China’s Cloud Chain plans textile city in Egypt + Attijariwafa brings Morocco’s first neobank

Chinese industrial developer Cloud Chain plans to build a USD 1.5-2 bn textile city in Egypt’s Port Said in what could be the region’s first integrated carbon-neutral textile complex, according to an Investment Ministry statement. The project would span 4.5 mn sqm and be developed over two 24-month phases — the first 2 mn sqm phase will host 30-50 textile companies alongside vocational schools and logistics facilities, while the second phase will focus on integrating feeder industries.

Digital first

Morocco’s Attijariwafa Bank launched the country’s first neobank, Simple. The platform, which is being positioned as a “super app,” replaces L’bankalik, the bank’s previously digital banking arm. Attijariwafa is looking to broaden its client base.

Joint ventures

PIF-owned entertainment outfit Sela is setting up a joint entertainment and events venture with Egypt-based Talaat Moustafa Group (TMG), according to a company statement. The new firm will see Sela manage, develop, and operate live experiences, festivals, and concerts across TMG’s properties in Egypt. The venture’s first project, The Corridor, will include a synchronized series of cultural and sporting events across Egypt and the Kingdom, starting with planned events at Egypt’s North Coast next year.

Return of the hub

Developments from Egypt’s oil and gas sector continue to pour in, with a new oil discovery from Agiba Petroleum and a new MoU with QatarEnergy for the re-export of Cypriot gas.

#1- Agiba Petroleum, a JV between Eni and EGPC, made its largest Western Desert discovery in 15 years, striking an estimated 70 mn barrels of oil equivalent at its Bostan South-1X exploratory well, according to a statement from the Oil Ministry. Agiba estimates the find holds roughly 330 bcf of natural gas alongside 10 mn barrels of crude and condensates.

Why it matters: The discovery comes as Egypt pushes to add 1 bcf/d to domestic gas output by year-end to offset costly energy imports.

#2- QatarEnergy is exploring the possibility of taking up volumes of Cypriot gas destined for Egypt to fulfill Europe-bound shipments. Under an MoU signed with ExxonMobil and Egypt, the Qatari giant will “study enabling the potential development and commercialization of gas discoveries in Cyprus through Egypt’s existing gas and LNG export infrastructure,” QatarEnergy said in a statement.

Ahlan, UBS

UBS is moving two senior bankers to the region as it pushes ahead with more job cuts: The bank’s Europe, Middle East and Africa head, Christl Novakovic, is set to move to the Middle East, while its head of wealth management in the Middle East, Niels Zilkens, is relocating to Doha, Bloomberg reports. The move will also see the wealth management unit reorganized to comprise five coverage sectors as of 1 June, a separate memo reportedly said. The relocations come as the firm pushes through with its latest round of job cuts in Europe, Africa, and the Middle East to reduce redundancies following its acquisition of Credit Suisse in 2023.