Egytrans Nosco’s board cleared AGL to begin due diligence on its buyout bid

Good morning, everyone. We have two infrastructure stories today, one about unlocking a single industrial zone and one about redesigning how Egypt finances infrastructure altogether.

Karm Holding is trying to make a new solar blueprint. Karm is planning to invest USD 8.5-10mn to build and operate an independent solar microgrid for Abu Zenima. Electricity has been the bottleneck for this industrial zone, and Karm is betting it can remove it, and create a template for connecting other off-grid zones to power across the country.

The World Bank story is the bigger structural play. The USD 520 mn infrastructure guarantee facility we reported on last week has a board date for 21 December, and a project document that fills in the details. Egypt has been trying to make this shift away from sovereign guarantees for years under IMF pressure, and this is the most concrete mechanism yet.

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Destination Sahel is back for a second edition — and this year, it’s not just about the beach.

Gulf sovereign wealth funds are pouring serious capital into the North Coast, Gulf buyers keep showing up despite regional headwinds, and a new 400 km master plan could reshape the whole coastline before summer’s out.

Over this season’s series, stay tuned to see who’s really buying Sahel, where the money’s coming from, and what could still go wrong.

Plus, the hotels, restaurants, and openings worth checking out this season.

Coming straight to your inbox — tomorrow, Wednesday, 29 July.

Due diligence, not a done agreement

AGL’s bid for Egytrans Nosco is picking up pace: Egytrans Nosco’s board has cleared Africa Global Logistics (AGL) to begin due diligence, according to an EGX disclosure (pdf), a step up from two weeks ago, when the board had only tasked management with studying the French group’s buyout offer. AGL will have 60 days from the start of examination to complete the review, subject to extension. The move marks the clearest sign yet that AGL’s bid to take over and delist the EGX-listed logistics firm is advancing, though the board noted the access grant does not equal approval.

REFRESHER- AGL made a non-binding indicative offer in early July to acquire up to 100% of Egytrans Nosco at EGP 11.25-12.25 per share. The top-end valuation comes in at EGP 2.76 bn, representing an 18.4% premium to the stock’s pre-news close. The mandatory tender offer (MTO) needs 75% minimum execution to trigger, though AGL says it’s ready to buy out all shareholders in USD or EUR and eventually delist.

A card for cross-border bills

The National Bank of Egypt has partnered with Mastercard to launch a corporate debit card that allows Egyptian businesses to make cross-border payments in USD, according to a statement (pdf). The card, which is available to both large companies and SMEs, allows businesses to pay international suppliers, service providers, and digital platforms in USD, with the two partners positioning it as a way to simplify overseas payments and improve companies' access to global markets.

Why it matters: The launch could help address a longstanding pain point for local businesses that rely on foreign software, cloud services, and other digital subscriptions, many of which require payment by international card rather than bank transfer. While the announcement does not disclose operational details such as spending limits or funding mechanics, the card could make it easier for companies to pay overseas vendors directly, easing access to global digital services and supporting cross-border trade.

Mostakbal Misr, restructured

President Abdel Fattah El Sisi has ratified the law reorganizing the Future of Egypt Authority for Sustainable Development (Mostakbal Misr), issued as Law 147/2026 in the Official Gazette. The law transfers supervision of the authority from the Defense Ministry, placing it under the direct oversight of the presidency. It also establishes two new entities: a sovereign wealth fund, Nile Pyramids, and a service fund, Da’em.

The House passed the bill this month, after a joint committee narrowed the government’s original draft, restoring the Central Auditing Organization’s standard oversight, dropping the Treasury-funded tax-cover provision, limiting the authority’s real-estate reach to land it owns, and preserving the right to sue by property rights holders.

Aton raises funds for Hamama drilling

Aton Resources is looking to raise fresh financing to fund exploration and development at the Eastern Desert’s Hamama project, as well as general and administrative expenses. The Canadian gold miner is looking to raise CAD 4 mn via a non-brokered private placement by issuing 7.6 mn shares at CAD 0.525 a pop, it said in a statement. The placement is expected to close by the end of this month, pending the approval by the Canadian TSX Venture Exchange.

Aton’s Hamama Deposit is located to the west of its Abu Marawat Concession, where the company announced earlier this year that it recorded high grades of precious metals as part of its 2025 exploration drilling program. The company invested EGP 1 bn in the Hamama area of the concession between 2010 and 2023.

PSA-

WEATHER- It’s another warm day in Cairo, with the capital looking at a high of 36°C and a low of 25°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 31°C and a low of 24°C.

The big story abroad

As the lull in direct US-Iran hostilities continues, US President Donald Trump said that both sides are engaged in "good talks" and a pact remains within reach, though he warned that military strikes will resume if negotiations falter. Meanwhile, Saudi Arabia, Jordan, and Iraq reported drone attacks yesterday.

Big Tech’s lenders are sweating: Credit risk for Big Tech appears to have inclined, as prices for credit default swaps — used to wager against corporate debt — have recently hit record highs for the likes of Alphabet, Amazon, Meta, Nvidia, Oracle, and others, LSEG data shows. Credit markets dislike instability, with the unpredictability surrounding the speed and cost of funding AI straining investor confidence, Sona Asset Management’s John Aylward said.

Asset management giant BlackRock closed a USD 12.5 bn bond sale, the proceeds of which will fund a Meta data center campus in Texas. The loan’s structure enables the Facebook parent to secure off-balance-sheet funding, alleviating concerns over excessive leverage and reassuring investors.

And in the fashion world: IPO hopeful Shein may face a battle in its planned Hong Kong listing, as its prospectus indicated tapering growth and a sudden drop in popularity. Although the fast fashion player saw topline rise 8% in 2025, its net income dropped 39% in the same period, recent US tariff developments and new EU import fees are weighing on sales and costs.

*** It’s Going Green day — your weekly briefing of all things green in Egypt: EnterpriseAM’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: While the government's industrial solar targets are clear, the lack of backing decrees or regulations leaves them legally unenforceable.

The EnterpriseAM Egypt Forum is back — and this year, we’re giving the full day to the one question on every business leader's mind: What does AI actually mean for your company, your people, and your own job?

Leaders in New York, London, Abu Dhabi, and Singapore are asking the same things, and nobody has built a playbook that works yet. We're all figuring it out in real time — and for Egypt, the stakes are unusually high.

Egypt could leapfrog a generation on the back of this technology — or watch AI hollow out the industries and jobs we can't afford to lose. The leaders who get literate early will be the ones who get to decide which road we take.

Every session on stage answers one question: “So, what do I actually do about it?”

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