{"id":684938,"date":"2026-02-05T00:00:00","date_gmt":"2026-02-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2026\/02\/05\/red-sea-jitters-derail-alghanim-plans-for-berenice-port\/"},"modified":"2026-03-11T10:14:21","modified_gmt":"2026-03-11T10:14:21","slug":"red-sea-jitters-derail-alghanim-plans-for-berenice-port","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/02\/05\/red-sea-jitters-derail-alghanim-plans-for-berenice-port\/","title":{"rendered":"Red Sea jitters derail Alghanim plans for Berenice Port"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning<\/strong><strong>, friends<\/strong>, and a happy Thursday to you all. Closing out this week\u2019s set of issues is news that the Finance Ministry and the EGX are preparing to activate a secondary market for sovereign sukuk, moving the instruments from the primary market to open exchange trading, a senior government official tells us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also catching our attention in today's unusually automotive-focussed issue is news of a <\/strong><strong>localization lag as vehicle sales increased nearly 70% in 2025<\/strong>, Piaggio tapping Abou Ghaly Motors to distribute \u2014 and one day manufacture \u2014 the iconic Italian brand\u2019s two wheelers, new export rules target carbon accounting for Egypt\u2019s biggest industries, and much, much more.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/omny.fm\/shows\/enterpriseam-egypt\" style=\"\" rel=\"noopener\">WISH THIS MORNING\u2019S ISSUE was a podcast? We\u2019ve got you. Tap or click here<\/a><\/strong> to listen to Morning Drive, a 10-minute version of today\u2019s issue crafted for you to enjoy with your morning coffee, while getting the kids ready for school, <strong>or while stomping around the house wondering where the [redacted] you left your [redacted] reading glasses<\/strong>.<br \/><strong>***<\/strong><\/p>\n<p class=\"tag-border-left\">Watch this space <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a><strong>L<\/strong><strong>OGISTICS \u2014 Could Red Sea ji<\/strong><strong>tters be disrupting Egypt\u2019s port <\/strong><strong>ambitions? <\/strong>Kuwait\u2019s Alghanim Group will no longer be in charge of developing the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2024\/04\/22\/egypt-kuwaits-alghanim-ink-mou-to-develop-berenice-port\/\" style=\"\" rel=\"noopener\">Berenice International Port<\/a>, with the Transport Ministry, instead, effectively taking over the project, a senior government official tells EnterpriseAM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The ministry decided to take the reins of the project due to a lack of progress on <\/strong><strong>infrastructure and the submission of technical proposals<\/strong>, despite interest and requests from shipping agencies and international shipping lines to operate within the port, which was lined up to become a trade and transit hub, the source added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The reasons for Alghranim\u2019s withdrawal were not disclosed, but our source hinted that <\/strong><strong>several factors could be to blame<\/strong>, including uncertainty regarding the Suez Canal waterway, the timeline for recovery of traffic through the strait, and the return of international shipping agencies to the Bab El Mandeb region.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We can expect a decision on the fate of the port before the end of 1H<\/strong>, the source noted. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Negotiations are currently underway with several undisclosed international consortia, including US firms, to re-tender the project for the port\u2019s infrastructure development and management \u2014 part of a <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/01\/the-us-wants-american-companies-to-invest-in-egyptian-ports-but-geopolitics-not-economics-seems-to-be-driving-the-push\/\" style=\"\" rel=\"noopener\">broader trend we\u2019re keeping a close eye on<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>IPO \u2014 Gou<\/strong><strong>rmet\u2019s public offering was 55<\/strong><strong>.8x oversubscribed<\/strong>, according to an EGX <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/2\/347.pdf\" style=\"\" rel=\"noopener\">announcement (pdf)<\/a> following the end of the subscription period. The high-end food retailer, which <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/21\/gourmet-to-temporarily-list-400-mn-shares-on-the-egx-starting-today\/\" style=\"\" rel=\"noopener\">temporarily listed<\/a> on the EGX last month, priced its shares at <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/01\/the-us-wants-american-companies-to-invest-in-egyptian-ports-but-geopolitics-not-economics-seems-to-be-driving-the-push\/\" style=\"\" rel=\"noopener\">EGP 6.9 apiece<\/a> \u2014 the top end of the range it was guiding on \u2014 after its private placement was 12.2x covered. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>Shares will start trading on Monday. The company is looking to raise <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/25\/government-readies-customs-shakeup-with-fully-automated-export-system\/\" style=\"\" rel=\"noopener\">some EGP<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/25\/government-readies-customs-shakeup-with-fully-automated-export-system\/\" style=\"\" rel=\"noopener\">1.3 bn<\/a> by floating a 47.6% stake. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>INVESTMENT <\/strong><strong>\u2014 Scatec is doubling down on our renewable energy sector, <\/strong><strong>earmarking USD 5 bn for future investments<\/strong>, CEO Terje Pilskog told <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/power\/117959\/%D8%B3%D9%83%D8%A7%D8%AA%D9%83-%D8%A7%D9%84%D9%86%D8%B1%D9%88%D9%8A%D8%AC%D9%8A%D8%A9-%D8%AA%D8%B1%D8%B5%D8%AF-5-%D9%85%D9%84%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%84%D9%85%D8%B4%D8%B1%D9%88%D8%B9-%D8%B7%D8%A7%D9%82%D8%A9-%D9%86%D8%B8%D9%8A%D9%81%D8%A9-%D8%A8%D9%85%D8%B5%D8%B1\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The figure does not include the USD 600 mn already tied to the company\u2019s hybrid solar and battery storage in Naga Hamadi \u2014 Obelisk. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The 1.1 GW project inaugurated its first phase <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/14\/eib-ifc-commit-usd-138-mn-to-rmbv-alta-semper\/\" style=\"\" rel=\"noopener\">last month<\/a>. The Norwegian player\u2019s Obelisk will wrap construction this summer, Pilskog said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s already more in the pipeline: <\/strong>Scatec is <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/12\/two-big-boosts-for-our-renewable-energy-ambitions-2\/\" style=\"\" rel=\"noopener\">setting up<\/a> a solar and battery storage facility in Minya, which will produce some 1.95 GW of solar power and 3.9 GWh of battery storage.