TRADE-

Egypt is looking to up its imports from Morocco: Egypt is studying a plan to ramp up imports from Morocco to USD 600 mn over the coming period to address the trade imbalance between the two countries, Mohamed Saada, Secretary General of the Federation of Egyptian Chambers of Commerce, said. Saada added that the government is also exploring the import of Moroccan fish and securing a quota for Egyptian fishing in Moroccan territorial waters.

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The federation is currently in coordination with the Federation of Moroccan Chambers of Commerce to activate a joint operations unit to follow up on the implementation of agreements from the Egyptian-Moroccan Investment Forum that took place earlier this week and help turn them into real investment projects, Saada said.

** We dive into what went down at the forum and the trade imbalance between the two nations in a story published earlier this week. Check it out here.

ENERGY-

Chevron will invest at least USD 120 mn in a new exploration concession after the Oil Ministry reportedly approved a new exploration agreement granting US energy giant Chevron the rights to explore for oil and gas in the West Star concession in the northeast Mediterranean, a government source told Asharq Business. Under the terms of the agreement, Chevron will invest a minimum of USD 120 mn, which will cover seismic surveys and the drilling of at least one exploratory well. This follows the energy giant’s official exit from its 45% stake in Red Sea Block 1.

ICYMI- Egyptian Natural Gas Holding Company launched bids for 12 oil and gas explorationblocks in the Mediterranean and Nile Delta in August last year, offering 10 offshore and two onshore areas. An unnamed government official told Asharq Business earlier this week that Chevron, Shell, and Eni have submitted offers for the exploration blocks.

HOSPITALITY-

Global hospitality player Minor Hotels will set up the first hotel under its Anantara brand in Egypt under an MoU inked with Somabay Hotel Company, a press release reads. Minor Hotels will set up an Anantara resort and branded residence complex in Somabay, the release said, adding that the details of the project will be announced shortly.

RECYCLING-

Efforts to recycle tires and agricultural waste: The Arab Organization for Industrialization inked two agreements for industrial recycling projects, the first is a project to recycle used tires between the AOI’s Atico Wood Industries Factory and Asian company Green Avenue for Treatment and Recycling. The project will have an annual production capacity of 50k tons in its first phase. The second project involves the production of wood pellets from agricultural waste and it will be set up by Atico and BIKEM Industrial Investment and Sustainable Development Company.

FINTECH-

EgyptAir signed an exclusive multi-year partnership with Visa to roll out a co-branded payment card offering travel rewards, faster mile accumulation, and lifestyle perks, according to a statement (pdf). The partnership aims to enhance the digital travel experience and support the airline’s expansion.

More Visa cooperation ahead? Visa CEO Ryan McInerney yesterday met with Prime Minister Mostafa Madbouly and Central Bank Governor Hassan Abdalla to discuss the company’s investment plans in Egypt, which include an expanded role in government-backed digital initiatives, such as the unified subsidy card and transport payment systems, a cabinet statement reads. Visa also proposed using its Visa+ technology to facilitate faster inbound remittances.

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