President Abdel Fattah El-Sisi has inaugurated on Monday Bahr El-Baqar plant, the world’s largest wastewater treatment plant
For our top talks today, first, President Abdel Fattah El-Sisi has inaugurated on Monday Bahr El-Baqar plant, the world’s largest wastewater treatment plant. At a cost of 20 billion EGP, the plant has a capacity of 5.6 million cubic metres per day using tertiary treatment method. The plant will contribute to the reclamation of 400,000 feddans in North Sinai as part of the national project for Sinai development and the country’s plan to make the best use of water resources.
- Second, Dr. Rania Al-Mashat, Minister of International Cooperation, received Marwan Abdullah Al-Ghanim, Director General of the Kuwait Fund for Arab Economic Development,
highlighting her confidence that the channels of cooperation open between the Arab Republic of Egypt and the Kuwait Fund for Development will witness further development and growth during the next stage. She indicated the Egyptian government's constant aspiration to develop cooperation relations with the Kuwait Fund for Development, which is one of Egypt's most important partners in development, and thanked the Kuwait Fund for its prominent role in supporting development efforts in Egypt by financing priority development projects for the Egyptian government. Most notably the projects of the Sinai Peninsula Development Program, where the ongoing development financing portfolio with the Fund includes 26 projects worth 1.5 billion USD.
- Furthermore, Walid Labadi, Regional Director for Egypt, Libya and Yemen at the International Finance Corporation,
said that the volume of funds provided by the Corporation for the implementation of projects in Egypt during the past 18 months amounted to nearly 700 million USD in the sectors of health, industry and sustainable finance, as well as investment to help start-ups and entrepreneurs. Business. He added that there is an interest among a number of the corporation's partners, banks and companies from the private sector, to cooperate with it in the field of green bonds, especially after the offering that was launched during the last period in cooperation with the Commercial International Bank (CIB), noting that there are currently talks with a number of parties in this regard.
- Moving to our M&As and companies talks, Hikma Pharmaceuticals announced that it is buying US-based Castofarm for Sterile Injectables in a deal worth 425 million USD,
as the generic drug company looks to boost its US injectable business, Reuters reported. Through this acquisition, Hikma will have a distinguished American portfolio of about 130 drugs given by injection, which is an increase of more than five times over the past decade. Also, Hikma Pharmaceuticals expects Castopharma to generate more than $80 million in sales this year and boost its injectable business margins. It is worth mentioning that in late January, Hikma Pharmaceuticals said it plans to buy GlaxoSmithKline's (GSK) stake in assets including the pharmaceutical business, consumer marketing and manufacturing in Egypt and drug activities in Tunisia.
- In addition, the Public Investment Fund of Saudi Arabia (the Saudi sovereign fund) announced that it has completed the acquisition of a 25% stake in Emaar the Economic City, which is linked to Emaar Properties in Dubai, according to Reuters.
Emaar the Economic City, which operates in King Abdullah Economic City in Saudi Arabia, issued new shares to the fund by transferring debts worth 2.833 billion SAR (755 million USD). It is worth noting that the deal will contribute to the development of multiple aspects of cooperation between Emaar the Economic City and the fund's system of companies, especially in the real estate, manufacturing, logistics and tourism sectors.
- Moreover, Hussein Sabbour Consulting Office is negotiating with another Saudi to enter into a partnership that qualifies to compete for projects in the Kingdom of Saudi Arabia.
Sabbour believes that Saudi Arabia will be the winning horse in the Gulf region during the next stage, within the framework of the plan it has set for the year 2030, as it is witnessing a large number of infrastructure and development project. Likewise, El Nasr Export and Import Company “Jusoor”, expects to reach the registration of 10,000 products in the Egyptian electronic catalog by the end of January 2022. The company is in the process of opening 6 export centers, including one in Dubai, France, Cameroon, Ghana and Sudan, within the first phase of opening 14 export centers and branches abroad.
- In the same fashion, Palm Hills Development on Monday signed a loan contract worth 2.5 billion pounds to finance the new Cairo project on an area of 500 acres.
This loan was signed by its subsidiary Palm Investment and Real Estate Development with both Banque Misr and the National Bank of Egypt. The Palm New Cairo project is located near the New Administrative Capital, and includes luxury housing units and villas of various sizes on a total built-up area of 400 acres. Not to mention, Sorouh Developments intends to invest 1 billion EGP in construction works of a residential project in the New Administrative Capital (NAC) over two years. The company plans to achieve 300 million EGP in sales during the exhibition period and until the end of October, noting that Sorouh targets about 11 billion EGP in sales from its two projects in NAC.
- Equally important, the three banks, “Al-Ahly, Egypt and Cairo” intend to launch a fintech fund to support the capital of emerging financial technology companies in October 2021,
with a minimum capital of 1 billion EGP, with the possibility of any banks or other financial institutions wishing to participate. The participation of banks in this fund stems from their belief in the importance of keeping pace with global developments in the field of financial technology, which is the future of the banking and financial industry in Egypt and the world.
- Furthermore, Petrojet is implementing about 14 new projects for the benefit of the Kingdom of Saudi Arabia and the UAE, at a time when it plans to expand in African markets and open new ones.
Petrojet is working according to an ambitious strategy that aims to expand its business and contracts in Arab countries such as Saudi Arabia, Jordan, UAE, Oman, Iraq, Kuwait, Algeria and others.
- Finally, for our EGX talks, the investment bank “Renaissance Capital” reported that despite its neutral rating on the EGX,
it expects it to continue its recent superior performance compared to other emerging markets, until the end of this year, supported by expected cash flows, and a wide valuation gap of more than 2.6 times, compared to the Historic averages. The investment bank stated that the performance of the EGX exceeded 19% compared to other emerging markets during the last three months. Pointing out that with the possibility of a decrease in the returns on treasury bills, certificates of deposit and savings by rates ranging between 2% and 2.5%, according to its estimates, the EGX is expected to attract new capital.
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