Saudi Al-Lami Group intends to invest 500 million USD in Egypt

Newsletter

22 Nov 2023

Saudi Al-Lami Group intends to invest 500 million USD in Egypt. The Saudi Arabian Al-Lami Holding Group is planning to invest 500 million USD in the Egyptian tourism and real estate sectors over the next two years, CEO Mohammed Talaat Al Lami stated. The group is working on opening a new hotel in Sharm El-Sheikh in 2024, with investments worth 50 million USD and a hotel capacity of 500 rooms. Moreover, the group will also build a residential project and a mall on an area of 85 feddans in the Green Belt area in the 6th of October City with 100 million USD in investments. The construction works at this project are set to commence in the first half of 2024. (Asharq Business)

Unlocking Economic Potential: Transforming Egypt's Ports into Global Hubs.
Egypt is working on developing its seaports, which in turn helps boost its economic growth. This comes due to Egypt’s geographical location, which has shorelines on both the Red and Mediterranean Seas. Accordingly, the country is developing its ports, establishing free zones, and creating added value to lure investments and activate the flow of importation and exportation. (Arab Finance)
CBE to allow opening bank accounts via mobile app in 2024.
The Central Bank of Egypt (CBE) is planning to allow customers to open bank accounts via a mobile phone application that is set to be launched next year. The new service will be offered via the Digital Financial Identity Company, in which the CBE holds a 55% stake, the source noted, adding that the capital of this company amounts to 500 million EGP. Also, he noted that this service would be linked to banks operating in Egypt via the app. Egyptians inside and outside the country will be able to use the app. Egypt’s financial inclusion rate among citizens increased by 5.4% during the first six months of 2023, hitting 67.3%. (Asharq Business)
"Shell" announces a new natural gas discovery in Egypt.
Shell has announced a new discovery of natural gas in the Northeast Amiriya area in the Mediterranean Sea off the coast of Egypt. The statement from Shell did not specify the volume of the discovered gas, which is located at a water depth of approximately 250 meters below sea level in the Nile Delta offshore area. Shell contracted with Stena Drilling for the mobile offshore drilling unit (MODU) - Stena Forth - to conduct the drilling campaign. (Economy Plus)
Egypt and Qatar are exploring avenues for mutual cooperation.
Hala El-Said, Minister of Planning and Economic Development, emphasized that the ministry is responsible for Egypt's Vision 2030, updating it to align with global changes, and in the context of the Sustainable Development Goals and the African Agenda 2063. This collaboration involves the government, private sector, civil society, academics, and youth. (Al Borsa News)
The Sovereign Fund of Egypt (SFE) and educational services company Tanweer have signed a partnership agreement to build the fifth school in Sixth October City’s Cosmic Village.
The school, which will follow French and Egyptian curricula, will open its doors in September 2025. That’s a wrap for schools in the first phase of the Cosmic Village redevelopment, which consists of five schools and a sports club, cabinet said earlier this month. Prime Minister Mostafa Madbouly inaugurated the first four schools in the Cosmic Village earlier this month, which were developed under public-private partnerships between the SFE and private players in the education sector. More partnerships with the private sector are in the cards as the education ministry and SFE want to build 100 schools nationwide. (Al Mal)
Egypt's "SunRise" is investing 1.5 billion Egyptian pounds to establish two hotels in the Red Sea by 2024.
The Egyptian resort and hotel company "SunRise" plans to inject new investments in Egypt amounting to 1.5 billion Egyptian pounds to establish two hotels in the cities of Marsa Alam and Sharm El Sheikh on the Red Sea by 2024. It’s worth mentioning that 70% of the investments would be self-financed, while the remaining percentage would come from bank financing. The investments are distributed with 700 million pounds for the Marsa Alam hotel, which will have a hotel capacity of 250 rooms, and 800 million pounds for the Sharm El Sheikh hotel, which will have a hotel capacity of 300 rooms. (Asharq Business)
Gadwa for Industrial Development achieves consolidated profits of 1.04 billion EGP in 9 months, marking a 345.5% increase.
Juhayna for Industrial Development achieved a growth in consolidated net profits by 345.5%, reaching 1.035 billion EGP in the first nine months of the current year, compared to 232.428 million EGP in the corresponding period, taking into account minority rights. The revenues of the activities increased to 8.422 billion EGP during the period from January to September 2023, compared to 5.468 billion EGP in the comparative period, according to the income statement sent to the Egyptian Stock Exchange today. (Hapi Journal)
Tech-enabled cloud kitchen startup Fork N Knife has raised USD 800k in a seed funding round that drew individual angel investors as well as institutions outside the MENA region.
The investment will help the company expand into European and African markets by the end of the year. The company has started negotiations for its Series A funding round, co-founder and CEO Yasser Nasr Aldin. The cloud kitchen business domain needed a unique model to solve the real challenges faced by restaurant owners. Instead of reducing fixed costs, as is common in cloud kitchens, we completely eliminated them. (Hapi Journal)
Egypt-African Union trade exchange climbs by 16% YoY in 2022. Trade exchange between Egypt and member states of the African Union grew by 16% year-on-year (YoY) in 2022.
Egypt’s total exports to member states of the African Union rose by 15.5% to 6.339 billion USD in 2022, versus 5.487 billion USD in 2021. Egyptian exports to Libya accounted for 19.2% of total exports to the African Union, recording 1.215 billion USD in 2022. Exports to Sudan amounted to 929 million USD, making up 14.7% of Egypt’s total exports to African Union states. Exports to Morocco and Alegria were worth 822 million USD and 718 million USD, respectively. (CAPMAS)
On the Gaza front, new details about the anticipated Gaza ceasefire: A 5-day ceasefire and the release of 50 detainees in exchange for 300.
After Hamas announced the imminent agreement of a ceasefire in Gaza with Israel, details of the agreement are beginning to emerge, including a temporary cessation of hostilities for a specified period and the exchange of prisoners, as well as the entry of humanitarian aid. Palestinian sources revealed to Al-Arabiya.net that the agreement may include a 5-day ceasefire and the release of approximately 50 Israeli prisoners in exchange for about 300 Palestinian detainees. (Hapi Journal)
China’s top diplomat yesterday reiterated its call for an immediate ceasefire in Gaza during talks with a delegation of Arab and Muslim officials in Beijing, calling it a “matter of life and death” for the Palestinian people.
China is “firmly on the side” of Arab and Islamic countries in the conflict, Chinese Foreign Minister Wang Yi told the multi-country delegation, according to a readout from the Chinese Foreign Ministry. Foreign Minister Sameh Shoukry, as well as the chief diplomats from Palestine, Jordan, Saudi Arabia, and Indonesia, were all part of the talks. (Hapi Journal)