Maersk, Danish Shipping Giant, Presents Bid to Acquire Zaafarana Wind Farm in Egypt, Expanding Its Sustainable Energy Portfolio
Maersk, Danish Shipping Giant, Presents Bid to Acquire Zaafarana Wind Farm in Egypt, Expanding Its Sustainable Energy Portfolio. In a recent development, Maersk, a prominent Danish shipping and logistics company, has reportedly made a formal proposal to the Egyptian government for the acquisition of the Zaafarana wind farm located in Ras Ghareb City, situated in the Red Sea region. This move by Maersk signals its strong interest in diversifying its operations into the renewable energy sector. The news was initially reported by Al Mal News on July 17th. Adding to the growing trend of international investors entering the Egyptian renewable energy market, Actis, a leading sustainable infrastructure investor based in the United Kingdom, was recently reported on July 10th to be in the final stages of acquiring the Gabal El Zeit wind plant in Egypt. This strategic move by Actis further underscores the country’s attractiveness as a lucrative hub for sustainable infrastructure investments. (Arab Finance)
- B Investments Holding Secures EGP 150 Million Loan from National Bank of Kuwait, Enhancing Growth Prospects.
In a recent development, B Investments Holding, a private equity firm and capital investor based in Egypt, has announced the approval of a loan agreement amounting to EGP 150 million with the National Bank of Kuwait (NBK). This significant step was disclosed through an official filing on July 17th, signifying B Investments' strategic focus on expanding its financial resources to further enhance its portfolio of companies. Founded in 2006, B Investments has established itself as a key player in the Egyptian market, leveraging its extensive expertise to actively generate value within its diverse range of invested companies. This newly approved loan agreement with NBK underscores B Investments' commitment to fostering growth opportunities, enabling it to fuel innovation, create sustainable economic value, and solidify its position as a leading player in the private equity landscape. (Bloomberg Alsharq)
- Madinet Masr Partners with MEDCOM for EGP 1 billion Infrastructure Projects in Taj City.
In a significant development, Madinet Masr, a prominent player in the Egyptian real estate market, has recently entered into a memorandum of understanding (MoU) with Misr Engineering Development Company (MEDCOM). The MoU entails the execution of infrastructure works for multiple projects in Taj City, with a total investment value of EGP 1 billion. This announcement was made through an official statement on July 17th, highlighting Madinet Masr's expansion strategy and commitment to meeting the evolving needs and expectations of its clients. The slated projects, set to be completed within a span of 15 months, encompass various developments including Taj Ville, the northern road for Park Residence, Shalya, Lake Park, and Taj Gardens. MEDCOM, under the terms of the agreement, will undertake crucial tasks such as the implementation of drinking water networks, fire and irrigation systems, sanitation and drainage systems, power and communications networks, as well as road and lighting works. (Arab Finance)
- Egyptian Ministry of Petroleum and Mineral Resources Set to Finalize Contracts with Centamin and Barrick Gold for Gold Exploitation.
The Egyptian Ministry of Petroleum and Mineral Resources is expected to sign seven contracts this week with mining giants Centamin and Barrick Gold for the commercial exploitation of gold discoveries. This development sheds light on the imminent partnership between these companies and the government. Under the terms of the agreements, the Egyptian government will secure a 50% share of the net profit generated from the operational gold mine. This arrangement aims to ensure a fair distribution of benefits and promote economic growth in the country. One source close to the matter revealed this detail. In July 2022, Barrick Gold embarked on gold exploration activities in Egypt and expressed its commitment to reaching a binding agreement for the commercial exploitation of gold reserves within its concession areas. The contracts signed with the Egyptian Mineral Resources Authority (EMRA) enabled Barrick Gold to allocate $8.8 million for exploring 19 new sectors in the Eastern Desert, emphasizing their dedication to unlocking Egypt's gold potential. Centamin, an Australian company and owner of Egypt's largest gold mine, Sukari, is also investing $9.1 million for exploration purposes in 19 sectors. This demonstrates Centamin's confidence in Egypt's gold prospects and showcases their ongoing commitment to expanding their presence in the country. (Bloomberg Alsharq)
- Egypt's Fodder Exports Reach 119,000 Tons Valued at $65 Million, Boosting Agricultural Trade.
