Qatar Investment Authority eyeing Le Meridien Heliopolis
Qatar Investment Authority eyeing Le Meridien Heliopolis. The Gulf state’s sovereign wealth fund is looking to team up with French hospitality giant Accor to acquire the shuttered hotel. The QIA is also in advanced talks to acquire one or more international schools in the Greater Cairo Area. The Qataris have for a while now been in talks with the Madbouly government to acquire stakes in state-owned companies after pledging earlier this year to invest 5 billion USD here as part of a regional effort to provide Egypt with much-needed foreign currency. With talks ongoing and no transactions yet closed, QIA deposited earlier this month 1 billion USD with the Central Bank of Egypt. (Al Shorouk)
- Egyptian conglomerate Al Safy Group has acquired 53% of the Arab International Company for Hotels and Tourism for 4 billion EGP.
Al Safi bought stakes held by several regional SWFs, including the Abu Dhabi Investment Authority, the Libyan Investment Authority, and the Kuwait Investment Authority. The Arab International Company for Hotels and Tourism reportedly owns six hotels across Cairo, the Red Sea and Port Said. The retail-heavy group distributes Samsung and Xiaomi phones as well as Wunder chocolates and operates 300 retail stores across Egypt, including 120 Orange- and >70 Xiaomi-branded stores. It owns the Lighthouse lighting and also has investments or activities in financial services, real estate, and commodities. (Al Shorouk)
- Target for Real Estate buys 8.7 million EGP stake in Lecico Egypt.
Target for Real Estate Investment, Development, Agricultural Reclamation, and Tourism Development purchased 1.025 million shares in Lecico Egypt (LCSW) for 8.68 million EGP or 8.47 EGP per share. Accordingly, the company’s stake in Lecico Egypt grew to 1.3307% from 0.4872%. Lecico is an Egypt-based public shareholding company engaged in the manufacture of tiles and sanitary ware products. The company offers its products through three segments: sanitary ware products, ceramic tiles, and brassware. (Al Mal)
- GB Auto to sell 7.5% indirect stake in MNT Investments.
The board of directors of GB Auto (AUTO) has agreed to sell an indirect stake of 7.5% in its affiliate company MNT Investments B.V. Moreover, the board has approved the fair value (FV) study conducted on MNT Investments. MNT Investments previously signed definitive agreements for the sale of a 21.7% stake to Chimprop 2 Investment SPV RSC Ltd, on behalf of Chimera Investments LLC. Under the agreements, GB Auto will sell a 7.5% stake in MNT Investments with 60 million USD in proceeds. The deal includes an earnout component that could potentially bring total proceeds to 71.3 million. Accordingly, GB Auto’s indirect ownership in MNT Investments will be reduced to 49.5%. (Al Mal)
- Trial operations at Egypt’s 1st dry port begin: El-Wazir.
This step will pave the way for the establishment of 14 dry ports and logistics centers linked to railways and seaports that would accommodate over 5 million twenty-foot equivalent units (TEUs) annually, El-Wazir noted. The 6th of October dry port project has won the IJ Global award as the best and first transport project implemented within the framework of the EBRD’s green cities program in the Middle East and North Africa (MENA) region. (Arab Finance)
- Banque du Caire launches Cairo Exchange.
Banque du Caire (BDC) (BQDC) has set up Cairo Exchange Company with an authorized capital of EGP 250 million and an issued and paid-up capital of EGP 100 million. The bank has completed the establishment of its new arm after obtaining the approval of the Central Bank of Egypt (CBE). This complements the financial services system offered by the bank as well as builds on its channels for selling and buying foreign currencies. The board of directors of Cairo Exchange has Mohamed Ali as non-executive chairperson and Mohamed Ragai as Managing Director and CEO, in addition to Amr Maged, Mohamed Hosni, and Abdel Hamid Mortaga as non-executive board members. (Al Mal)
- Egypt’s NAT, France’s Alstom pen agreement to build Cairo Metro line 6.
French manufacturer Alstom inked a framework agreement with the Egyptian National Authority of Tunnels (NAT) to design, build, and maintain the sixth line of Cairo Metro. Under the eight-month framework agreement, the French government will provide a grant for initiating the second phase of Cairo Metro Line 6, including studies related to the initial design and the technical standards. (Hapi Journal)
- Egypt LNG exports are going to hit a 13-year high this month as the country burns more oil for domestic electricity consumption and imports more gas from Israel for liquefaction and re-export.
Egypt is set to ship 980k tons of LNG this month. LNG exports have grown even as domestic gas production slows, in part due to higher imports from Israel, which were up 65% y-o-y in September. The government is aiming for our LNG exports to hit USD 1 bn a month by January as it looks to capitalize on the European energy crunch triggered by the Russia-Ukraine war and position Egypt as a regional energy powerhouse. (Al Mal)
- World Bank discusses new cooperation phase with Egypt.
Egyptian Minister of Electricity and Renewable Energy, Mohamed Shaker, held a meeting with the World Bank’s Country Director for Egypt, Yemen, and Djibouti, and the Middle East and North Africa (MENA), Marina Wes, to explore a new phase of cooperation with Egypt. It is worth noting that the Egyptian electricity ministry signed a series of agreements with developers and investors from the local and international private sectors with direct foreign investment, on the sidelines of the United Nations Climate Change Conference (COP27) in Sharm El-Sheikh. Egyptian state-owned entities signed a set of memoranda of understanding (MoUs) and framework agreements worth 119 billion USD during the events of COP27. (Arab Finance)
- Around 10,000 people registered in the first 48 hours after the launch of the government’s app through which Egyptians living abroad can import a car to Egypt.
The app, dubbed Sayarat masryeen bel khareg, automatically calculates the required USD payment for expats based on the car model they choose to import. Participants in the scheme will then need to pay the dues — which include customs fees, VAT, schedule tax, and development fees — in USD to a National Bank of Egypt account set up by the government before 28 February 2023. They should then submit proof of payment on the app, after which they will receive a letter approving the car import within a week. The rules also clarify that expats need only carry a residency permit abroad or a non-Egyptian passport to be eligible.
- Alexandria Port Authority inks MoU for 273-feddan logistics zone.
The Alexandria Port Authority signed a memorandum of understanding (MoU) with a consortium of companies for the preparation of the technical schedule and the work system of the construction, management, operation, use, and investments of the logistics zone at Alexandria Port. The consortium of companies includes SIAC Industrial Construction and Engineering Company, China Communications Construction Company (CCCC), and China Road and Bridge Corporation (CRBC). Minister of Transport Kamil El-Wazir stated that the logistics zone would be the first in the region to be built under the international concept of logistics zones. (Hapi Journal)
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