Wadi Group welcomes Mitsuiʼs investment in Wadi Poultry S.A.E. & subsidiaries to support its future growth and expansion plans
Wadi Group welcomes Mitsuiʼs investment in Wadi Poultry S.A.E. & subsidiaries to support its future growth and expansion plans. Mitsui & Co., Ltd “Mitsui” a leading global trading and investment group, has concluded an agreement to invest “transaction” in Wadi Poultry S.A.E. & subsidiaries “Wadi”, a leading Agribusinesses group with 3 distinct sectors; Poultry, Animal Nutrition and Agri-food. The aim of this investment is to expand Wadiʼs Agribusiness locally in Egypt and for export, Egypt being one of the largest and fast-growing markets in Africa in terms of population and to contribute to the quality improvement of todayʼs increasingly diverse consumerʼs products. Zilla Capital, the top M&A advisor in Egypt, acted as the sole financial advisor and ADSERO -Ragy Soliman- has acted as legal advisor in the transaction to Wadi Group. (Wadi Press Release)
- EU to propose 9 billion EUR investment plan to back Egypt amid Israel-Hamas conflict.
The European Union (EU) will propose an investment plan to back the sectors of digital transformation, energy, agriculture, and transportation in Egypt with 9 billion EUR. An investment forum will be scheduled for next spring to review the decision. The plan aims to reduce illegal immigration to Europe by assisting Egypt with border management, anti-smuggling measures, and voluntary returns. The move comes as the EU is accelerating its efforts to deepen its relations with Egypt and help it deal with the worsening repercussions of the conflict between Israel and Hamas on its borders. (Asharq Business)
- The Central Bank doubles the maximum limits for transactions on financial inclusion accounts.
The Central Bank has decided to double the maximum daily and monthly limits for transactions on financial inclusion accounts, prepaid cards, and mobile payment services for individuals and companies. The new daily limit for transactions on individual financial inclusion accounts is now 60,000 EGP, up from 30,000 EGP, and the monthly limit is 200,000 EGP. These transactions include withdrawals, deductions, transfers, and purchases. For small-sized companies and micro-enterprises with verified documents, an office, or verified by any other means, the new daily limit is 80,000 pounds, and the monthly limit is 400,000 EGP. (Al Borsa News)
- Egypt approves draft decision to eliminate double taxation with Croatia.
The Egyptian cabinet has approved a draft decision to eliminate double taxation between Egypt and Croatia. On September 26th, Egypt signed a double taxation avoidance agreement with Croatia. The move is aimed at stimulating trade and enhancing investment between both countries. (Arab Finance)
- Egypt plans to turn Cairo International Financial Center into MENA’s key hub for VCs.
Egypt is planning to turn Cairo International Financial Center into the main financial hub for venture capitals (VCs) in the Middle East and North Africa (MENA) region. The center will include representatives of major investment funds and branches of global banks to provide the necessary financing for projects carried out by private companies and startups as well as infrastructure projects in Egypt and MENA. The Egyptian government has launched a venture capital, in partnership with the World Bank, at a value of 50 million USD in 2023. (Arab Finance)
- China's LONGi eyes expanding presence in Egyptian market.
The Chinese supplier of solar photovoltaic (PV) solutions LONGi is keen to boost its renewable energies and green hydrogen investments in the Egyptian market, LONGi’s President James Jin said. For his part, Ahmed Ziada, the company's technical director for the Middle East, Africa, and Central Asia region, said that the goal of reaching net zero emissions will require 600 to 800 million tons annually of green hydrogen globally. Egypt can produce 100 million tons annually of green ammonia, which is one of the green hydrogen products, Ziada pointed out. (Arab Finance)
- Egypt signs a binding framework agreement with "Global Auto" for the local manufacturing of automobiles.
Prime Minister Dr. Mostafa Madbouly stated that signing this agreement comes in line with the Egyptian government's focus on developing and expanding the automotive industry in Egypt, particularly environmentally friendly cars, following the issuance of Law No. 162 of 2022 establishing the Higher Council for the Automotive Industry and the Fund for Financing Environmentally Friendly Auto Industry. (Al Borsa News)
- "Jan De Nul," the Belgian company, has commenced studies for a project to export energy from Egypt to Europe.
The Egyptian Electricity Transmission Company signed a memorandum of understanding with the Belgian company "Jan De Nul," a leader in marine cable and offshore energy market services, to initiate studies for a project to export renewable energy from Egypt to Europe. It is worth mentioning that the memorandum of understanding is part of the efforts to enhance energy partnership between Egypt and Europe, focusing on studying the implementation of a project to export renewable energy to Europe through the Mediterranean Sea, using an undersea connection with a capacity of at least 2 gigawatts.(Al Borsa News)
- Madbouly assigns 3 ministers and regulatory authorities to prevent speculation in certain commodities.
Moustafa Madbouly, the Prime Minister, has instructed the ministers of Supply and Internal Trade, Local Development, and Trade and Industry, along with the relevant regulatory authorities, to quickly develop a plan to prevent speculation that occurs in some essential commodities, with sugar topping the list. He emphasized in a statement that the state will take any necessary decisions to halt these practices. (Hapi Journal)
- Hassan Allam Construction to promote Thales’ SDP in Egypt, MENA.
Hassan Allam Construction has signed a strategic partnership with Thales to deliver the latter’s Smart Digital Platform (SDP) in Egypt and the Middle East and North Africa (MENA) region. As per the signed deal, the two companies are planning to cooperate on opportunities to accelerate market adoption and the SDP of Thales in the region. Hassan Allam Construction will be responsible for promoting, marketing, selling, and supporting the SDP in the region. (Arab Finance)
- The profits of "Talaat Moustafa" have risen to 2.7 billion EGP in the first nine months of 2023.
The profits of Talaat Moustafa Group jumped by 34% in the first nine months of the current year, reaching 2.7 billion EGP, compared to approximately 2 billion EGP in the same period last year. The group's revenues also increased to 18.4 billion EGP, with a growth of 32% compared to the same period last year. The group stated in the statement that its business results in the first nine months of the current year are "unprecedented," citing contractual real estate sales of 93.14 billion EGP, including sales related to the group's companies amounting to 60.66 billion EGP. (Economy Plus)
- The first gold auction at the commodity exchange generated revenues of 341 million EGP.
The first auction of the Stamp and Weights Authority at the commodity exchange yielded revenues of 343.8 million EGP from the sale of gold and silver. A ministry source informed "Al-Borsa" that the quantities sold included 66 gold ingots and 41 silver ingots, with a total of 8 competing companies purchasing varying quantities. The sales value of gold amounted to 341 million EGP, while silver sales reached 2.8 million EGP. (Al Borsa News).
- The stock exchange announces the execution of a deal worth 16.4 billion EGP on the shares of "Eastern Company for Tobacco."
The stock exchange administration has announced the execution of a large-scale deal worth 16.4 billion EGP on the shares of the Eastern Company, "Eastern Company for Tobacco," through large-volume mechanisms. The deal involved 669 million shares, with a total value of 16.4 billion EGP. It's worth noting that the Eastern Company for Tobacco achieved its highest profits in its history, reaching approximately 7.7 billion EGP during the fiscal year 2022-2023, compared to 4 billion EGP in the previous fiscal year 2021-2022, representing a growth rate of 90%. (Al Mal)
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