RENEWABLES-

OCI to offload US blue ammonia project for USD 2.35 bn: Nassef Sawiris-backed, Netherlands-headquartered chemicals company OCI Global has agreed to sell its low-carbon ammonia project in Texas to Australia’s largest oil and gas developer Woodside Energy for USD 2.35 bn, according to a statement. OCI’s Texas facility is “the world’s first large-scale, low-carbon intensity hydrogen-based greenfield ammonia facility.” It will have a production capacity of 1.1 mn tons of blue ammonia per year during its first phase — it is set to begin production next year.

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REMEMBER- Sawiris has big restructuring plans for OCI: Nassef Sawiris — who owns a 38.8% stake in the firm — said he was considering overhauling OCIGlobaI in February, with one of the options being turning the empire into a cash-shell company pursuing acquisitions in new industries. Most recently, the company sold its 50% +1 stake in Fertiglobe — its JV with Abu Dhabi National Oil Company — to Adnoc for USD 3.62 bn.

CAPITAL MARKETS-

Acumen eyes robo-advisor, carbon trading, and bond trading licenses: Acumen Securities Brokerage plans to secure a robo-advisor license from the Financial Regulatory Authority (FRA) before the end of the year, Al Borsa reports, citing Managing Director Rania El Gendy. The firm also aims to secure the necessary licenses to offer a comprehensive suite of services to its clients, bond trading and carbon trading, she said.

ICYMI- The FRA issued controls for licensing robo-advisors back in May, setting the minimum capital for companies seeking licensing at EGP 15 mn and requiring the submission of quarterly performance reports.

Robo-advisors? They are AI-powered virtual financial advisors that manage investment portfolios by assessing customers' risk appetite and making stock recommendations accordingly.

EV-

EV charging is coming to District 5: Leading fintech player Valu and solar energy company KarmSolar are setting up an EV charging network in New Cairo’s District 5, the companies said in a joint statement (pdf). The project will be carried out through KarmSolar’s new subsidiary Karm, while Valu will provide “hassle-free” payment solutions for EV charging using the Karm. application.

BANKING-

I-Score unveils market analytics platform: The Egyptian Credit Bureau (I-Score) has launched a market analytics platform for banks operating in the local banking system, Al Mal reports. The platform allows banks to evaluate, monitor, and analyze loan portfolio performance in comparison to the banking sector in general and with competitors over a 12-month period.

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