The headlines from this morning

Missed this morning’s edition of EnterpriseAM? Here are the top stories in a nutshell.

• The treasury will take up to half of the EGP 36.37 bn (c. USD 658 mn) raised in Banque du Caire’s (BdC) IPO and put it toward easing public debt pressures, a senior government official tells EnterpriseAM. That’s as much as c. EGP 18.2 bn (c. USD 329 mn). The proceeds from the offering will first go to Banque Misr, the owner of BdC, and then the Finance Ministry will handle the settlement, according to the official;
• The Finance Ministry will launch Egypt’s first tax-backed sukuk this month as a pilot issuance. Subscriptions will be submitted through commercial banks, and trading on the EGX is expected in the second half of 2027, Mae Adel, the finance minister’s deputy for public debt management, tells EnterpriseAM. The ministry settled on a trial issue to “gauge investor appetite” rather than a full launch;
• Petrojet will build the pipeline carrying Cypriot gas to Damietta: State-owned contractor Petrojet was awarded a USD 170 mn contract for an onshore gas pipeline connecting to the Damietta LNG export terminal. The line is part of the export route for Cyprus’ offshore Cronos field, which Eni — the project operator — says will restart the Damietta LNG plant and restore structural LNG exports from Egypt;
• Iraq, Egypt, and Jordan are back at the table on export routes outside the Gulf: Officials from Iraq, Egypt, and Jordan met on Sunday to discuss new outlets for Iraqi crude and petroleum products on the Red Sea and the Mediterranean, as well as joint storage, refining, and petrochemical projects.