s Block 1 — held with Woodside and Tharwa — as the only concession still on the books.

The government is pushing back, citing strong fundamentals for a relaunch. A senior Oil Ministry source told EnterpriseAM that recent seismic surveys in the Red Sea have shown promising results, but that the terrain’s complexity and high drilling costs may have prompted the recent wave of exits. The government is now working on a more attractive economic model for upcoming offerings and is open to revisiting production-sharing terms to better align with investor expectations. The revised concessions would come alongside broader efforts to encourage reinvestment in exploration and boost Egypt’s domestic output, with Red Sea acreage still considered a strategic priority.

REAL ESTATE-

Somabay developer Abu Soma Development Company plans to invest EGP 3 bn in new hotel developments over the coming three years, a company representative told EnterpriseAM. The developer is also targeting EGP 12 bn in real estate sales this year. The developer plans to build four new hotels in Somabay, bringing its total properties there to ten, Group CEO Ibrahim El Missiri told Al Borsa.

Azza Fahmy is partnering with Marakez to head to Ras El Hekma, where the two will set up a beach club house at the mixed-use developer’s Ramla project, the two companies announced in a joint statement seen by EnterpriseAM. The space — slated to open in the summer of 2026 — will bring together coastal living and contemporary Egyptian design across 750 sqm of indoor and outdoor areas, according to the statement.

SPORTS-

Orascom Development is mulling setting up a sports subsidiary which would take over the ownership of El Gouna Sports Club, according to an EGX disclosure (pdf). The move is still subject to shareholders’ approval at the upcoming general assembly meeting scheduled for 11 May.

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