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Egypt’s EFG Hermes in Talks to Buy Stake in Spain’s Ignis

An Egyptian man walks past a branch of the EFG Hermes investment bank in Cairo, Egypt May 29, 2018. REUTERS/Amr Abdallah Dalsh
An Egyptian man walks past a branch of the EFG Hermes investment bank in Cairo, Egypt May 29, 2018. REUTERS/Amr Abdallah Dalsh
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Egypt’s EFG Hermes in Talks to Buy Stake in Spain’s Ignis

An Egyptian man walks past a branch of the EFG Hermes investment bank in Cairo, Egypt May 29, 2018. REUTERS/Amr Abdallah Dalsh
An Egyptian man walks past a branch of the EFG Hermes investment bank in Cairo, Egypt May 29, 2018. REUTERS/Amr Abdallah Dalsh

Cairo-based financial group EFG Hermes (HRHO.CA) is negotiating to buy a stake in privately held Spanish power generation company Ignis Energia, Expansion newspaper said on Thursday.

EFG Hermes would take 45% to 49% of Ignis through a capital increase in a transaction valuing the Spanish firm at about 1 billion euros ($1.16 billion), Expansion reported, citing financial sources.

Spokespeople at Ignis and EFG Hermes did not immediately respond to emails and phone calls seeking comment.

According to Reuters, Ignis operates solar and gas power plants in Spain with a total capacity of 2.9 gigawatts (GW) and has renewable energy projects for a total capacity of 14 GW in the pipeline.

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GASTAT: Saudi Industrial Production Index Increases by 3.4% in November 2024

GASTAT publishes the IPI monthly. SPA
GASTAT publishes the IPI monthly. SPA
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GASTAT: Saudi Industrial Production Index Increases by 3.4% in November 2024

GASTAT publishes the IPI monthly. SPA
GASTAT publishes the IPI monthly. SPA

Saudi Arabia’s General Authority for Statistics (GASTAT) said Thursday that the Industrial Production Index (IPI) statistics for November 2024 showed a 3.4% increase compared to the same month of the previous year.

This increase is driven by growth in mining and quarrying, manufacturing, water supply, sewerage, and waste management and remediation activities, GASTAT said.

Furthermore, the sub-index of mining and quarrying activity increased by 1.2%, and the sub-index of manufacturing activity increased by 7.2%.

The sub-index of electricity, gas, steam, and air conditioning supply activity recorded a decrease of 2.1%, and the sub-index of water supply, sewerage and waste management and remediation activities increased by 10.5%.

The IPI by main economic activities increased by 3.8% compared to the same month of the previous year, while the index of non-oil activities also increased by 2.4%.

GASTAT publishes the IPI monthly. It is an economic indicator that reflects the relative changes in the volume of industrial output. It is calculated based on the industrial production survey.