REAL ESTATE-

Talaat Moustafa Group confirmed that a multi-USD Iraq project is in the works, with the local real estate giant stating in a disclosure (pdf) to the EGX that it is in advanced negotiations with the National Investment Commission of Iraq to establish a sustainable mixed-use project in Baghdad. The disclosure adds color to reports we picked up earlier this week, in which the commission’s Vice Chairman Salar Mohamed Amin had told regional outlets that TMG is in negotiations to build a USD 10 bn administrative city in Baghdad.

The project is set to generate an estimated USD 17 bn in total sales and an annual recurring income exceeding USD 1.5 bn per year upon completion. The development will house around 45k mixed-use units over 14 km sq. TMG expects to receive the land for the project from Iraqi authorities by the end of the year.

MARKET REAX- Talaat Moustafa Group shares finished trading yesterday up 2.8% to EGP 51.68 a share following the news.

MANUFACTURING-

#1- India’s Willow Ferro will set up a USD 25 mn metal industries project in East Ismailia’s Technology Valley under an agreement inked with the Suez Canal Economic Zone (SCZone), according to a statement from the authority. The 40k sqm facility will produce ferrosilicon and ferrochrome in its initial phase, with plans of reaching an annual production capacity of 36k tons of silicon manganese products. The project will create 120 direct jobs.

#2- Two waste recycling projects totaling EGP 1.7 bn will be set up in Beheira under a shareholders agreement inked between state-owned Misr for Artificial Silk and Polyester, the UAE-based Othman International and Wael Farag, according to a cabinet statement. The projects will recycle plastic and fabric waste into polyester fiber and industrial felt for use in local industries and export.

ENERGY-

ExxonMobil is looking to offload its first and only gas discovery in Egypt — the Nefertari-1 well in the North Marakia offshore block — after deeming it economically unviable, Asharq Business reports, citing two unnamed government officials. The reserves reportedly fall short of Exxon’s commercial threshold of 4 tn cubic feet. The firm has already sunk USD 150 mn into the concession, which it secured in 2019. It holds a 60% stake alongside Qatar Energy (40%), whose future involvement is still unclear.

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