Egypt to establish biggest national strategic warehouses project

Newsletter

29 Sep 2022

Egypt to establish biggest national strategic warehouses project. Egyptian Ministry of Supply and Internal Trade has signed the contracts of the biggest national project for establishing strategic warehouses for food products, in partnership with the private sector, with the first phase to be implemented with over 4 billion EGP in investments. The first phase will cover the establishment of strategic warehouses in the governorates of Sharqia, Suez, Fayoum, and Luxor. The contracts were signed between the Internal Trade Development Authority (ITDA), Hassan Allam Sons, Orascom Construction, and Samcrete for building, managing, and operating four new warehouses. (Arab Finance)

Moreover, the statement pointed out that the supply ministry is carrying out over 18 projects in 14 governorates and investment zones with over 50 billion EGP in investments.
These projects include logistics zones and multi-purpose trade centers. This project comes in line with the directives of President Abdel Fattah El-Sisi to secure a strategic stock of essential commodities and food products throughout the year. The warehouses will be built in accordance with the latest technologies for managing the storage process to ensure the safety of commodities. (Arab Finance)
Egypt to hold the Economic Conference during the period from October 23th to 25^th^.
The conference’s agenda will be launched next week with all the details, Prime Minister Mostafa Madbouly announced in a Cabinet meeting yesterday. The economic conference will be hosted as per the directives of President Abdel Fattah El-Sisi to discuss the current economic situation as well as the economic outlook of Egypt, the prime minister highlighted. Experts, economists, and representatives of the business community will be participating in the conference, he added. (Asharq Business)
Egypt’s public treasury to settle EGP 45T for NOSI until 2068.
The state’s public treasury will pay around EGP 45 trillion for the National Organization for Social Insurance (NOSI) for 50 years until 2068. The treasury has already transferred more than 558 billion EGP to pension funds for 39 months since 2019. Moreover, the public treasury is set to settle about 191 billion EGP in the current fiscal year as the annual growth rate of the entanglement dissolution installment was amended to 5.9%, instead of 5.7%. The value of pensions, of which 10.5 million citizens benefit from, grew by around 70% during the period from 2018 until 2022. (Al Mal)
EGAS exports 84 LNG shipments from Idku, Damietta plants in FY 2021/2022.
Egyptian Natural Gas Holding Company (EGAS) has exported 84 shipments of liquified natural gas (LNG) from the LNG plants in Idku and Damietta in fiscal year (FY) 2021/2022. The volume of EGAS’ exports grew by 44% year-on-year (YoY) in FY 2021/2022, Managing Director of EGAS Magdy Galal said during the company’s general assembly to approve FY 2021/2022 results. It is worth noting that the company’s daily average production of natural gas amounted to around 6.7 billion square feet. (Arab Finance)
Moreover, the company implemented 14 projects for the development of natural gas fields.
As well as drilled 20 new wells that are operational with initial production of 1.2 billion feet square and 23,700 barrels of condensates per day, at a total cost of 680 million USD. The two global bids were launched for oil and gas exploration in the past fiscal year, under which three concessions were awarded to ENI and bp with a total investment of 278 million USD, along with signed grants worth over 29 million USD. (Arab Finance)
Egypt’s MSME carries out 268 million EGP slums development projects.
The Egyptian Micro, Small and Medium Enterprises Development Agency (MSMEDA) is currently implementing 35 projects at a total cost of 268 million EGP in cooperation with the French Development Agency (AFD) and the European Union (EU). The carried-out projects contributed to solving several problems facing residents at four slums in Cairo and Giza. Moreover, these projects will help residents to settle in while maintaining their activities. (Arab Finance)
Moving to our EGX and companies talks, Emirati education provider Bloom Education is partnering with two local firms to establish a new international K-12 school in West Cairo’s New Giza.
Bloom Education, a subsidiary of the UAE’s Bloom Holding, said that more than EGP 1.5 bn will be invested in the project, which is expected to open for the 2024-2025 academic year. Bloom Education has signed a joint venture agreement with education management firm New Era Education and real estate developer New Giza. The education subsidiary operates nurseries and schools in the UAE, providing American, British and International Baccalaureate (IB) curricula to over 16k students across the country. This marks its first international expansion. (Mubasher)
Orascom Construction partners with ITDA to build strategic warehouse in Egypt.
Orascom Construction Plc (ORAS) signed an agreement with the Internal Trade Development Authority (ITDA) to build, own, and operate a strategic warehouse in Fayoum, Egypt. The project's construction is anticipated to start once the financing is secured and will last for up to 15 months before the project becomes operational. The strategic warehouse is part of the first phase of a program aiming to provide logistics and warehousing services for essential commodities across Egypt. (Arab Finance)
Proptech startup Partment secured 1.5 million USD in a pre-seed round led by Nclude and Plus Venture Capital and with the participation of a group of angel investors.
Partment is an online platform that allows people to purchase shares in a second home with up to seven other people. The company allocates each owner a quota of days to use the property and handles the management and maintenance. (WAYA)
Contact Financial to support Trella’s working capital, expansion.
Contact Financial Holding (CNFN) and B2B technology platform Trella entered into a partnership to secure financing for Trella’s working Capital needs, carrier base, and truck spare parts and maintenance services. The agreement will be executed through Contract Financials’ subsidiaries Contact Factoring, Contact Leasing, Contact Credit, and Creditech. The financing will help Trella’s operations in Egypt and enable its regional expansion. (Arab finance)
EGYtrans denies receiving 4.5 EGP/share acquisition offer.
Egyptian Transport and Commercial Services Company (ETRS) (EGYtrans) denied receiving an acquisition offer at a value of 4.5 EGP per share. The company revealed that it is considering the acquisition of a company operating in a complementary field to expand and support its operations. It is worth noting that EGYtrans’ consolidated net profit after tax reached 20.15 million EGP in Q2 2022, compared to 6.33 million EGP in the same period last year. (EGX)