FRA approves Matra as Egypt’s third credit-rating agency

The Financial Regulatory Authority (FRA) approved the establishment of Matra as Egypt’s third ratings agency to rate and rank securities, according to an FRA statement. The approval adds another player to Egypt’s ratings market just weeks after the regulator licensed the country’s second ratings agency, ending Meris’ long-standing run as the sole provider.

MEANWHILE- ALF became the fourth company to join the FRA’s debt-collection registry, with the regulator still reviewing applications from more than 30 other firms. The registration is another sign that the market is gradually moving toward compliance after a legal challenge by collection firms slowed the rollout of the new registry.

Why it matters: NBFIs have until 22 January 2027 to bring their collection arrangements into line with the FRA’s rules, after which they will no longer be able to outsource collections to unregistered firms. With just four companies on the registry and more than 30 applications still pending, the compliance push still has plenty of ground to cover.

Regional wins for Petrojet

Petrojet won a USD 22.7 mn contract to connect Jordan’s Muwaqqar industrial development area to the national gas network, according to a Petroleum Ministry statement. The 18-month project covers a 22km pipeline tying Muwaqqar into the Arab Gas Pipeline, plus pressure-reduction and metering stations, with Petrojet executing the work through a consortium with local contractor Ahmad Yousef Al-Tarawneh for Jordan’s Ministry of Energy and Mineral Resources.

IN CONTEXT- Petrojet’s regional project pipeline includes a USD 1.1 bn oilfield development in Algeria, a USD 160 mn Saudi infrastructure contract, and Enppi’s USD 1.24 bn LNG preconditioning project for Adnoc in the UAE, where Petrojet is a subcontractor. The two companies also secured a six-year framework that makes them eligible to compete for EPC work in Petroleum Development Oman’s USD 6 bn+ project pipeline. As we reported in June, Egypt’s outward FDI jumped 30.3% y-o-y to USD 508 mn in 2024, with state engineering giants like Petrojet and Enppi among the flagship names pushing that expansion.

More on our radar:

• The National Investment Bank has signed agreements to settle EGP 98.1 bn in historical debts with the National Media Authority and the New Urban Communities Authority, taking its signed debt settlements between March and June to EGP 294.1 bn. (Statement)
• Asec Company for Mining’ (Ascom) shareholders voted to keep the miner operating despite accumulated losses exceeding half of its equity, even after it returned to profitability with EGP 308.3 mn in FY 2025. (EGX filing, pdf)
• The Financial Regulatory Authority (FRA) scrapped a requirement for ins. and reins. brokers to open two branches within three years and barred ins. consultants from executive roles at brokerage firms, easing expansion rules while tightening conflict-of-interest safeguards. (Statement)

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