According to Minister of Agriculture and Land Reclamation Al-Sayed El-Quseir's statement on July 10th, Egypt has recently released a significant quantity of corn and soybean fodder from its ports. The released fodder, consisting of 70,000 tons of corn valued at $25 million, 49,000 tons of soybeans valued at $37 million, and feed additives worth $3 million, totaled 119,000 tons and had a combined value of $65 million. This export activity took place from July 6th to 13th, indicating a steady growth in Egypt's agricultural trade. Furthermore, the overall quantity of fodder released from October 16th, 2022, to July 13th, 2023, reached an impressive total of 6.5 million tons. This figure includes 4.5 million tons of corn and 2 million tons of soybeans and feed additives, amounting to a remarkable value of $3.4 billion. These statistics underline Egypt's prominent role as a key player in the international fodder market, demonstrating the country's strength in agricultural production and its positive contribution to global trade. (Bloomberg Alsharq)
- Egyptian Institutions Set to Conclude Acquisition Deals Worth $1.5 Billion
According to Mohamed Maher, Head of the Egyptian Capital Market Association (ECMA), several Egyptian institutions are expected to finalize acquisition deals with a combined value of $1.5 billion this week. This news, reported on July 16th, highlights the ongoing momentum in Egypt's investment landscape and signals the positive outlook for economic growth. In a press conference held on July 11th, Prime Minister Mostafa Madbouly announced that Egypt had successfully signed contracts worth a total of $1.9 billion with private sector entities. These contracts were part of the government's initial public offering (IPO) program, which aimed to sell state-owned assets to the private sector. The signing of these contracts underscores the commitment of the Egyptian government to facilitate private sector involvement and create opportunities for investment and growth. The anticipated acquisition deals, coupled with the successful contracts signed under the IPO program, contribute to the overall trajectory of Egypt's economic development. They signify increased investor confidence in the Egyptian market and reflect the ongoing efforts to enhance business opportunities and attract investments.
- Fawry Considers Establishing Digital Bank in Egypt and Eyes Expansion into Saudi Arabia.
Ashraf Sabry, the Founder and CEO of Fawry for Banking Technology and Electronic Payment (FWRY), revealed in an interview that the company is contemplating applying for a license to establish a digital bank in Egypt. The final decision regarding this initiative is expected to be made within the year. Sabry emphasized Fawry's intention to pursue the license independently, without involving a foreign partner possessing banking sector expertise. He also stated that the company does not anticipate any financing challenges for the digital bank and ruled out the need to increase Fawry's capital at present. In addition to the digital banking venture, Fawry has set its sights on expanding into multiple countries, including Saudi Arabia. Sabry mentioned that a final decision on the expansion plan will be reached this year, paving the way for the commencement of the expansion process in 2024. This strategic move demonstrates Fawry's aspirations to broaden its presence and services beyond Egypt's borders. (Bloomberg Alsharq)
- Ibnsina Pharma Dominates Egyptian Drug Distribution Market with 23.7% Market Share in 2023.
Ibnsina Pharma (ISPH), a leading pharmaceutical company in Egypt, announced in a statement on July 16th that it has secured the top position among drug distribution companies in the country for 2023. According to data provided by global analytics provider IQVIA, Ibnsina Pharma holds an impressive market share of 23.7%. The company attributes its success to maintaining financial stability and forging key distribution and importation agreements with various firms, including Omron Healthcare, Boehringer Ingelheim, and Sandoz Egypt. By expanding its network of partnerships, Ibnsina Pharma has strengthened its position in the market and solidified its reputation as a reliable and trusted distributor of pharmaceutical products. Furthermore, in the first quarter (Q1) of 2023, Ibnsina Pharma reported a noteworthy 22.18% year-on-year (YoY) increase in consolidated net profit attributable to the parent company, amounting to EGP 72.554 million. This financial achievement further underscores the company's robust performance and underscores its ability to navigate the competitive landscape effectively. (Mubasher)
- Mubasher Signs Investment Agreement with SBI to Launch Fintech-focused Fund
Mubasher, a MENA-focused company, has signed an investment agreement with Japanese financial services group SBI to launch a fund focused on information and financial technology (fintech). The agreement aims to enhance financial expertise and support venture capital investments in emerging fintech companies. The signing took place during a Saudi-Japanese roundtable meeting, where several agreements were made. Mubasher is recognized for its early entry into the fintech space and offers platforms such as Mubasher Pro for trading and Mubasher.info for financial news. Additionally, Mubasher Trade recently introduced gold trading services. (Mubasher)
- CBE issues EGP 4.25bn T-bonds on Monday.
The Central Bank of Egypt (CBE) offered treasury bonds (T-bonds) worth EGP 4.25 billion through two auctions on Monday, 17 July. The first tranche stood at EGP 4 billion and will mature in three years on 11 July 2026, according to official data. Meanwhile, the second auction was valued at EGP 250 million. The semi-annual coupon holds a five-year maturity period until 13 October 2027. Last week, the central bank issued fixed as well as floating-rate T-bonds at a combined value of EGP 3.75 billion over three tranches. (Mubasher)
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