THIS EVENING: C2X signs USD 3 bn green fuel production framework agreement

Good afternoon, wonderful people, and welcome to the last day of this abridged week. We’re heading into the long weekend (which, might we add, will be our last holiday of 2024) with a reasonably paced news cycle, rounding out a string of heavy news days.

PSA- EnterprisePM is off tomorrow along with EnterpriseAM, but we’ll slide into your inboxes with our Enterprise Weekend Edition at 9am CLT. Enterprise Climate and Enterprise Logistics, which cover regional industries, will also publish tomorrow. We’ll be back to our normal schedule on Sunday.

THE BIG STORY TODAY

C2X is investing up to USD 3 to produce green fuel in the SCZone: Egypt signed a framework agreement with C2X — which is owned by AP Moller Holding and AP Moller-Maersk — worth up to USD 3 bn for the production of green methanol and its derivatives in the Suez Canal Economic Zone, according to a statement. The company plans to produce 300k tons of green methanol per year in the project’s first phase, with that figure set to increase to 1 mn by the end of the final phase.

ALSO- Beltone Financial will increase its Minya-based microfinance subsidiary Cash’s capital base to reach EGP 500 mn, the company said in a statement. Cash’s plan is to use the proceedings to expand its reach by increasing its branches across Egypt and launching remote branches to make its financial services available across the country, with plans to reach 50 branches by the end of 2023 and 150 branches by 4Q 2024, according to the statement. Beltone recently completed a share purchase agreement to acquire 100% of Cash last month.

THE BIG STORY ABROAD

Kevin McCarthy’s ouster as Speaker of the House continues to be the leading story in the international press this afternoon. The move gives the Republican party a week to replace the speaker in a move that has left lawmakers stunned and strained relationships in the capitol. (Reuters | Bloomberg | BBC | Associated Press | Wall Street Journal)

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• The race for Gulf Capital’s stake in Middle East Glass is on: Africa-focused private equity firm Development Partners International (DPI) has joined the race for Gulf Capital’s entire 37% stake (23.1 mn shares) in EGX-listed bottle maker Middle East Glass(MEG).
• Saudi VCs like the look of this Egyptian startup: Egyptian deep tech startup Intella has secured USD 3.4 mn in a pre-series A funding round.
• Another growth downgrade: Italy’s Intesa Sanpaolo has cut its 2023 and 2024 growth forecasts for Egypt due to the country’s ongoing economic crisis.

⛅ TOMORROW’S WEATHER- Look forward to a high of 31°C in the morning and expect a cooler evening at 25°C, according to our favorite weather app.