Ahmed Abou Hashima, CEO of Egyptian Steel, is set to establish a new investment company
For our top talks today, Ahmed Abou Hashima, CEO of Egyptian Steel, is set to establish a new investment company to finance defaulted companies and other businesses seeking expansion. The Egyptian tycoon is completing required procedures to establish the new company which will be named Abou Hashima Investment. Abou Hashima Investment will engage in partnerships with entities that have struggling projects. The new company will provide technical consultancy and financial support in exchange for shares or a portion of revenue. Abou Hashima Investment will also support entities with promising projects and expansion plans. It will have the right to manage projects and conduct changes to their plans through technical and financial advisors. (Al Mal)
Egypt wheat armers demand the government to raise the purchase price of Egyptian wheat by 22%.
By raising it from 820 EGP to 1,000 EGP per ardeb (150 kilograms), in light of high fertilizer prices and labor costs, in addition to the lack of global supply of the basic primary commodity. The Egyptian government raised the price of wheat supply from farmers this season is 13% to 820 pounds per ardeb, and its purchasing estimates have increased by 53% to between 5 and 5.5 million tons from farmers, instead of 3.6 million tons purchased last season. It is worthy to mention that global food prices have soared to a record high in recent weeks, as Russia's invasion of Ukraine begins to wreak havoc on global crop trade that is likely to raise costs further. (Bloomberg Asharq)
Egypt’s strategic reserve of wheat is enough to satisfy the needs of citizens until the end of 2022, especially with the local harvest season starting in April.
The Egyptian government is keen on dealing with the impacts of the global inflationary wave resulting from the Russia-Ukraine war. Moreover, he added that the country would continue its efforts to attract tourists from different destinations amid the slowdown trend witnessed by global tourism activities due to the ongoing Covid-19 pandemic. (Arab Finance)
The financial cooperation portfolio between Egypt and the International Islamic Trade Finance Corporation (ITFC) has reached a total value of 13.8 billion USD.
In February, Egypt signed a 1.5 billion USD agreement with the ITFC to finance imports of petroleum and basic commodities. The ITFC provides funds ranging between 6 billion USD and 7 billion USD annually to help Egypt double its exports. Egypt received financings worth 2.7 billion USD from the ITFC in 2021. (Al Borsa News)
And for our EGX and companies talks, subscriptions in Azimut Egypt Asset Management’ AZ-Istihqaq Fund have reached more than 220 million EGP, according to the company’s Managing Director Ahmed Abou El-Saad.
El-Saad highlighted Azimut Egypt’s strategy to launch more diverse funds in the Egyptian market. Azimut Egypt is on its way to receive final approvals to launch a new fintech fund, El-Saad revealed, adding that the company-initiated procedures to launch an Islamic fund. The top official noted that the asset manager is targeting assets under management (AUM) of 12 billion EGP at the end of 2022, compared to the current 9.5 billion EGP. (Amwal Al Ghad)
AMEA Power, a subsidiary of UAE’s Al Nowais Investments is in talks with five companies to launch a 500-megatwatt (MW) wind power plant in Egypt with investments of over 600 million USD.
Officials at AMEA Power entered negotiated with a German company in the fourth quarter (Q4) of 2021. Negotiations are also in progress with Siemens Gamesa, Vestas, and Chinese companies. AMEA Power has awarded advisory of its wind power plant. Furthermore, the new 500 MW plant is set to start production on phases, the first of which will be in the second half (H2) of 2023. (Al Borsa News)
Palm Hills Development Company (PHDC) announced that its extraordinary general meeting (EGM) has approved to obtain financing for the A1-1 area spanning 1.131 million square meters (sqm) in Badya project through the issuance of sharia-compliant sukuk worth 3.251 billion EGP.
The sukuk will be issued in collaboration with Sarwa Sukuk Company. Earlier this month, sources revealed that Sarwa Sukuk was getting ready to launch the Sukuk issuance program worth around 3.2 billion EGP for Palm Hills in the first quarter (Q1) of 2022. (EGX)
Stay informed about Ahmed Abou Hashima's new venture! As the CEO of Egyptian Steel, he is poised to shake up the investment landscape with his latest endeavor.
The developer launched the multi-activity sky complex project in Nasr City which is expected to generate 650 million EGP in sales. Located in an area of 3,850 square meters (sqm), the project comprises a ground floor and another five floors, including 200 commercial, administrative, and medical units. Moreover, sky complex project’s management and operation were assigned to an Emirati company, Baron Real Estate’s CEO Mina Hazem revealed. The engineering, construction, and advisory designs of the project were assigned to Engineer Mohamed Talaat consultancy, while the project’s infrastructure was assigned to Elsewedy Electric (SWDY). (Arab Finance)
Abu Qir Fertilizers and Chemicals Industries Company (ABUK) is planning to build a new fertilizers plant on a land plot owned by General Company for Paper Industry (Rakta) (RAKT).
The new plant will be established at an estimated initial investment of 1.2 billion USD. The Egyptian General Petroleum Corporation (EGPC) is likely to contribute to financing the value of the land plot where the project is set to be built, pointing out that the company is mulling over the optimum option regarding this matter. The available options to implement the new project include the establishment of a new subsidiary in partnership with the EGPC to own the plant or setting up the plant through Abu Qir Fertilizers with the EGPC acquiring an in-kind stake worth the value of the land. (Al Mal)
QNB Al Ahli, QNB Group’s Egyptian unit, has generated around EGP 5.5 billion in 2021 through P2P QR Code collection services.
This came in line with the Central Bank of Egypt’s (CBE) financial inclusion and digitalization goals and plans. The top official stressed that the Egyptian banking sector is seeing a remarkable growth in fintech which reflected on the sector’s performance, business volume, and profits. (Hapi Journal)
Misr Life Insurance, a subsidiary of Misr Insurance Holding, is planning to increase the number of its banking partners to 10 during the current fiscal year (FY).
The company is in negotiations with two banks for an agreement to promote its banking insurance products, CEO of Misr Life Insurance Ahmed Abdel-Aziz said. Misr Life’s partnership with banks is aimed at satisfying needs of current and potential clients, helping them manage their savings, Abdel-Aziz added. The top official revealed that total corona-related compensations paid by the insurer to clients amounted to a range between 300 million EGP and 400 million EGP by the end of the previous FY. (Al Mal)
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