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Ahmed Mekky, CEO of Benya Group, announced the injection of investments of about 500 million USD

Morning Talks
So, First, Ahmed Mekky, Chairman and CEO of Benya Group, announced the injection of investments of about 500 million USD in partnership with the Congolese Telecom and Postal Company to establish a project to manufacture optical fibers in the State of Congo. He pointed out that Benya Group has no objection to dealing with Egyptian companies located in Africa to implement this project, because this type of large-scale investment needs alliances. Moreover, the technology infrastructure sector needs about 5 years to move to global standards. Mekky had confirmed that the sector still needs to inject more investments to raise its efficiency and improve the level of service provided to the client.
  1. Second, Walid Hassouna, CEO of the non-bank finance sector, EFG Hermes, said that Egypt is one of the countries in the region that invests more in emerging companies compared to South Africa, Kenya and Nigeria, noting that there are emerging companies in Egypt that are no more than 3 years old, worth 500 million USD.
    Hassouna called on the private sector to invest in emerging companies that enjoy a great competitive advantage and a large market share.

  2. Moreover, Hesham Moussa, managing director of Rock Redcon for commercial and administrative centers, expects costs to rise over the next year by 5-10%.
    Moussa added that the increase in costs and prices of building materials will affect the prices of real estate products by 15-20%. Moreover, he added that the property is still a store of value and a safe investment in the Egyptian market. Noting that despite the crises that sweep the world from time to time, real estate still retains its attractiveness amidst various other investment.

  3. Equally important, Ayman Soliman, Executive Director of the Sovereign Fund of Egypt, said that the fund intends to double its investment portfolio during the new year 2022 to reach 23 billion EGP.
    Suleiman pointed out that the fund's investment portfolio in the education sector only is estimated at 500 million EGP only. He added that the green economy, infrastructure, logistics and tourism sectors are the most prominent sectors targeted by the fund for investment during the next year 2022. He explained that the fund is studying contracts amounting to 4 new agreements in the field of green hydrogen production. He pointed out that a number of foreign parties had recently expressed their desire to invest in the field of green hydrogen production in the Egyptian market.

  4. And for our EGX & companies talks, the Swedish Electric Company yesterday announced the opening of electric cables factory in Tanzania within the industrial complex at an investment cost of approximately 35 million USD.
    The factory represents the first entities that will be launched within the El Sewedy Industrial Complex in Tanzania. The complex is planned to produce solutions and equipment needed for Tanzania's industrialization strategy 2025, which may create job opportunities exceeding 5,000 opportunities for engineers and technicians in the early stages, which include cables and wires. (Al-Mal)

  5. In addition, Egyptian American Enterprise Fund (EAEF) has pumped 223.9 million USD since 2015 in the private sector either in companies directly or via the fund’s investment advisers, Lorax and TCV.
    The US Congress established the EAEF with an aim to back the country’s private sector and to stimulate it after the sharp decline in tourism and foreign direct investment. Such kind of funds provides flexible equity and debt financing to private enterprises in undersupplied capital markets, to help attract additional foreign investment. (2020 Impact Report)

  6. In a similar context, B Investments Holding (BINV) announced the establishment of B Investments Healthcare with an authorized capital of 1 billion EGP.
    The new company will invest in Egyptian startups operating in the field of specialized healthcare. B Investments Healthcare has signed an agreement to acquire 51% of the Egyptian IVF-ET Center’s total capital, marking its first investments in the specialized healthcare sector. (Arab Finance)

  7. Also, Filkhedma, Cairo-based home services provider, announced raising an undisclosed amount of investment from The Cairo Angels.
    The Cairo Angels, a global network of angel investors focused on supporting startup opportunities in Egypt, the Middle East and Africa. The new investment will help FilKhedma further grow its home cleaning and beauty services and generate more GMV from its B2B2C partnerships. This marks the startup’s fourth investment round to date, with earlier rounds raised from Algebra Ventures and Glint, and angel investor KiAngel. (Wamda)

  8. Furthermore, the UAE’s Chimera has completed purchasing 25% of Sawiris’ Gemini in a 100 million USD transaction. The acquisition raised the Gemini Holding’s total capital to 400 million USD. Gemini Holding owns 100% of Ora Developers.
    The transaction aims to support the company’s financial position, which is adopting a plan to expand strongly within the Egyptian and regional real estate market. It is worth noting that Chimera Capital, a subsidiary of Abu Dhaboi’s Royal Group, is a significant backer of Nasdaq-bound transportation play Swvl and has just recently wrapped up the second close of its first-ever venture capital fund, which will see it invest in 12-15 startups across the Middle East and Southeast Asia. (Al Shorouk)

  9. On the other hand, Egypt plans to manufacture its first bus powered by natural gas in 2022, Minister of Business Sector, Hisham Tawfik, announced. Tawfik added that 70% of the local components of the buses will be manufactured to work with natural gas.
    As regards spinning and weaving in Egypt, Tawfik explained that the cost of the project to develop the spinning and weaving industry amounts to about 21 billion EGP, of which 7 billion EGP are constructions for 65 buildings and 9.5 billion EGP for machines and the rest of the funds are for training, capital and marketing. (Arab Finance)

  10. The Egyptian pavilion at Expo 2020 Dubai has witnessed a huge turnout in two months, according to Minister of Trade and Industry Nevine Gamea.
    The pavilion received up to 350,000 visitors since the opening of the EXPO until the end of November. Gamea added that the pavilion witnessed a historic turnout last weekend, which confirms the great interest and passion of the Expo visitors in the Egyptian pavilion. (Arab Finance)

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