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Good afternoon, friends, it’s only Monday, but it already looks like a busy week on the business front.
THE BIG STORY TODAY
#1- ECA cracks down on egg cartel: The Egyptian Competition Authority (ECA) has initiated criminal proceedings against 21 major table egg producers for colluding to fix prices, according to a statement by the authority. The producers — who are members of the Table Egg Division of the Poultry Producers Union and its board — were referred to the Public Prosecution for violating provisions of the Competition Act.
The cartel controls over two-thirds of the market: The producers represent about 70% of the market, local media outlets quote ECA Head Mahmoud Momtaz as saying.
#2- OCI sells methanol business to Methanex for USD 2.05 bn: Nassif Sawiris-backed chemicals company OCI Global has sold its entire methanol business — operating in the US and Europe — to Canadian methanol producer Methanex in a USD 2.05 bn transaction, according to a press release (pdf). The purchase is set to be completed in 1H 2025, pending regulatory and shareholder approvals. The Dutch-based OCI Methanol is a major distributor of and producer of green methanol through OCI Hyfuels, with potential for renewable natural gas trading as well.
Methanex is no stranger to Egypt: Methanex Egypt was the first to operate a methanol production facility in Egypt in 2011, with a capacity of 1.3 mn tons of methanol per year. Methanex officials discussed with Oil Minister Karim Badawi opportunities to locally produce green methanol. Methanex Egypt is 50% owned by Methanex Corp, while Egyptian state institutions hold 33% and Saudi-based Apicorp owns the remaining 17%.
THE BIG STORY ABROAD
Italy’s ex-PM is urging the EU to consider radical reforms that will require EUR 800 bn to implement… per year. Former Italian Prime Minister Mario Draghi, originally an economist and the former president of the European Central Bank, believes that the European Union needs an annual addition of EUR 750-800 bn in investments to uphold its geopolitical relevance and hit its climate targets.
Presenting a wide-range study, Draghi warned the EU that “dependencies are becoming vulnerabilities.” Around 20% of the EU’s imports originate from countries with whom the bloc is not “strategically aligned,” and an additional 20% are difficult to replace. He urges that the EU secure the supply chain of key technologies by creating industrial partnerships while stockpiling in critical areas. Draghi also hopes that the EU will reduce trade friction by finally and fully implementing the single market and making the European Securities and Markets Authority the singular regulator for all EU securities markets. (CNBC)
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** CATCH UP QUICK on the top stories from today’s AM issue:
- State exits microfinance player Tamweely after EGP 2.8 bn buyout: A consortium of international investors, made up of equity fund SPE PEF III, European Bank for Reconstruction and Development, local private equity firm Tanmiya Capital Ventures, and the UK’s British International Investment, has inked an agreement to fully acquire leading local microfinance provider Tamweely from its current state-owned shareholders.
- New tax incentives are set to be announced within the coming days, Cabinet Spokesperson Mohamed El Homsani said, adding that the incentives are designed to “protect investors’ rights and support them as they grow and expand their investment, production, and development activities.”
- ACWA Power to complete first phase of its SCZone green hydrogen project in 4Q 2028: The Saudi renewable energy developer intends to complete the USD 4 bn project, which will have a production capacity of 600k metric tons of green ammonia annually, by the end of 2028. The second phase of the project will add another 2 mn tons to the plant’s production capacity.
☀️TOMORROW’S WEATHER- A new heatwave is coming starting tomorrow through the weekend, with a high of 36°C in Cairo before simmering to a low of 28°C by night, according to our favorite weather app.
