The Export Council for Engineering Industries organized a number of workshops and preparatory meetings for the HATS 2021 exhibition
For our top talks today, first, the Export Council for Engineering Industries organized a number of workshops and preparatory meetings for the HATS 2021 exhibition, which is organized in cooperation with the US Agency for Development within the project for the development of trade and export development in Egypt on November 22, by receiving 70 importers from 26 countries, with the aim of stimulating the export movement in the sectors of household appliances and tools Table and hotel equipment within the state’s plan to achieve 100 billion USD export. It is worthy to mention that receiving a delegation of importers in the home appliances sector, kitchen utensils and hotel equipment is the most prominent promotional means for the sector, and it is scheduled to hold B2B meetings between companies, exporting factories and foreign buyers, to penetrate new international markets and access real and promising export opportunities. (Al-Mal)
- Second, clean renewable energy is doing great here at home! Egypt’s production of electricity generated through wind energy increased during the third quarter of this year by about 2.3%
compared to the same period last year 2020, with an increase of 37 gigawatts / hour. The total production from the stations rose to 1664 gigawatt hours during the period from July to last September, compared to the production of the same period in 2020, which recorded about 1,627 gigawatt hours. Noting that last September had the highest production, with about 671 gigawatt hours, followed by August with 500 gigawatts, and finally July, with a total of about 493 gigawatt. (Al-Mal)
- Additionally, the Ministry of Education and Technical Education signed a cooperation protocol with Schneider Electric Egypt, the European Institute for Cooperation and Development (IECD), and the National Charitable Investment Fund for Education;
With the aim of completing the development process of the Electro Egypt School of Applied Technology, affiliated to the Peace Administration, in Cairo governorate. The Egyptian government is trying to maintain the quality of applied technology schools, and develop them continuously to serve the educational process, and provide students with all the training and skills that qualify them fully for the local or international labor market. (Arab Finance)
- Equally important, the Central Bank of Egypt (CBE) directed banks operating in the Egyptian market to increase financing for the operations of companies and factories, especially small and medium-sized companies,
which number more than 126,000 companies and factories, by injecting additional funds to help them face the increase in international prices and maintain operating and production rates. Tariq Amer, the governor of the Central Bank, called for the need to work on solving the problems of the industry and to write off heavy fines from taxes, gas fines, land and insurances; This is to help companies get out of their financial stumble in order to preserve employment and return production rates to higher rates. (Al-Mal)
- On the other hand, Egypt’s Minister of Communications and Information Technology, Amr Talaat, and Russia’s Deputy Minister of Digital Development, Communications and Media, Maxim Parshin, met to discuss investment opportunities in the Egyptian ICT sector,
and ways to enhance cooperation between the two countries in relevant fields, especially building digital capabilities and providing technological solutions. Talaat explained the competitive advantages of the Egyptian ICT sector and the various opportunities it enjoys in light of the continuous growth witnessed by the sector and the implementation of a huge number of projects to build a digital Egypt. ( Daily News)
- And for our top talk abroad, we must mention that the US is determined to form a strong front to reduce oil prices in the coming days, after the decision of the Organization of Petroleum Exporting Countries “OPEC +” to stabilize production and not to comply with Washington’s demands.
However, most expectations point in the direction that the process of withdrawing stocks led by the US will not last long, and that its effect on prices will only cause a temporary relief that will not last. Crude oil prices fell to their lowest level since the beginning of last October, down from a seven-year peak. Oil prices for the benchmark Brent crude blend fell during Thursday's trading to the lowest levels of 80 dollars, as it is trading at 79.8 dollars, down 0.6 dollars. (Investing.com)
- Moving to our EGX & companies talks, first, WebEngage, a full-stack retention operating system, revealed its expansion plan into the Middle East and Africa (MEA) region.
