CIB backs Elsewedy Electric’s move into Europe with EUR 58 mn loan

CIB issued a EUR 58 mn loan to Elsewedy Electric to finance its work on a major 500-650 MW combined-cycle power plant in Hungary, according to a statement from the lender seen by EnterpriseAM. Elsewedy is executing the EUR 700 mn project in a consortium with two Hungarian firms, Status KPRIA and West Hungária Bau. The project, slated for completion in 2028, is expected to be Hungary’s largest combined cycle power plant in decades and the country’s first hydrogen fuel-ready plant.

Why this matters: This project upends the traditional Egyptian infrastructure narrative. Instead of foreign contractors bringing international financing to Egypt, we are seeing Egyptian engineering and Egyptian capital being exported to the EU. For Elsewedy, it is a significant move up the value chain into a high-spec European market, while for CIB, it’s a demonstration of its ability to support its clients’ global expansion.

Exxon Mobil and Qatar Energy exit North Marakia block

US oil giant ExxonMobil and QatarEnergy relinquished their 100% interest in the Mediterranean’s North Marakia offshore concession back to the Egyptian Natural Gas Holding Company (Egas), industry publication Mees reported on Friday. Despite a preliminary discovery of some 3.5 tcf of gas at the Nereftari field last year, the find sits below Exxon’s internal commercial threshold for a standalone project.

Why it matters: Although Exxon reportedly wanted to hold the acreage for future development, Egas reclaimed it to force immediate development. UK giants BP and Shell are reportedly circling the block as both have significant, under-utilized infrastructure and spare capacity in the neighbouring West Nile Delta and West Delta Deep Marine (WDDM) concessions.

While ExxonMobil and QatarEnergy are taking a step back, Shell is already ramping up local gas production, targeting 800 mmcf/d by June 2030, double its current 400 mmcf/d, Mees reported separately.

FRA greenlights first futures brokers ahead of EGX launch

The Financial Regulatory Authority (FRA) approved new futures licenses for Arab African International Securities and Al Ahly Pharos, clearing the way for intermediaries ahead of the planned launch of derivatives trading on the EGX, the authority said in a statement last week. .

The approvals come as EGX prepares for a phased rollout starting in March, beginning with futures contracts on the benchmark EGX30 index, before eventually expanding to the EGX70, single-stock futures, and options.

Why this matters: These are the first intermediaries — out of seven applied for the license so far — to get the green light since the EGX itself was licensed to operate the exchange last month. EGX Chairman Islam Azzam has recently told us that derivatives and short selling are key to boosting liquidity, noting that index derivatives in some markets trade at multiples of spot volumes, with a near-term rollout targeted as part of a broader market modernisation drive.

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