O7 Therapy, an Egyptian research-based online platform, has raised 2.1 million USD in seed funding round to support mental health in the Middle East
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For our top talks today, first, O7 Therapy, an Egyptian research-based online platform, has raised 2.1 million USD in seed funding round to support mental health in the Middle East. The round has been led by Hikma Ventures, along with C-Ventures, Lotus Ventures, and several other angel investors. The recent funding will enable O7 Therapy to expand across the Middle East through offering new product features and developments to support mental health and wellbeing. Moreover, this investment will help the startup to extend its Employee Wellness Program for more organizations across the region. (Arab Finance)
- Second, B Investments is selling its entire 44.7% stake in engineering subsidiary Giza Systems to Saudi Telecom’s internet subsidiary.
B Investments’ board accepted an undisclosed binding offer for the shares from Solutions by STC that would value Giza Systems at 145 million USD. Giza Systems’ sale is a significant turnaround for B Investments. A pioneer of what was once called the “IT” industry, the systems integrator has been in the market since the 1970s and lost a step in the marketplace prior to B Investments’ acquisition in 2006. The company now positions itself as a digital transformation specialist with some 1.4k professionals working across the Middle East and Africa providing “industry-specific technology solutions for asset-intensive industries” including telecoms, utilities, and oil and gas. (Arab Finance)
- Next, Edita Food Industries (EFID) has opened its first overseas manufacturing facility in Morocco on April 3rd. Entering the Moroccan market is a key milestone in the company's expansion plans.
Situated near Casablanca, the new facility is owned and operated by Edita Food Industries Morocco and Moroccan fast-moving consumer goods (FMCG) distributor Dislog Group. Edita owns 77% of its unit in Morocco, while Dislog holds a 20% stake. During the cermony, Edita Food Industries Morocco signed a cooperation protocol with the Moroccan Ministry of Industry and Trade to pave the way for 170 million MAD planned investments, equivalent to around 15.44 million USD. The board of directors of Edita Morocco approved increasing capital to 100 million MAD and purchasing a cake production line from Edita Egypt. (Mubasher)
- On the other hand, the National Bank of Egypt (NBE) was ranked first in Bloomberg’s African syndicated loans league table for the first quarter (Q1) of 2022.
Accordingly, the NBE topped banks in Africa as a financing agent, lead manager, and promoter of syndicated loans. The state-owned bank came in second place as a lead manager, and acquired the third spot as a financing agent in the Middle East and North Africa (MENA) region. (Arab Finance)
- Moreover, the bank has been able to manage nine financing transactions worth more than 35 billion EGP during the quarter.
The results of Bloomberg’s evaluations are a key witness on the NBE’s leadership in the syndicated loans field in Egypt, Africa, and the MENA region, the bank’s Chairman Hisham Okasha said. This success reflects the bank’s huge efforts to provide financing needs through arranging, managing, and promoting creditworthy syndicated loan transactions that aim to add value to various economic sectors in Egypt. (Arab Finance)
- El Nasr Automotive Manufacturing Company has signed a contract with the German group FEV to develop the electronic vehicles (EVs) industry, according to the Managing Director at El Nasr Automotive Hani El-Kholy.
FEV has collaborated with El Nasr Automotive in choosing the EVs set for manufacture in the Egyptian market over the coming period, along with a leading Chinese company. Moreover, FEV is one of the leading global companies in developing vehicles, setting global standards for cars, and implementing designs. FEV is working with several global automotive companies, including Volkswagen, BMW, Mercedes, and Audi. El Nasr Automotive previously signed an agreement with National Automotive (NATCO) to establish the first company in Egypt for selling and distributing EVs. (Al Borsa News)
- Abu Dhabi-based ADQ has teamed up with the UAE agribusiness investment firm E20 Investment to initiate a new platform for the region’s animal healthcare industry.
The new facility in Abu Dhabi will be designated to provide advanced animal vaccine treatments to serve the Middle East and Africa region. The joint investment will initially consist of a developed animal vaccine manufacturing facility in addition to a complex with two advanced animal hospitals. (Mubasher)
- The board of Medical Packaging Company has approved the recommendation of increasing the company’s issued and paid-up capital from 69 million EGP to 131 million EGP.
The capital will be raised by 62 million EGP, distributed over 310 million shares at a nominal value of 0.20 EGP per share in addition to issuance fees worth 0.02 EGP a share, according to a bourse disclosure on Sunday. It is worth noting that in the first nine months (9M) of 2021, Medical Packaging’s net profits stood at 7.62 million EGP, higher than 4.72 million EGP in 9M-20. (Mubasher)
- And for our Egypt Economy, the Egyptian Ministry of Finance has provided a sum of 1.1 billion EGP in advance to the General Authority for Supply Commodities (GASC) and the Agricultural Bank of Egypt (ABE) to finance the purchase process of local wheat.
The government aims to supply around six million tons of local wheat at a value of 36 billion EGP in 2022. Prices of supplying local wheat have been raised by 1,100 EGP per ton this year as compared to 2021. The finance ministry is following up on the daily process of local wheat supplies in cooperation with the Ministry of Supply and Internal Trade, in order to provide the necessary financing to buy local wheat and to ensure enough liquidity for instant disbursement of farmers’ dues.
- It is noteworthy that the country’s state budget is able to positively deal with the current global economic crisis, he said, noting that the government’s priority is to meet the demand of citizens for essential goods and to sustain strategic reserve of wheat.
Earlier in March, the government said in a statement that it approved to disburse an exceptional incentive for supplying local wheat at a value of 65 EGP per ardeb. (Bloomberg Asharq)
- Trade exchange between Egypt and Sudan reached $1.2 billion in 2021, rising by 63.5% from $711.4 million in 2020.
The value of Egyptian exports to Sudan recorded 826.8 million USD last year, surging by 65.7% from 498.9 million USD in 2020. Meanwhile, Egypt’s imports from Sudan increased by 58.5% to 336.7 million USD in 2021, as compared to 212.5 million USD in 2020. In fiscal year (FY) 2019/2020, remittances from Egyptians working in Sudan stood at 17 million USD, declining by 47.5% from 32.4 million USD in FY 2018/2019. On the other hand, remittances of Sudanese expatriates in Egypt soared by 126.9% to 878,000 USD in FY 2019/2020, compared to 387,000 USD in FY 2018/2019. (the Central Agency for Public Mobilization and Statistics (CAPMAS))
- Trade exchange between Egypt and Uruguay has recorded around 493.3 million USD in 2021,
surging by 138% from 207.3 million USD in 2020, Egyptian Minister of Trade and Industry Nevine Gamea said during a meeting with the Uruguayan Ambassador to Cairo Adriana Lissidini. Fertilizers, electronics, food products, oilseeds, dairy products, and wool are among the traded goods between the two countries, Gamea highlighted. During the meeting, the minister mulled over the possibility of setting up a joint council of businessmen interested in investing in the Egyptian and Uruguayan markets. This potential council would strengthen cooperation between Egypt and Uruguay in the trade and investment fields, she noted. (Arab Finance)
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