ENERGY-

The Oil Ministry will launch a gas exploration tender in the Red Sea this September, Asharq Business, citing an unnamed senior government official. Four major areas will be offered in the tender for international companies to look for gas in the Red Sea. The ministry will also offer bidding companies incentives to encourage the exploration and drilling of unexplored areas, the source said.

REMEMBER- The new tender comes on the heels of oil and gas giant Shell and its partners’ withdrawal from their two Egyptian Red Sea exploration blocks in March of this year, followed by Chevron’s exit in April from its block — the last active exploration block in the Red Sea.

EDUCATION-

The EFG Foundation for Social Development has launched the EFG Hermes Applied Technology School for Agri-tech in Luxor, marking Egypt’s first applied technology school specializing in climate-smart agriculture, according to a statement (pdf) from the foundation. The school — in partnership with the Education Ministry — aims to graduate 225 students over three years, equipping them for employment and entrepreneurship.

The details: The school will offer a three-year program, starting with 75 students aged 14-18, to train youth in sustainable farming, agri-waste recycling, composting, and smart farming technologies such as AI, IoT, and data analytics. The curriculum, designed with public and private partners using a competency-based education model, focuses on green technical skills, entrepreneurship, and language proficiency.

What they said: “This school reflects our commitment to empowering young people with the capabilities to thrive in a changing world. By investing in applied, future-ready education, we’re laying the groundwork for a generation of climate-conscious agricultural professionals who can lead Egypt’s green transition,” said EFG Foundation CEO Hanaa Helmy.

CAPITAL MARKETS-

Sodic has asked the EGX to halt trading on its shares starting tomorrow until the EGX’s securities registration committee approves the listing of shares from a capital increase resulting from a merger with seven other companies, according to a disclosure (pdf). The real estate developer received the green light from the General Authority for Investment and Freezones to proceed with the plan to merge seven of its subsidiaries into the company last May.

The developer submitted documents to the EGX yesterday to increase its issued and paid-up capital from EGP 1.4 bn to EGP 5.15 bn, distributed over 1.28 bn shares at a par value of EGP 4 per share. The company also intends to raise its authorized capital from EGP 2.8 bn to EGP 25 bn and amend the company’s purpose as a result of the merger-based restructuring.

INVESTMENT WATCH-

Modern Sport FC plans to build an EGP 800 mn stadium in the current fiscal year, CEO Haytham Orabi told Al Borsa. The club is mulling a 7.1k sqm plot in Sixth of October City for the stadium, which will have a capacity for 16-25k spectators — that can be expanded to 27k in the future. The Sports Ministry will support the construction of the stadium with EGP 250 mn.

Tags: