M&A-

Elsewedy Electric acquired a 60% stake in Dubai-based Thomassen Service as the company expands its global footprint and diversifies its capabilities in the energy sector, according to a statement (pdf). The acquisition consists of Thomassen’s Middle East and Africa business unit, filters manufacturing, and its African business affiliate and marks Elsewedy’s expansion into the oil and gas industry.

What they said: “This acquisition is a strategic step toward delivering fully integrated, end-to-end solutions in the energy business. We are reinforcing our position as a comprehensive energy partner capable of executing projects from inception to long-term operation with unmatched efficiency and reliability,” said Elsewedy Electric Senior Vice President Wael Hamdy.

EXPANSION-

La Poire Patisserie is eyeing an entrance into Saudi Arabia as part of an expansion plan, parent company Pico Group CEO Salah Diab told Al Arabiya. The plan includes establishing a patisserie factory and commercial branches in the Kingdom. The expansion’s budget is still under study, while its timeframe hasn’t been disclosed.

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CAPITAL MARKETS-

The voluntary carbon trading market branded as the Egyptian Climate Exchange (EGCX), according to an EGX statement (pdf). The rebranded market will now also accommodate more types of sustainability-linked financial instruments (not just carbon credits) — including energy attribute certificates (EACs), which track and verify the origin of renewable energy.

REMEMBER- The market launched in August of last year, becoming Africa’s first carbon market. The EGCX allows companies to issue, sell, and buy voluntary carbon certificates in Egypt and Africa to offset emissions.

EDUCATION-

Egypt is getting its first diploma in process safety management: The Oil Ministry, MethanexEgypt, and the American University in Cairo (AUC) have teamed up to launch Egypt’s first Process Safety Management (PSM) diploma, aimed at upskilling workers in the oil, gas, and petrochemical sectors, under a MoU the three sides inked yesterday, according to a statement from the university (pdf) and another from Methanex (pdf). Over the coming three years, 150 Oil Ministry professionals will take part in the program with Methanex providing funding and technical input and AUC overseeing the academic framework and certification. The initiative aims to embed stronger safety practices across Egypt’s energy sector.

REAL ESTATE-

Palm Hills Developments booked EGP 80.2 bn in new sales during the first quarter of the year, up 148% compared to the same period last year, the company said in a statement (pdf). The jump came on the back of strong demand across key projects, including Badya, Palm Hills New Cairo, P/X, and Palm Hills Alexandria.

EARNINGS-

State-owned Egypt Aluminum saw its net income increase 89.3% y-o-y in 9M FY 2024-2025 to EGP 9.9 bn, according to the company’s latest financials (pdf). The company’s revenues for the period were up 42.7% y-o-y, reaching EGP 32.1 bn.

Driving the growth: EgyptAlum attributed its strong results to adjusting its pricing strategy and improving its market share, as well as optimizing its import and export operations. It also cut production costs through better raw material sourcing and strict cost controls while adapting to global economic conditions.

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