{"id":653331,"date":"2024-10-15T00:00:00","date_gmt":"2024-10-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/15\/egas-is-setting-up-a-jv-to-supply-europe-with-gas-plus-news-from-beltone-amoun-fra-cbe-gb-capital\/"},"modified":"2024-10-15T00:00:00","modified_gmt":"2024-10-15T00:00:00","slug":"egas-is-setting-up-a-jv-to-supply-europe-with-gas-plus-news-from-beltone-amoun-fra-cbe-gb-capital","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/15\/egas-is-setting-up-a-jv-to-supply-europe-with-gas-plus-news-from-beltone-amoun-fra-cbe-gb-capital\/","title":{"rendered":"EGAS is setting up a JV to supply Europe with gas. PLUS: News from Beltone, Amoun, FRA, CBE, GB Capital"},"content":{"rendered":"

EXPANSION-<\/p>\n

#1- EGAS to set up a JV for gas exports in Greece: <\/strong>State gas firm EGAS signed a partnership agreement with Greek infrastructure investment company Copelouzos Group<\/a> to develop a JV headquartered in Greece focused on the trade, transport, supply, and regasification of natural gas in Eastern European countries and Greece, according to a statement<\/a>. The agreement follows President Abdel Fattah El Sisi\u2019s meeting with the chairman of Copelouzos Group, which saw the two discuss supplying natural gas to Eastern Europe.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

\n

\n

#2- Beltone Leasing eyes African expansion:<\/strong> Beltone Holding subsidiary Beltone Leasing and Factoring is looking to expand across the continent, starting with Morocco and Senegal, CEO Amir Ghannam told Asharq Business<\/a>. The company is in talks with three major international financial institutions over a USD 60 mn loan to fund the expansion, he added. The company confirmed the story later yesterday in an EGX disclosure (pdf)<\/a>.<\/p>\n

\n

M&A WATCH-<\/p>\n

#1- Amoun\u2019s bid for 65.6% of Atlas moves forward: <\/strong>The Financial Regulatory Authority (FRA) approved Amoun for Real Estate and Tourism Development\u2019s bid to acquire a 65.59% stake in Atlas For Investment and Food Industries, according to an announcement by the FRA (pdf)<\/a>. Amoun wants to buy 427.2 mn of Atlas\u2019 shares at EGP 0.78 per share in a mandatory tender offer, putting the transaction\u2019s value at EGP 333.22 mn by our math.<\/p>\n

Remember: <\/strong>Amoun last month submitted a mandatory tender offer<\/a> to acquire a majority stake in Atlas.<\/p>\n

\n

\n

#2- Aspire to sell its stake in Egyptian Exchange Company: <\/strong>Aspire Capital Holding will sell its entire 40% stake \u2014 represented in 2 mn shares \u2014 in Egyptian Exchange Company to three investors in a EGP 81.75 mn transaction after its board approved the move, according to an EGX disclosure (pdf)<\/a>. <\/p>\n

\n

\n

#3- Catalyst Partners\u2019 Saudi venture kicked off operations<\/strong>, acting as the sole financial advisor on a transaction that saw gaming-focused, India-based strategic investment firm Jetapult<\/a> acquire a stake in KSA-based game studio UMX Studio<\/a>, according to a statement (pdf)<\/a>. The transaction marks Catalyst Partners' first foray into the Saudi market. <\/p>\n

\n

REGULATION-<\/p>\n

New anti-money laundering and terrorism financing guidelines for NBFIs:<\/strong> The Financial Regulatory Authority has issued new regulations to combat money laundering and terrorism financing for NBFIs, according to a decision published in the Official Gazette. The new regulations apply to the EGX, financial institutions, and entities licensed to engage in non-banking financial activities.<\/p>\n

The details:<\/strong> The new rules require NBFIs to task an internal audit officer with assuring that the company remains in line with anti-money laundering and terrorism financing regulations, and stipulates that employees must be regularly trained in order to help them identify the signs of illicit activity. The new guidelines also lay out a set of general and sector-specific indicators to be used to determine whether certain activities might involve money laundering or terrorism financing.<\/p>\n

\n

BANKING-<\/p>\n

Low-risk clients can now open up FX financial inclusion bank accounts<\/strong>, after the central bank greenlit the move, according to a CBE circular (pdf)<\/a>. The move aims to integrate more segments into the formal banking sector and facilitate transactions for those who require FX bank accounts.<\/p>\n

The nitty-gritty:<\/strong> The new accounts will be available to individuals, as well as micro-enterprises classified as low-risk. The daily and monthly transaction limits for these accounts will be equivalent to those set for EGP accounts, based on the exchange rate at the time of transactions. Banks can issue debit cards for the FX account after securing the CBE\u2019s approval.<\/p>\n

\n

REAL ESTATE- <\/p>\n

Fast tracking Madinet Masr\u2019s Sarai: <\/strong>Real estate developer Madinet Masr inked a EGP 600 mn strategic partnership with Redcon Spain Construction to speed up construction work in its Sarai Project in New Cairo, according to a statement (pdf)<\/a>. The constructor will take over the construction of the Z Villas in Sarai\u2019s East Wave project \u2014 construction is expected to be completed next year.<\/p>\n

