ENERGY-

Chevron’s Red Sea exit is now official, with statements from the US energy giant and the Oil Ministry confirming that it has withdrawn from its 45% stake in Red Sea Block 1, citing the lack of energy finds, according to Reuters. The announcements follow then-unconfirmed reports last week that the operator of the last active exploration block in the Red Sea was pulling back.

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But a Red Sea exit doesn’t mean an Egypt exit, with both the ministry and Chevron saying that its resources will instead go towards its interests in Egypt’s Mediterranean. “Chevron remains committed to working together with the government of Egypt and our partners to support the growth of Egypt’s energy sector through our exploration programs in the Mediterranean,” the newswire quotes Chevron Spokesperson Sally Jones as saying.

TECHNOLOGY-

The CIT Ministry inked a MoU with Microsoft Egypt to train 100k youth and public sector employees on artificial intelligence as part of second edition of the government’s National Artificial Intelligence Strategy, according to a ministry statement. The partnership aims to support Egypt’s digital transformation and advance responsible AI use, with Microsoft providing tailored content and practical training paths to targeted cohorts.

The agreement also includes AI governance support and consultations on AI-driven solutions in key government sectors. Microsoft will help identify sector-specific use cases, co-organize workshops, and advise on policy frameworks aligned with the Egyptian Charter for Responsible AI. The two sides will also cooperate on establishing a multi-stakeholder dialogue on regulatory frameworks for AI governance.

MINING-

The World Mining Union — a Saudi Gold Refinery subsidiary — is seeking a mineral and gold prospecting license in the Eastern Desert within the concession area of Shalateen Mineral Resources Company, the parent company’s operations manager Yousif Abdulrahim told Asharq Business. Saudi Gold Refinery Group officials will visit Cairo in two weeks to discuss potential mining investments, Abdulrahim said.

EXPANSION-

#1- Raya Holding plans to launch a consumer finance company in Saudi Arabia through its Aman Holding, likely via acquisition rather than establishing a new entity, Group CFO Hossam Hussein told Al Arabiya. Raya — which already operates call centers in Saudi Arabia and Dubai — also set out a Gulf expansion strategy that involves launching new fintech companies and data centers, with a focus on Saudi Arabia, Hussein added.

#2- Ora Developers has opened its regional headquarters at in Dubai, it said in a statement (pdf). The company plans to at least triple its workforce by the end of the year from its current 94 employees, as it accelerates development of large-scale projects in the UAE.

ORA is preparing to launch a 4.8 mn sqm beachfront development in Ghantoot, located between Abu Dhabi and Dubai. The company’s chairman and CEO Naguib Sawiris previously said the project would require some USD 10 bn in investments, and would be completed in 10-15 years, though at the time it was estimated to be around 15 mn square meter in size. The firm is also building a family luxury community with US operator Discovery Land Company with a private 18-hole golf course, we reported previously.

AGRICULTURE-

The Finance Ministry will disburse EGP 3 bn next week to settle overdue payments owed to cotton farmers, according to a cabinet statement. The funds will cover the remainder of the value of cotton delivered by farmers to the state earlier this year.

REMEMBER- A high guaranteed price of EGP 10-12k per quintar for the season — up 112% on the previous season — put prices out of step with global rates, which pushed private sector buyers out of the market. Private companies ended up skipping five out of eight state-held auctions this season, leaving the government on the hook for large volumes it hadn’t budgeted for.

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