EGPC to Absorb Natural Gas Tax as Egypt Eyes Regional Power-Trading Hub

The Egyptian General Petroleum Corporation (EGPC) will absorb the new natural gas tax, according to a recent announcement. This means that household gas bills in Egypt will not change due to the new tax.

RMBV's North Africa Fund III has closed six agreements and is working on seven or eight more towards an investment portfolio of 10-12 companies. Managing Partner Ahmed Badreldin stated that the fund aims to support founders through public market exits, with the EGX being a key part of their plan.

In other news, Egypt and Saudi Arabia are in the final stages of technical and operational trials for their 3-GW electricity interconnection project. The project, valued at $1.8 billion, aims to facilitate power trading between the two countries and cement Egypt's position as a regional power-trading hub.