India, Egypt expect bilateral trade to reach 12 billion USD in next five years

Newsletter

29 Jan 2023

India, Egypt expect bilateral trade to reach 12 billion USD in next five years. Egyptian President Abdel Fattah El-Sisi arrived in New Delhi on a three-day visit and was the chief guest at the 2023 Republic Day celebrations. The two countries have inked five agreements providing for cooperation in areas of culture, information technology, cyber security, youth matters and broadcasting. Egypt is also considering allocating a special area for Indian industries in the Suez Canal Economic Zone. (Zawya)

El Sisi also met with several Indian ministers, officials and businessmen to pitch economic and trade cooperation
Including increasing Indian investments in Egypt. El Sisi pointed to the Suez Canal Economic Zone, which includes a number of industrial and logistical zones, as a promising opportunity for Indian companies wanting to benefit from Egypt’s strategic location and trade agreements with several nations. Indian officials expressed their interest in growing the two countries’ trade of agricultural products. (Al Mal)
Egypt to keep electricity tariffs unchanged for 6 months
The Egyptian government will not raise electricity prices for households for six months ending June 30th. Last year, Egypt started the full implementation of a national plan to rationalize electricity consumption, a move that aims to save gas that is pumped into power stations in an effort to boost its export. The government ordered commercial malls to set central air conditioners at no lower than 25 Celsius degrees, in addition to closing malls at 11:00pm. (Shorouk News)
Egypt releases 1.5 billion USD goods from ports in 6 days
The Egyptian government released 1.5 billion USD worth of goods from ports during the period from January 18th to 23^rd. During the meeting held to follow up on the situation of the goods that have been piling up at Egypt's ports, Madbouly stressed that the government is working hard to accelerate the release of these goods at ports. (Hapi Journal)
Madbouly follows up on government's plan to boost investments in EGX
Prime Minister Mostafa Madbouly held a meeting with EGX’s head Rami El Dokany and other officials to follow up on the government's plan to boost investments in the country’s bourse. Madbouly also was briefed on the promotional tour plan for the Egyptian Stock Exchange scheduled for next month, which comes as a continuation of the foreign tours program that began last October. (Arab Finance)
El Sewedy Electric’s subsidiary wins 328 million USD project in Qatar
Elsewedy Electric (SWDY) announced that its subsidiary EL SEWEDY Cables Qatar, 73.4% owned by Senyar Industries Qatar Holding, has received a Letter of Award from Qatar General Electricity and Water Corporation (Kahramaa) for a 328 million USD project. The company has been awarded the installation of new Extra High Voltage/High Voltage Cables (EHV/HV) underground, as well as various voltage levels ranging from 132kV to 66kV and modifications to the current circuits MW. (EGX)
Palm Hills, EEP sign deal to manage GEMS School in Badya city
Palm Hills Developments (PHDC) has signed an agreement with Egypt Education Platform (EEP) to manage GEMS British International School in Badya City. Palm Hills plans to open Gems British International School in September 2024. (Hapi Journal)
SFE + B Investments to co-invest in healthcare, pharma
The Sovereign Fund of Egypt (SFE) and B Investments will together invest in Egypt’s healthcare and pharma industries under two agreements that could channel more than 2 billion EGP into local businesses. The first agreement will see the SFE invest 100 million EGP in B Healthcare Investments, which aims to raise up to 1 billion EGP to deploy in the specialized healthcare sector. B Investments will stump up an additional 200 million; the firm is aiming to place the rest of the fund with a mix of local and regional private-sector investors. (Al Mal)
B Healthcare Investments’ first big acquisition was a leading fertility center
The company had “an initial focus on fertility, mother-and-child, and related services businesses,” the statement reads. It acquired last summer 51% of the Egyptian IVF Center, one of the country’s leading fertility centers, and said at the time that it was looking at follow-on investments. The private equity firm will reportedly fund the upcoming transactions with some of the proceeds of its exits from TotalEnergies Egypt and Giza Systems, which are expected to raise more than 150 million USD combined. (Al Mal)
Affirma Capital, StonePine close acquisition of minority stake in pharma player Nerhadou
A private equity consortium of Affirma Capital and StonePine has closed its acquisition of a “significant minority stake” in local pharma and nutraceutical player Nerhadou International in a 20 million USD transaction. Nerhadou is also the first in the country to manufacture oral dispersible film (dissolvable meds, an alternative to pills), giving it a first-mover advantage. (Al Mal)
Tamweely opens 1st first fully solar-powered branch in Egypt
Tamweely Microfinance Co has opened its first fully solar-powered branch in Minya governorate. The opening of the new branch within the framework of Tamweely’s green transformation strategy to apply the standards of sustainability. This step comes in line with the state’s directives as well as the company’s products development plan. (Arab Finance)