Egypt offers more than 150 opportunities to Saudi investors
Egypt offers more than 150 opportunities to Saudi investors. Yahya Al-Watheq Billah, the head of the Commercial Representation Authority at the Egyptian Ministry of Trade and Industry, stated that more than 150 investment opportunities were presented during the Saudi-Egyptian Business Forum. Al-Watheq Billah revealed that the value of Saudi investments is around 6.5 billion USD, while the value of Egyptian investments in Saudi Arabia is about 2 billion USD. He explained that an agreement was reached between the Egyptian and Saudi sides to enter into integration, especially in the industrial sector, which provides significant opportunities for Saudi investors to operate in Egypt. (Arab Finance)
- Saudi Arabian Alkraida Dates to open first Egyptian branch in two weeks.
The Saudi Arabian Alkraida Dates is scheduled to open its first factory in Egypt within the next two weeks. The factory is built on an area of 10,000 square meters. Alkraida added that the Egyptian branch will start exporting its production by the end of next year. (Asharq Business)
- The cooperation portfolio between Egypt and the Saudi Fund for Development is valued at 2.3 billion USD.
Rania Al-Mashat, the Minister of International Cooperation, held a session of talks with Dr. Majid Al-Qasabi, the Saudi Minister of Commerce, at the ministry's headquarters in the New Administrative Capital. This comes in the context of the visit by the Saudi Minister of Commerce to Egypt. The meeting emphasized the shared and historical relations between the Arab Republic of Egypt and the Kingdom of Saudi Arabia, highlighting the commitment to further collaboration between the two sisterly countries. (Arab Finance)
- Ingram Micro wants to expand presence in Egypt.
American tech distributor Ingram Micro wants to invest some 60 million USD in the Egyptian market in 2024, the company’s country director Mohammed Selim told Al Mal. The company brands itself as the “leading technology distributor with a wide network of resellers across Egypt,” the company’s Egyptian operations account for 80% of its operations in the region. The company offers a number of data center solutions, servers, storage, cyber security, networking, and infrastructure software. (Hapi Journal)
- Emirates NBD Egypt has signed a 30 million EUR medium-term loan agreement with Turkish sanitary product company
Hayat’s local subsidiary Hayat Egypt to help it finance a new 70 million USD tissue factory in Ain Sokhna. Hayat Egypt’s new tissue plant will be a “exportation hub of Hayat in the region” that “100% serve[s]” exports and will contribute 80 million USD to our annual export tally, according to Hayat Egypt’s general manager Senol Keserlioglu. The new factory is also set to create 80 new direct jobs. The statement did not give a date for when we can expect to see the factory up and running, but Keserlioglu said earlier this month that the company had a new factory in the works set to open in late 2024 and another in 2025. (Arab Finance)
- "Delta for Electronic Systems" intends to merge three subsidiaries and go public on the stock exchange.
Delta for Electronic Systems is planning to merge three entities under its ownership within the "Delta Group" umbrella. The company intends to offer a stake in these entities on the stock exchange in the coming year. The three entities are "Delta Egypt" for payments, "Delta Trust," specializing in electronic signatures and stamps, and "Delta Cloud." The company seeking strategic investors at the current stage, as the company has financial and material resources that enable it to carry out its operations. (Economy Plus)
- Valu partners with Kazyon to offer convenient financing solutions to its customers.
Valu, a prominent financial technology entity in the MENA region, discloses a strategic alliance with Kazyon, a major discount retail player in Egypt. This partnership is designed to deliver easily accessible and user-friendly financing options to Kazyon's extensive customer community, offering them convenient access to Valu's diverse financial solutions. (Daily News)
- Egypt makes move at the Security Council.
Egypt has drafted a UN Security Council resolution that aims to overcome “existing obstacles and imbalances” to the entry of aid into Gaza, the Foreign Ministry stated last Tuesday. On the other hand, leaders from Egypt, South Africa, China, Brazil, India, Russia, Saudi Arabia, Ethiopica, Argentina, the UAE, and Iran attended a remote emergency Brics meeting on Tuesday to look at ways to de-escalate the ongoing war on Gaza. The meeting ended with a joint statement but no joint declaration, which South African President Cyril Ramaphosa blamed on lack of sufficient time rather than the leaders’ divided stances. (Bloomberg)
- Govt should provide more incentives for local industry amid anti-Israel boycott campaign in order to compete with international brands that are established in the market, Egyptian brands need to launch successful marketing campaigns.
The boycott campaign in Egypt has benefitted 100 local companies, especially in the food and beverage sector. Beginning in October with the eruption of the war on Gaza, the campaign was the most successful in years, with millions of Egyptians supporting it on different social media platforms. The government should offer more incentives and privileges to local industries, including allocating land at low prices, or even free, for national industrial projects. (Arab Finance)
- On the global front, finally we are happy to share that Hamas, Israel agree hostage-for-ceasefire pact.
The Israeli cabinet has backed a hostage-for-ceasefire agreement that will see Hamas release a limited number of hostages in return for a four-day ceasefire. The agreement, the biggest diplomatic breakthrough since the conflict began almost seven weeks ago, follows weeks of Qatari-mediated negotiations, and hours of discussions among Israeli officials last night. (Reuters)
- FOMC minutes reveal unanimity in ‘no change’ rate decision.
Minutes of the Fed’s November 1 meeting showed FOMC members unanimous in their decision to maintain the Fed funds rate at the 5.25-5.5% range, the second consecutive ‘no change’ meeting. Officials vowed to ‘proceed carefully’, looking at the incoming data and keeping the stance ‘restrictive’ until inflation moves down sustainably to the 2% target. However, several members also noted that tighter credit conditions and higher borrowing costs were adversely affecting businesses and their investment plans. (Bloomberg)
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