{"id":685040,"date":"2026-02-08T00:00:00","date_gmt":"2026-02-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2026\/02\/08\/egyptian-capital-and-engineering-power-new-combined-cycle-power-plant-in-hungary-with-elsewedy-electric-securing-eur-58-mn-from-cib\/"},"modified":"2026-02-08T00:00:00","modified_gmt":"2026-02-08T00:00:00","slug":"egyptian-capital-and-engineering-power-new-combined-cycle-power-plant-in-hungary-with-elsewedy-electric-securing-eur-58-mn-from-cib","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/02\/08\/egyptian-capital-and-engineering-power-new-combined-cycle-power-plant-in-hungary-with-elsewedy-electric-securing-eur-58-mn-from-cib\/","title":{"rendered":"Egyptian capital and engineering power new combined-cycle power plant in Hungary with Elsewedy Electric securing EUR 58 mn from CIB"},"content":{"rendered":"

\n

CIB backs Elsewedy Electric\u2019s move into Europe with EUR 58 mn loan<\/p>\n

CIB issued a <\/strong>EUR 58 mn loan to <\/strong>Elsewedy<\/strong> Electric to finance its work on a <\/strong>major 500-650 MW combined-cycle power plant in Hungary<\/strong>, according to a statement from the lender seen by EnterpriseAM. Elsewedy is executing the <\/a>EUR 700 mn<\/a><\/a> project in a consortium with two Hungarian firms, Status KPRIA<\/a> and West Hung\u00e1ria Bau<\/a>. The project, slated for completion in 2028, is expected to be Hungary\u2019s largest combined cycle power plant in decades and the country\u2019s first hydrogen fuel-ready plant.<\/p>\n

Why this matters: <\/strong>This project upends the traditional Egyptian infrastructure narrative. Instead of foreign contractors bringing international financing to Egypt, we are seeing Egyptian engineering and Egyptian capital being exported to the EU. For Elsewedy, it is a significant move up the value chain into a high-spec European market, while for CIB, it\u2019s a demonstration of its ability to support its clients\u2019 global expansion.<\/p>\n

\n

Exxon Mobil and Qatar Energy exit North Marakia block<\/p>\n

US oil giant <\/strong>ExxonMobil and QatarEnergy relinquished their 100% interest <\/strong>in<\/strong> the Mediterranean\u2019s North Marakia offshore concession <\/strong>back to the Egyptian Natural Gas Holding Company (Egas), industry publication Mees<\/a> reported on Friday. Despite a preliminary discovery of some 3.5 tcf of gas at the Nereftari field last year<\/a>, the find sits below Exxon\u2019s internal commercial threshold for a standalone project.<\/p>\n

Why it matters:<\/strong> Although Exxon reportedly wanted to hold the acreage for future development, Egas reclaimed it to force immediate development. UK giants BP and Shell are reportedly circling the block as both have significant, under-utilized infrastructure and spare capacity in the neighbouring West Nile Delta and West Delta Deep Marine (WDDM) concessions.<\/p>\n

While ExxonMobil and QatarEnergy are taking a step back, Shell is already ramping up<\/strong> local gas production<\/strong>, targeting 800 mmcf\/d by June 2030, double its current 400 mmcf\/d, Mees<\/a> reported separately.<\/p>\n

\n

FRA greenlights first futures brokers ahead of EGX launch<\/p>\n

The Financial Regulatory <\/strong>Authority (FRA) approved new futures licenses <\/strong>for<\/strong> Arab African International Securities<\/a><\/strong> and <\/strong>Al Ahly Pharos<\/a><\/strong>, clearing the way for intermediaries ahead of the planned launch of derivatives trading on the EGX, the authority said in a statement<\/a> last week. .<\/p>\n

The approvals come as EGX prepares for a <\/strong>phased rollout<\/a><\/strong> starting in March<\/strong>, beginning with futures contracts on the benchmark EGX30 index, before eventually expanding to the EGX70, single-stock futures, and options.<\/p>\n

