TODAY: Private capital flows into Kuwait’s pipes + US raises tariffs on Egypt to 12.5%

Good morning, friends. Capital and policy are both on the move this morning — one flowing in, one getting stickier. Kuwait’s KPC just handed Blackstone, KKR, and Brookfield a 49% stake in its 320-km crude pipeline network for USD 16 bn — the largest foreign investment in the country’s history. Meanwhile, Washington moved most Egyptian goods into a pricier 12.5% tariff bucket.

And keep an eye on Egytrans Nosco: AGL just got the green light to start due diligence on its buyout bid — a real step up from two weeks ago, when the board had only agreed to study the offer. The French group has 60 days from kickoff (extendable) to finish its homework, but this is one of the clearest signs yet that a delisting is coming.

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Due diligence, not a done agreement

AGL’s bid for Egytrans Nosco is picking up pace: Egytrans Nosco’s board has cleared Africa Global Logistics (AGL) to begin due diligence, according to an EGX disclosure (pdf), a step up from two weeks ago, when the board had only tasked management with studying the French group’s buyout offer. AGL will have 60 days from the start of examination to complete the review, subject to extension. The move marks the clearest sign yet that AGL’s bid to take over and delist the EGX-listed logistics firm is advancing, though the board noted the access grant does not equal approval.

REFRESHER- AGL made a non-binding indicative offer in early July to acquire up to 100% of Egytrans Nosco at EGP 11.25-12.25 per share. The top-end valuation comes in at EGP 2.76 bn, representing an 18.4% premium to the stock’s pre-news close. The mandatory tender offer (MTO) needs 75% minimum execution to trigger, though AGL says it’s ready to buy out all shareholders in USD or EUR and eventually delist.

Record-pace CEPA talks

UAE, Canada cap off CEPA talks: The UAE and Canada wrapped up talks on a comprehensive economic partnership agreement (CEPA) in record time, according to a press release from the Canadian government. The talks were the fastest on record since the UAE launched its CEPA program back in 2021, state news agency Wam reports.

What’s next? The agreement will now head toward ratification, after which it will cut tariffs, remove bureaucratic barriers, and widen market access for both sides. UAE Foreign Trade Minister Thani bin Ahmed Al Zeyoudi has already met with Canadian business leaders, flagging a shared economic focus on the agri-food, financial services, and advanced manufacturing sectors, Wam separately reports.

The agreement lands on an already fast-growing trade relationship. UAE-Canada non-oil trade reached USD 4.2 bn in 2025, up 21% y-o-y. Once implemented, the CEPA is expected to boost bilateral trade by unlocking investment flows into targeted sectors like agri-food, aerospace, ports, mining, data centers, LNG, and critical minerals, according to the state news agency.

Market watch

Oil prices extended declines this morning on easing US-Iran tensions, Reuters reports. Brent crude futures slipped USD 1.47 to USD 86.89 / bbl by 03.26 GMT, while West Texas Intermediate (WTI) decreased USD 1.45 to USD 81.16 / bbl.

The Baltic Index slips lower: The Baltic Exchange’s dry bulk index — which tracks rates for the capesize, panamax, and supramax vessel segments — fell 1.7% to 2,696 points on Monday. The capesize index declined 2% to 4,200 points, while the panamax decreased 1.2% to 1,999 points. The smaller supramax shed 1.4% at 1,670 points.

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Gulf sovereign wealth funds are pouring serious capital into the North Coast, Gulf buyers keep showing up despite regional headwinds, and a new 400-km master plan could reshape the whole coastline before summer’s out.

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Coming straight to your inbox — tomorrow, Wednesday, 29 July.

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