The India-based has set up a dedicated local team for sales and customer success management in the UAE, Saudi Arabia, Egypt, Kuwait, and Qatar markets. The company has been establishing relationships in the region for the past three years and now plans to actively invest in community building, education, and training initiatives to build capabilities among customer teams in the Middle East region. WebEngage’s regional portfolio includes enterprise and startup segments, such as eXtra Stores, Vezeeta, Btech, elmenus, Ajmal Perfumes, Jazeera Paints, Wego, MakeMyTrip, among others. (Daily News)
- Second, "Qastly" for real estate investment, revealed the company's intention to issue securitization bonds with an estimated value of about one billion EGP at the beginning of next year.
«Qastly» is a real estate investment company that was established in 2018, and works on finding solutions to installment units for individuals with immediate delivery, and it also covers all types of commercial and residential units. Qasatly had issued securitization bonds last year with a value of 700 million EGP, as part of an integrated program with a total value of 6 billion EGP, to be implemented over the coming year. (Al-Mal)
- By the same token, Swvl aims to request smart mass transit services to expand in the Brazilian and Mexican markets during the first quarter of 2022, as a subsequent step after completing a deal to purchase a controlling stake in Argentine Viabol.
Swvl's acquisition of Viabol is its second this year, after Spain's Schoettle, since the first announced its plans last July to go public on the Nasdaq Stock Exchange by merging with the special purpose acquisitions company, Queens Gambit Growth Capital. Bloomberg estimated the value of the Viabol deal, which the company announced on Tuesday, at about 10 million USD. (Al-Mal)
- Also, Coldwell Banker - Egypt, a pioneer in real estate investment and marketing, announced the launch of its new Franchise Program in Egypt for the first time.
The announcement took place on the sidelines of its sponsorship of the fourth edition of BiznEX 2021- Egypt’s Business Conference, which is dedicated to attract business and investment opportunities in light of Egypt’s interest in micro, small and medium enterprises. The program aims to support and develop the Egyptian real estate market by preparing a generation of professional real estate experts to cater all the Egyptian governorates, provide job opportunities, and create new investment opportunities that provide a guaranteed return on investment. (Arab Finance)
- Additionally, the Arab Consulting Engineers Company (ACE Moharram-Bakhoum), the leading a multidisciplinary engineering consulting company, is partaking in the project of modernize signaling and communication systems on the 118km Nag Hammadi - Luxor railway track. The project’s total cost amounted to 110 million USD.
Moharram-Bakhoum will be designing and supervising the implementation of control stations, civil works, telecommunications networks, and electricity works, while also providing technical support to select the best technical and financial offers for the implementation of the project. (Arab Finance)
- Likewise, Vodafone has selected VMware as a strategic technology partner to provide a unified platform to automate and organize all workloads across its core network across Europe, starting with standalone 5G services.
This step comes with the continuous pursuit of service providers towards providing their services by default and providing them within service containers, as the need for fixed platforms based on cloud computing to organize and manage workloads across any network and any computing cloud is increasing. (Al-Mal)
- In addition, Lee Dixin, CEO of TEDA Egypt Investments, signed land transfer contracts in the TEDA Suez area with managers of 3 companies, “K&I International Co,” “Egypt Golden Eagle Co,” and “Egypt Yuehao Optoelectronic Technology Company.”
This signing is the first focused additional investment for small and medium-sized companies in the expansion zone in the TEDA Suez region for economic and trade cooperation between Egypt and China. It is noteworthy that TEDA Suez Zone for economic and trade cooperation between Egypt and China had attracted 102 companies at the end of last February to settle and work in it, and the actual accumulated investment of companies in the region exceeded one billion dollars. (Arab Finance)
- Moreover, the latest business results of Speed Medical, which specializes in medical services, showed that its net profit doubled by 240% during the first nine months that ended last September,
recording a net profit of 166.7 million EGP during the aforementioned period, compared to about 49 million EGP during the comparative period of 2020. The company’s revenues jumped to 269.1 million EGP during the period, compared to revenues of 112.8 million EGP during the comparative period of 2020. The basic share of profits jumped to 0.107 EGP at the end of last September, compared to a share of 0.09 EGP per share at the end of September 2020. (EGX)
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