Our friends at GRANITE secured a fintech license from the Financial Regulatory Authority (FRA), setting the stage for the launch of the Granite Money Market Account mobile application, according to a statement (pdf) from the company. The company is now authorized to accept fund subscriptions and carry out purchase and redemption transactions for open-ended investment funds. The money market account targets individuals and institutions seeking tax-exempt daily returns on idle cash. “The platform enables corporates to move beyond passive cash holding toward a more disciplined and optimized approach to treasury management.”

Timing is everything: Granite’s fully digital money market account, the first of its kind in Egypt, comes at a crucial time when EGP 1.3 tn in savings certificates are set to mature and “liquidity has become a central focus, with institutions competing aggressively to retain deposits amid shifting interest rate conditions,” the company said.

ALSO FROM THE FRA- The authority issued fresh approvals and licenses to a handful of firms, including Adva, which was granted a consumer finance license.

Kemet continues its push for the localization of renewables components

Local industrial services player Kemet will establish a USD 500 mn solar cells and panels plant in partnership with one of Chinese GCL Group ’s companies, under a cooperation inked between the two sides. The plant will have an annual production capacity of 5 GWs. Kemet also inked an MoU with China’s TBEA to establish an inverter factory, Egypt’s first. Inverters are critical devices in renewable energy systems.

Kemet is shaping up to be a key player in the Madbouly government’s push to localize the production of renewable energy materials and reach its renewables target. Kemet and China’s Cornex last week agreed to establish a USD 200 mn energy storage battery cells factory in Egypt using local raw materials, helping address one of the most expensive and import-heavy components of large renewable projects.

Production disruptions to Lukoil’s Egypt assets delayed for now, with sale deadline extension

The US Treasury extended sanctioned Russian energy major Lukoil’s deadline to secure buyers for its overseas assets to 28 February, a statement (pdf) showed. These assets, valued at a total of USD 22 bn, include a 50% share in the West Esh El Mahalla concession — operated alongside the Egyptian General Petroleum Corporation — and a 24% interest in the Meleiha oil concession in the Western Desert. If interested suitors — including the UAE’s International Holding Company and Saudi Arabia’s Midad Energy — fail to reach an agreement over the 45-day extension, sanction complications could raise the possibility of production disruptions.

Egypt could follow Iraq’s lead in planning for a temporary state takeover to ensure smooth operations. Earlier this month, the Iraqi cabinet greenlit plans to take over the running of its West Qurna 2 oilfield — Lukoil’s largest foreign asset and one of the world’s biggest oil fields — as they seek to secure a buyer over a 12-month period.

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