\n

INVESTMENT BANKING-<\/p>\n

GB Capital to offer promotion, underwriting services: <\/strong>GB Corp\u2019s NBFS arm GB Capital has acquired its promotion and underwriting license from the Financial Regulatory Authority, according to a s<\/a>tatem<\/a>ent (pdf)<\/a>. While not transitioning into an investment bank, the license allows the company to offer venture capital services and establish companies that issue or increase their capital through securities.<\/p>\n

\n

HOSPITALITY-<\/p>\n

A new Hilton hotel is coming: <\/strong>Global hospitality brand Hilton will set up a Hilton Garden Inn in Borg El Arab in partnership with Tharaa Developments<\/a>, according to a statement (pdf)<\/a>. The 135-key hotel is set to open in 2028 and will include lobby and pool bars, a restaurant, four meeting rooms, a gym, and direct beach access. The hotel\u2019s location in Tharaa\u2019s Glee development is just half an hour\u2019s drive from Borg El Arab Airport and less than a two-hour drive from West Cairo.<\/p>\n","protected":false},"excerpt":{"rendered":"

The JV will focus on the trade, transport, supply, and regasification of natural gas in Eastern European countries and Greece<\/p>\n","protected":false},"author":1,"featured_media":653332,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,7112,466,7135,93,72,290,76,2471,955,145,7203,595,91,83,219],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-653331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-beltone-holding","tag-catalyst-partners","tag-egas","tag-energy","tag-enterpriseam","tag-financial-inclusion","tag-financial-regulatory-authority","tag-gb-capital","tag-hospitality","tag-logistics","tag-madinet-masr","tag-non-banking-financial-services","tag-oil-and-gas","tag-real-estate","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"17b2687c-bf5b-491d-8d8c-e4e04ac7c127","order":"11","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/1160.jpg","photo_position":"above","homepage_title":"","full_issue_title":"EGAS is setting up a JV to supply Europe with gas","related_issue":[653313],"teaser":"The JV will focus on the trade, transport, supply, and regasification of natural gas in Eastern European countries and Greece","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.c8c9c64a-0e94-4d83-a521-0525c1fdffa8.mp3"},"yoast_head":"\nEGAS is setting up a JV to supply Europe with gas. 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And welcome to another brisk news day here at home.THE BIG STORY TODAY EGAS to set up a JV for gas exports in Greece: State gas firm EGAS signed a partnership agreement with Greek infrastructure investment company Copelouzos Group for development of a JV headquartered in Greece\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1642.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":653488,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/17\/arab-contractors-will-build-usd-70-mn-road-in-uganda-plus-news-from-cib-hsbc\/","url_meta":{"origin":653331,"position":1},"title":"Arab Contractors will build USD 70 mn road in Uganda. PLUS: News from CIB, HSBC,","author":"enterpriseam admin","date":"17 October 2024","format":false,"excerpt":"The project is Arab Contractors\u2019 fifth in Uganda in as many years","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1399.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567858,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/09\/damietta-lng-exports-could-be-ready-by-1q2021\/","url_meta":{"origin":653331,"position":2},"title":"Damietta LNG exports could be ready by 1Q2021","author":"enterpriseam admin","date":"9 December 2020","format":false,"excerpt":"We could be seeing our first LNG exports out of Damietta by 1Q2021, soon after Eni and its state-owned partners the Egyptian Natural Gas Holding Company (EGAS) and the Egyptian General Petroleum Company (EGPC) reopen the long-dormant terminal, Youm7 reports, citing unnamed officials in the oil industry. An agreement reached\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/174.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":657301,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/18\/bp-and-shell-to-add-125-mn-cbf-of-daily-gas-production-in-2026-with-usd-370-mn-project\/","url_meta":{"origin":653331,"position":3},"title":"BP and Shell to add 125 mn cbf of daily gas production in 2026 with USD 370 mn project","author":"enterpriseam admin","date":"18 December 2024","format":false,"excerpt":"The project will be carried out by the Pharaonic Petroleum Company, a JV between BP and EGAS","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/12\/1711.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567642,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/02\/damietta-lng-plant-could-reopen-in-1q-boosting-our-east-med-hub-ambitions\/","url_meta":{"origin":653331,"position":4},"title":"Damietta LNG plant could reopen in 1Q, boosting our East Med hub ambitions","author":"enterpriseam admin","date":"2 December 2020","format":false,"excerpt":"Damietta LNG plant could reopen early next year after Eni, Naturgy seal agreement: Italian energy giant Eni has reached an agreement with the Egyptian government and its Union Fenosa Gas (UFG) partner Naturgy to finally re-open the Damietta LNG plant by the end of 1Q2021 after an eight-year hiatus, Eni\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/42.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564726,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/23\/project-bring-damietta-lng-back-to-life-to-fully-ratchet-up-on-15-march\/","url_meta":{"origin":653331,"position":5},"title":"Project \u201cbring Damietta LNG back to life\u201d to fully ratchet up on 15 March","author":"enterpriseam admin","date":"23 February 2021","format":false,"excerpt":"EXCLUSIVE- Dispute that put Damietta LNG in a coma to end next month: It seems possible that the plant will be making regular scheduled shipments starting from next month, as a final agreement to establish a new ownership structure for the Damietta LNG plant is due to be finalized on\u2026","rel":"","context":"In "SPEED ROUND: ENERGY"","block_context":{"text":"SPEED ROUND: ENERGY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/495.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/653331","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=653331"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/653331\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/653313"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/653332"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=653331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=653331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=653331"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=653331"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=653331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}