Why this matters: <\/strong>These are the first intermediaries \u2014 out of seven applied for the license so far \u2014 to get the green light since the EGX itself was licensed to operate the exchange last month. EGX Chairman Islam Azzam has recently told us<\/a> that derivatives and short selling are key to boosting liquidity, noting that index derivatives in some markets trade at multiples of spot volumes, with a near-term rollout targeted as part of a broader market modernisation drive.<\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: Exxon Mobil and Qatar Energy exit North Marakia, FRA greenlights first futures brokers ahead of EGX launch<\/p>\n","protected":false},"author":1,"featured_media":685041,"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":[111,102,240,68,152,93,72,778,119,76,91,594],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-685040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-capital-markets","tag-cib","tag-egx","tag-elsewedy-electric","tag-energy","tag-enterpriseam","tag-exxonmobil","tag-financial-markets","tag-financial-regulatory-authority","tag-oil-and-gas","tag-shell","wpautop","entry"],"acf":{"mongo_id":"54ec9aac-f9c9-41ee-a4b5-29b4c5d3e006","order":"10","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2026\/2\/468.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian capital and engineering power new combined-cycle power plant in Hungary","related_issue":[685025],"teaser":"Plus: Exxon Mobil and Qatar Energy exit North Marakia, FRA greenlights first futures brokers ahead of EGX launch"},"yoast_head":"\nEgyptian capital and engineering power new combined-cycle power plant in Hungary with Elsewedy Electric securing EUR 58 mn from CIB - 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\/08\/egyptian-capital-and-engineering-power-new-combined-cycle-power-plant-in-hungary-with-elsewedy-electric-securing-eur-58-mn-from-cib\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egyptian capital and engineering power new combined-cycle power plant in Hungary with Elsewedy Electric securing EUR 58 mn from CIB\" \/>\n<meta property=\"og:description\" content=\"Plus: Exxon Mobil and Qatar Energy exit North Marakia, FRA greenlights first futures brokers ahead of EGX launch\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/08\/egyptian-capital-and-engineering-power-new-combined-cycle-power-plant-in-hungary-with-elsewedy-electric-securing-eur-58-mn-from-cib\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2026-02-08T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2026\/2\/468.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/08\/egyptian-capital-and-engineering-power-new-combined-cycle-power-plant-in-hungary-with-elsewedy-electric-securing-eur-58-mn-from-cib\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/08\/egyptian-capital-and-engineering-power-new-combined-cycle-power-plant-in-hungary-with-elsewedy-electric-securing-eur-58-mn-from-cib\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egyptian capital and engineering power new combined-cycle power plant in Hungary with Elsewedy Electric securing EUR 58 mn from CIB\",\"datePublished\":\"2026-02-08T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/08\/egyptian-capital-and-engineering-power-new-combined-cycle-power-plant-in-hungary-with-elsewedy-electric-securing-eur-58-mn-from-cib\/\"},\"wordCount\":490,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/08\/egyptian-capital-and-engineering-power-new-combined-cycle-power-plant-in-hungary-with-elsewedy-electric-securing-eur-58-mn-from-cib\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2026\/2\/468.jpg?fit=%2C&ssl=1\",\"keywords\":[\"ALSO ON OUR RADAR\",\"capital markets\",\"CIB\",\"EGX\",\"Elsewedy Electric\",\"energy\",\"EnterpriseAM\",\"ExxonMobil\",\"Financial Markets\",\"Financial Regulatory Authority\",\"oil and gas\",\"Shell\"],\"articleSection\":[\"Also on our Radar\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/08\/egyptian-capital-and-engineering-power-new-combined-cycle-power-plant-in-hungary-with-elsewedy-electric-securing-eur-58-mn-from-cib\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/08\/egyptian-capital-and-engineering-power-new-combined-cycle-power-plant-in-hungary-with-elsewedy-electric-securing-eur-58-mn-from-cib\/\",\"name\":\"Egyptian capital and engineering power new combined-cycle power plant in Hungary with Elsewedy Electric securing EUR 58 mn from CIB - 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Energy. All four assets are in Greece, Elsewedy said in a\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/181.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598617,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/29\/elsewedy-electric-agrees-to-eur-42-mn-loan-from-national-bank-of-greece\/","url_meta":{"origin":685040,"position":1},"title":"Elsewedy Electric agrees to EUR 42 mn loan from National Bank of Greece","author":"enterpriseam admin","date":"29 May 2019","format":false,"excerpt":"Elsewedy Electric\u2019s board of directors approved yesterday receiving a EUR 42 mn loan from the National Bank of Greece, according to an EGX disclosure (pdf). 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