CAPITAL MARKETS-

Goodbye Nasdaq Dubai, hello ADX: Orascom Construction is repositioning itself within the region’s capital markets after its board approved moving its primary listing from Nasdaq Dubai to the Abu Dhabi Securities Exchange (ADX), according to a disclosure (pdf). The listing shift comes as the ADX continues to assert itself as one of the region’s capital markets heavyweights, offering deeper liquidity and stronger institutional flows via entities like sovereign wealth funds ADQ and Mubadala. Born in Egypt, Orascom Construction is also listed on the EGX.

What’s next? The decision now awaits shareholders’ approval and regulatory clearance. Shareholders will be able to vote on the proposed changes on 12 August.

MEANWHILE- Orascom Construction will distribute an interim dividend of USD 0.25 per share on 13 August to its shareholders, according to a separate disclosure (pdf).

INVESTMENT WATCH-

Chinese companies are kicking the tires on potential investments in textiles here: A 15-member delegation of Chinese textile and garments industry reps met yesterday with officials from the Egyptian Federation of Industries to explore investment opportunities in the textile and ready-made garments sectors, according to a statement. The delegation said Egypt ranks “number one” in Africa for textile investment, citing the country’s low labor costs, a skilled and youthful workforce, and access to major trade blocs across Asia, Africa, and the Americas. The delegation had met a day earlier with SCZone Chairman Walid Gamal El Din to discuss the sector’s investment potential.

Chinese textile players have been loving the local market, with a long list of Chinese projects in the pipeline, namely in the Qantara West industrial Zone. Most recently, Shandong Sunshell Group and Zhejiang Charming for Dyeing and Finishing inked contracts for textile and garment factories in the zone with a total investment of USD 65.5 mn.

Part of the SCZone’s China push: The visit comes on the heels of the SCZone’s investmentroadshow in China earlier this month, where officials pitched Egypt as a hub for textile manufacturing, EV assembly, and port logistics.

RENEWABLES-

#1- Korra Energi will build a USD 1 mn hybrid solar plant for the Esh El Mallaha Petroleum Company (Eshpetco), which will serve one of its oil fields, the local energy solutions firm said in a statement. The 1.4 MW project will be integrated with Korra’s existing 3.5 MW flare gas recovery project at the site, helping the oil company reduce its reliance on the national grid, cut costs, and improve its environmental credentials.

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#2- Hong Kong-based renewables firm United Energy Group and China’s Longi Green Energy will develop a 20 MW hybrid solar plant under a strategic cooperation memorandum they signed, according to a statement from the Chinese Embassy. The power — equivalent to the energy demands of 6k Egyptian households — will help reduce emissions.

TRADE WATCH-

Turkey slapped anti-dumping duties on Egyptian plastic film imports — AKA biaxially oriented polypropylene (BOPP) film — following the outcome of a 2024 trade probe into unfair pricing, Turkish newspaper Turkiye Today reports, citing the country’s gazette.

The details: The duties on the stretchable plastic used in food and consumer goods packaging will range between 12.85% and 62.94% of the product’s CIF value, depending on the exporter. The decision is aimed at shielding Turkey’s domestic manufacturers from price undercutting and restoring fair competition, after the probe concluded that Egyptian, Chinese, and Russian imports were undercutting domestic prices and harming local manufacturers.

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