ENERGY-

#1- UAE’s Dragon Oil was awarded the North July oil concession, northeast of the Gulf of Suez, Asharq Business reports, citing a government official. The agreement, expected to be signed before year-end, will run for six years and commits Dragon Oil to invest at least USD 20 mn, including drilling up to three wells. Production is slated to begin within two years of signing.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.

REMEMBER- Three energy firms — Dragon Oil, drilling giant Ades Holding, and local energy player Cheiron — were all vying for the concession.

Dragon has the edge: The field is located near the Gulf of Suez Petroleum Company’s production facilities, in which Dragon Oil is a shareholder, a key factor that an official says could speed up development and output timelines.

#2- Egypt, Greece wrap up GREGY studies: Egypt and Greece signed an agreement to conclude the technical and economic studies for the 3 GW Egypt-Greece Interconnector (GREGY), according to a statement from the Electricity Ministry.

REMEMBER- Work on GREGY is slated to begin before the end of 2H 2025, with EUR 1 bn in financing expected from European lenders. The link will channel up to 3 GW of electricity from Egypt to Europe via the Greek grid, with 1 GW earmarked for Greece and the rest set to reach countries like Germany and Italy. The link-up is part of Egypt’s wider plan to boost total interconnection capacity to 3.9 GW by 2026, up from 790 MW last year.

M&A WATCH-

#1- ECA clears Moody’s to take control of Meris: The Egyptian Competition Authority (ECA) has approved Moody’s acquisition of a 35% stake in Middle East Rating & Investors Service (Meris), giving the New York-based credit rating giant the ability to exercise sole control over Egypt’s only domestic credit rating agency, according to an ECA statement. The competition watchdog said it received the full filing at the start of September and granted it the clearance.

REMEMBER- Moody’s announced it was looking to raise its stake in Meris to a majority holding in August, as part of a push to broaden its presence in the region. The rating agency, which was set up in 2003 as a joint venture between Moody’s and local consultant Finance and Banking Consultants International (FinBi), issues domestic credit ratings for banks, companies, and structured finance transactions.

#2- What’s the fair value of Cairo Educational Services? Karvy Financial has put Cairo for Educational Services’ fair value at EGP 29.9-30.9, according to an EGX disclosure (pdf). This makes CIRA’s offer price of EGP 32.7 a roughly 5.8% premium, by our math.

REMEMBER-Last month, the FRA cleared CIRA’s bid to raise its stake in Cairo Educational Services to 90% through a mandatory tender offer covering 20.6% of the company at EGP 32.7 per share, valuing the transaction at EGP 80.8 mn. The MTO is valid until 13 October.

REAL ESTATE-

Madinet Masr will set up development companies abroad with initial investments of USD 5 mn after its board approved the move, the company said in an EGX disclosure (pdf).

ALSO FROM MADINET MASR- The local real estate developer inked a strategic partnership agreement with local design studio Qubix to set up Tajed’s first commercial and entertainment hub, called The Prism, set to be completed by the end of 2026. It inked another agreement with fitness brand LA7 to open a 5.4k sqm integrated health, wellness, and sports complex — its largest branch yet — in Tajed, set to begin operations in 1Q 2027.

DIPLOMACY -

Emirati President Sheikh Mohamed bin Zayed Al Nahyan was in town for a one-day visit, where he met with President Abdel Fattah El Sisi and discussed Egypt-bound Emirati investments and economic ties between the two nations.

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