Egypt has exported leather and leather products at a total value of 70.47 million USD
For our top talks today, first, Egypt has exported leather and leather products at a total value of 70.47 million USD during the first 10 months (10M) of 2021, state-run news agency (MENA) cited the monthly report by the Leather Export Council of Egypt (LEC). This marked a 63% year-on-year (YoY) increase from 43.22 million USD in January-October 2020. In October alone, the Egyptian leather’s exports soared by 55.8% YoY to 7.11 million USD from 4.57 million USD in the same month in 2020. The leather industry recorded the highest growth in exports last August, with a jump of 194.3% to 8.5 million USD from 2.8 million USD in August 2020. LEC intends to achieve an annual increase of 73% in exports to 90 million USD by the end of this year, compared to 53 million USD in 2020.
- Second, the Sovereign Fund of Egypt (SFE) will sign 3-4 green hydrogen production projects in the upcoming period.
Egypt’s first-ever green hydrogen facility is currently being built in Ain Sokhna by a consortium comprising Norway’s Scatec, Orascom Construction, Nassif Sawiris-backed Fertiglobe, and the SFE. Other companies are reportedly interested in setting up hydrogen facilities in Egypt, including Siemens, Eni, General Electric and ThyssenKrupp. (Bloomberg Asharq)
- Also, a consortium of US-based Global Ventures and Oxford Capital together with the UAE’s Al Otaiba Investment signed an EGP 3.5 billion contract to redevelop Tahrir Square’s Mogamma with the Sovereign Fund of Egypt (SFE) and the Planning Ministry.
The US-led consortium had put forth the best technical and financial offer in the tender to revamp the Mogamma, and has prior experience with renovating historic buildings in the US and Europe. The group will develop and manage the complex, and operate it once complete. The iconic downtown Cairo building is set to be transformed into a multi-purpose attraction with an apartment hotel as well as commercial and office spaces. (The Egyptian Cabinet)
- Moreover, the National Telecom Regulatory Authority (NTRA) has started working on raising the efficiency of basic communications services in the Sinai Peninsula, by financing the construction and operation of mobile phone towers for 30 urban areas and four vital roads with lengths of up to 112 km and at a total cost of 513 million EGP.
According to the authority, all services shall operate by the end of 2022. NTRA will finance raising the efficiency of services in the governorates of North and South Sinai through its comprehensive service fund. It is the fund concerned with financing the projects of the national plan for communications and information infrastructure to provide basic communications services. (Arab Finance)
- Equally important, Egypt’s Minister of Communications and Information Technology, Amr Talaat, and Minister of Agriculture and Land Reclamation, el Sayed el Kosayer, uncovered the trial operation of some digital services to improve agriculture in Egypt.
Both ministers announced the pilot launch of the “Hudhud” smart assistant project for farmers, an Arabic mobile application that relies on artificial intelligence techniques to provide guidance to farmers on several topics in the agriculture process. We believe such applications will help the country shift towards smart, modern agriculture which represents a major pillar in building a digital Egypt. (Arab Finance)
- And for our EGX & companies talks, Tabarak Developments expanded its footprints in Gulf region through launching its project, A’Aly Al Riyadh, in Saudi Arabia.
The project is overlooking the horizon of Hanifa’s Valley, which is located in Riyadh, Saudi Arabia with a total investment of 100 million SAR. A’Aly Al Riyadh spans over 12,500 square meters (sqm) encompassing 139 residential units with spaces ranging from 120 to 150 sqm in addition to splendid duplex villas with an average space of 300 sqm. The project is ready for residents to move in and the units are fully finished. (Arab Finance)
- In addition, Beltone Consumer Finance, Belcash, and Kent College West Cairo have signed partnership agreements to offer multiple education loan products.
The product gives parents the option to finance their children’s tuition fees, whether partially or fully, through up to 12-month payment plans with minimal documentation and instant approval. It is worth noting that Beltone Financial established three new subsidiaries last year for non-bank financial services (NBFS): Beltone Consumer Finance – Belcash, Beltone Leasing, and Beltone Venture Capital. (Arab Finance)
- In a similar context, Banque du Caire has signed a memorandum of understanding (MoU) with Tamweely Microfinance to provide microenterprises business owners with digital payment and collection services.
The new service will enable microlending beneficiaries to obtain their funding through the bank’s Qahera Cash, a mobile wallet application, in addition to inquiring about the loan instalment and repayment value. The new agreement aims to endorse the bank’s efforts to expand digital payment services through Qahera Cash. (Ahram Gate)
- And for our top talk abroad, India's Spinny announced that the proceeds of a financing round led by Abu Dhabi-based ADQ and Tiger Global amounted to 283 million USD, giving the used car sales platform to consumers a valuation of about 1.8 billion USD.
Spinney said in a statement that the round includes a primary capital increase of 250 million USD and a secondary sale of about 33 million USD by some investors. The company said it would use the new money to improve performance for consumers and develop its technology and products. The company has 23 auto centers and operates in 15 cities including Delhi, Mumbai and Bangalore. (Reuters)
- In addition, the ride-sharing company Uber intends to sell a stake in its subsidiary Careem, in an effort to provide liquidity that would enable the unit to expand into new services.
Uber Technologies is already in talks with the management of "Careem" to attract investors from abroad to the unit. Tt is not yet clear what Careem's next ownership structure will be after the planned sale, but sources confirmed that Uber will remain a shareholder while giving Careem's management greater decision-making power over its strategy. (Reuters)
- And finally, google.org has announced that it will provide a grant of 1.3 million USD to three non-profit organizations in the MENA region, with the aim of providing entrepreneurs and job seekers with the necessary technical skills over the next two years.
The grant, i.e., “Dream”, “I Dare for Sustainable Development” and “SPARK”, is to reach more individuals from different backgrounds in Egypt, Iraq, Lebanon, Jordan, Palestine and the United Arab Emirates. To improve access and enhance inclusion in the labor market, Google.org will provide a grant of 400,000 USD to Dream, an NGO that works to promote inclusion and the employment of people with disabilities. Also, it will provide a 600,000 USD grant to SPARK, an NGO that provides young people with tools to help them achieve success in conflict-affected areas. (Al-Mal)
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