Emaar Misr for Development has launched the first phase of SOUl project

Newsletter

02 Aug 2022

Emaar Misr for Development (EMFD) has launched the first phase of SOUl project, with an expected investment cost of around 53 billion EGP. Spanning 518 acres on the North Coast, the project features approximately 2,500 units. SOUL is a residential, tourism, and commercial project, in which residents would enjoy beach mansions and homes connected to nature, along with sea views of the Mediterranean, the waterfront lagoons, and flourishing green spaces. On June 22nd, the company’s ordinary general meeting (OGM) approved entering a partnership with Eagle Hills to manage a project in the North Coast by 25%. (Hapi Journal)

The Egyptian Ministry of Petroleum and Mineral Resources announced that the Petroleum Sector acquired the 50% stake owned by Japan’s Toyota in Egyptian Drilling Company.
Accordingly, the sector became the owner of the two drillships Qaher 1 and Qaher 2 after the stakes of the Egyptian Natural Gas Holding Company and Ganope Petroleum Company in Egyptian Drilling Company increased to 85% and 15%, respectively. The acquisition occurred at the best time as global oil prices skyrocketing in tandem with the execution of an intensive drilling program in Egypt’s territorial waters. (Hapi Journal)
Egyptian furniture and home goods e-commerce startup Homzmart secured 23 million USD in Pre-Series B investment.
The latest financing brings the value of the startup’s total investments to almost 40 million USD. Riyadh-based technology venture capital fund STV participated in the funding, along with other investors including asset manager Impact46, Outliers Ventures, Rise Capital, and NUWA Capital. As per Homzmart’s statement, the capital will be utilized to help the startup optimize “the furniture shopping value-chain” including expansion of the company’s regional presence. (Arab Finance)
Macro Group Pharmaceutical (Macro Capital) (MCRO) reported a 75.05% year-on-year (YoY) hike in consolidated net profit attributable to the parent company for the first half (H1) of 2022.
The group recorded a consolidated net profit attributable to the parent of 71.35 million EGP in H1 2022, compared to 40.76 million EGP in the same period of 2021. Consolidated sales amounted to 305.13 million EGP in the six-month period ended June 30th, up from 233.36 million EGP in the year-ago period. On the other hand, Macro Group achieved a standalone net profit after tax of 72.33 million EGP in H1 2022, versus a profit of 41.36 million EGP in H1 2021. (EGX)
Wasatch Emerging Markets Small Cap Fund has purchased a further stake of 2.53% in Cleopatra Hospitals Group (CHG) (CLHO) at a total value of 1.12 million EGP.
The company’s stake in CHG increased to 4.94% from 2.41% after buying 267,326 shares at an average price of 4.19 EGP per share. Established in 2014, CHG is an EGX-listed company since 2016, and is dedicated to continue its growth and geographical expansion. (EGX)
Taaleem Management Services (TALM) has signed a memorandum of understanding (MoU) with Maastricht University for an academic partnership between the Dutch university and Badya University.
Under the signed MoU, students of Badya University will obtain an additional certificate from Maastricht University beside their graduation certificate. Moreover, all the academic programs offered to students of Badya University will be based on programs provided by the Dutch university. The MoU will also enable students from both universities to benefit from a multicultural education through a student exchange program. This partnership is subject to conditions and final agreements decided by the two parties. It is worth mentioning that Badya University is still under development and is owned 60% by Taaleem and 40% by Palm Hills Development Company (PHDC). (Arab Finance)
AXA Egypt, a subsidiary of French Insurer AXA, signed a cooperation agreement with the Post for Investment (PFI), the investment arm of Egypt Post, to establish a microinsurance company.
The partnership aims to boost the company’s activities and provide the best innovative insurance solutions in Egypt. Under the agreement, a complete feasibility study will be conducted for the establishment of a microinsurance company to develop insurance solutions for the financially non-included, especially the micro-, small-, and medium-sized enterprises, seasonal and irregular workers, and low-income farmers and employees. (EGX)
Moving to our economics and markets talks, the Egyptian government is planning to increase net foreign direct investments (FDI) to around 10 billion USD.
The government is also pursuing the creation of around 900,000 jobs annually to keep the unemployment rate within 7.3%. The FY 2022/2023 budget plan includes increasing the savings rate to about 9.9% and raising the rate of investment to approximately 15.2%. The budget also targets increasing the non-oil merchandise exports by around 10% annually to 35 billion USD and reducing imports of commodities to not exceed 90 billion USD. (Arab Finance)
As for the transformation toward a green economy, the Egyptian government seeks to raise the percentage of public investment directed to the green economy to a range between 35% and 40% of total investments from the current 30%.
The contribution of renewable energy to the energy mix is also planned to reach 22% in FY 2022/2023. (Arab Finance)
Remittances from Egyptian expatriates grew by 2.1% year-on-year (YoY) during the period from July 2021 to May 2022.
Remittances recorded around 29.1 billion USD in the first 11 months of fiscal year (FY) 2021/2022, versus about 28.5 billion USD in the same period of FY 2020/2021. In May, remittances amounted to around 2.4 billion USD, down from about 2.6 billion USD during the same months the year before. (Bloomberg Asharq)