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** DID YOU KNOW that we cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong>, the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">UAE<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/mena-india\/en\" style=\"\" rel=\"noopener\">MENA-India<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/mena-india\/en\" style=\"\" rel=\"noopener\">Corridor<\/a><\/strong><strong>?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Were you forwarded this email?<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n<p class=\"tag-border-left\">Happening today<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>The region\u2019s startup ecosystem is gathering at the Grand Egyptian Museum <\/strong><strong>today for the start up <\/strong><strong><a target=\"_blank\" href=\"https:\/\/riseupsummit.com\/\" style=\"\" rel=\"noopener\">RiseUp Summit<\/a><\/strong>, which will run through Saturday under the theme, The Turning Point. The event is expected to draw up to 20k attendees for three days of talks, workshops, and high-stakes networking across the technology, capital, and creative sectors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Data point <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>USD 1<\/strong><strong>.1 bn \u2014 that's how much Egyptians spent on video <\/strong><strong>games<\/strong><strong> in 2024<\/strong>, up 11.5% from the year before, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/2\/327.pdf\" style=\"\" rel=\"noopener\">st<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/2\/327.pdf\" style=\"\" rel=\"noopener\">udy (pdf<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/2\/327.pdf\" style=\"\" rel=\"noopener\">)<\/a> by Galal & Karawi Management Consulting and Orient Planet Group. The average revenue per user came in at USD 61.76, with mobile phones \u2014 which will be no surprise to anyone with teenagers in the family \u2014 accounting for 76.4% of the total.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"https:\/\/omny.fm\/shows\/enterpriseam-egypt\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/780.jpg?ssl=1\"\/><\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p class=\"tag-border-left\">PSA-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- It\u2019s heating up in Cairo today<\/strong>, with a high of 24\u00b0C and a low of 18\u00b0C, according to our favorite weather app.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The mercury is also rising a few degrees in Alexandria<\/strong>, with a high of 24\u00b0C and a low of 15\u00b0C.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CORRECTION- <\/strong>In yesterday\u2019s edition of EnterpriseAM we mistakenly referred to Nissan as a Korean company as we rushed to wrap up the issue. The automaker is, of course, Japanese. The <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/04\/is-nissan-positioning-egypt-as-its-primary-manufacturing-and-export-hub-on-the-continent-with-new-africa-head-appointment\/\" style=\"\" rel=\"noopener\">story<\/a> has been updated on our website.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">The big story abroad <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The US and Iran agree to talks \u2014 with no set agenda: <\/strong>The US and Iran <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/us-iran-hold-nuclear-talks-oman-amid-heightened-tensions-diplomat-says-2026-02-04\/\" style=\"\" rel=\"noopener\">agreed<\/a> to meet on Friday in Oman. Washington insists that negotiations zero in on Iran\u2019s missile arsenal, its backing of proxy groups in the region, and its response to protests at home. The Islamic Republic is only willing to discuss its nuclear program.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE, IN MARKET NEWS- The tech selloff continues: <\/strong>Fears that rapid advances in AI could undermine software business models <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-02-04\/trillion-dollar-tech-wipeout-ensnares-all-stocks-in-ai-s-path?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">have resulted in USD 1 tn in losses<\/a> over the past week. Stocks and bonds of Silicon Valley players of all sizes saw hundreds of bns in losses in just two days. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ We have more on the software selloff in the news well, below. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Amid AI hubbub Alphabet steps up spending:<\/strong> Google parent Alphabet is doubling its capex for the year to up to USD 185 bn as it doubles down on AI, it said in its latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/2\/386.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. The figure is well above the USD 120 bn penciled in by analysts and the USD 91 bn spent last year. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, friends, and a happy Thursday to you all. Closing out this week\u2019s set of issues is news that the Finance Ministry and the EGX are preparing to activate a secondary market for sovereign sukuk, moving the instruments from the primary market to open exchange trading, a senior government official tells us. Also catching [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":684939,"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":[7204],"tags":[72,7111,145,8835,7103,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-684938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-infrastructure","tag-logistics","tag-maritime","tag-suez-canal","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"2400dafa-28b4-467e-ad37-afc1a79c8333","order":"2","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2026\/2\/389.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Suez Canal uncertainty claims its first major infrastructure casualty","related_issue":[684936],"teaser":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Red Sea jitters derail Alghanim plans for Berenice Port - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/05\/red-sea-jitters-derail-alghanim-plans-for-berenice-port\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Red Sea jitters derail Alghanim plans for Berenice Port\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends, and a happy Thursday to you all. Closing out this week\u2019s set of issues is news that the Finance Ministry and the EGX are preparing to activate a secondary market for sovereign sukuk, moving the instruments from the primary market to open exchange trading, a senior government official tells us. 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