Redcon Construction has plans to expand its presence regionally

REAL ESTATE-

Redcon Construction is expanding its presence in Saudi Arabia and Iraq, with the company taking part in Saudi Arabia’s Amaala tourism development on the Red Sea and collaborating with the Sawiris-owned Ora Developers on its Ali Al Wardi New City project in Baghdad, Chairman Tarek El Gamal told Cairo Weekend’s Zeina Soufan (watch, runtime: 11:33).

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The local construction company is also planning to enter the UAE, where it has already secured projects in Abu Dhabi’s industrial zone. Also in the cards is a collaboration with Ras El Hekma lead developer Modon Holding.

ENERGY-

Egypt plans to resume imports of 12 mn barrels of crude oil annually from Iraq starting 3Q 2025, following a year-and-a-half halt on imports, an unnamed government official told Asharq Business. The move comes after financial disagreements led to the Iraqi Oil Marketing Company (Somo) halting the supply of crude oil to the Egyptian General Petroleum Corporation (EGPC) at the end of 2023.

Negotiations to “resolve disputes related to opening credit” to supply Iraqi oil are in their final stages, the official added. The negotiations also reportedly cover “granting favorable terms to the EGPC, whereby Baghdad will receive payment for shipments delivered to Egypt three months after delivery.”

FINTECH-

#1- Klivvr secures the greenlight to launch BNPL services: Fintech player Klivvr secured final approval from the Financial Regulatory Authority to launch buy-now-pay-later products on the company’s app, the company announced yesterday. The fintech outfit secured the FRA’s approval to establish a consumer finance company in December.

#2- Fawry and Microsoft are partnering up to push the SME sector’s digital transformation by integrating Microsoft 365 into Fawry Business services, according to a joint statement (pdf). “This collaboration is set to revolutionize the SME landscape by offering an integrated suite of digital and financial solutions, enhancing efficiency and supporting business growth,” the statement read.

INVESTMENT-

Ashry Steel Group is eyeing up to EGP 10 bn in investment to expand its production capacity to 4 mn tons over the next two years, Chairman Ayman El Ashry told Asharq Business. Studies for a Saudi project in partnership with a Saudi partner will be wrapped up in the next few months, he added.