Wataniya, Safi not to debut on EGX in 2022: TSFE CEO
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Wataniya, Safi not to debut on EGX in 2022: TSFE CEO. Wataniya Petroleum and National Co. for producing natural water (Safi) would not be offered on the Egyptian Exchange (EGX) this year, CEO of the Sovereign Fund of Egypt (TSFE) Ayman Soliman said. The two state-owned companies are only expected to see strategic investments to contribute to their development prior to the end of 2022. Regarding TSFE’s recent investment in Selah El Telmeez Company, Soliman commented that the fund has investments in an integrated platform that invests in education as well as owns a portfolio of several schools which it will operate, in addition to operating in extracurricular activities and digital education. (Arab Finance)
- PIF now owns a slice of EIPICO
Saudi Arabia’s sovereign wealth fund has made its first investment in Egypt’s pharma sector with the acquisition of a 4.7% stake in EGX-listed Egyptian Pharma Company (EIPICO), Al Mal reports, citing sources it says are in the know. The Public Investment Fund (PIF) reportedly purchased some 4.7 million shares from Dubai-based asset manager Saray Capital for more than 140 million EGP via its newly-established Egypt investment arm. Representatives of EIPICO declined to comment on the transaction when we reached out last Monday. (EGX)
- SODIC offers 2.46 billion EGP for full acquisition of Orascom for Real Estate
Orascom Development Egypt (ODE) (ORHD) announced that it received a preliminary non-binding offer (NBO) from Sixth of October Development and Investment Company (SODIC) (OCDI) for the full acquisition of its subsidiary Orascom for Real Estate (ORE) for 2.46 billion EGP. The offer is subject to the fulfillment of several conditions, including but not limited to the completion of due diligence, ODE’s corporate approvals, and all relevant regulatory approvals. ORE is the owner of O West which is a mega real estate developed situated on 4.2 million square meters (sqm) in West Cairo. It is worth noting that ODE owns 70% of ORE, while SODIC is 85.5% owned by the UAE-based Aldar Properties. (Arab Finance)
- Egypt’s ENR, Abela Egypt join forces to manage sleeping trains
The Egyptian National Railways (ENR) and Egyptian Catering and Services Company (Abela Egypt) have signed a special conditions contract for managing and operating sleeping trains. As per the 15-year term contract, the two parties aim to provide unique services for passengers amid the growing demand for using the sleeping trains by both citizens and tourists. This signing marks a key point for the private sector in entering the field of managing and operating a number of railway activities. (Hapi Journal)
- Amazon opens region’s largest customer services center in Egypt
Amazon has opened its largest customer services center in the region in New Cairo, Egypt. The new center will serve customers across Egypt, the UAE, Saudi Arabia, Germany, and Australia. The recently opened center will offer more than 1,600 jobs across different roles ranging from customer support to technical and managerial positions in customer service, quality assurance, training, data analysis, and communications. The opening comes ahead of the shopping season in November, where White Friday takes place. (Hapi Journal)
- Letters of credit not to be required within 2 months: Madbouly
Letters of credit (LCs) will no longer be required within less than two months according to the Central Bank of Egypt (CBE), Prime Minister Mostafa Madbouly said. Moreover, Madbouly pointed out that the national strategy for Egyptian industry will be launched within three months. The CBE’s decision to coordinate with the government in regards with the LCs was made in a time when Egypt saw outflows of more than 25 billion USD in less than a month. (Hapi Journal)
- Egypt could produce green hydrogen at world’s lowest costs: Shaker
Egypt has the potential to produce green hydrogen at the lowest cost in the world, Minister of Electricity Mohamed Shaker unveiled on the sidelines of the Egyptian Economic Conference on October 24th. The cost of green hydrogen production could start from 2.68 SD per kilogram (kg) in 2025 and fall to 1.7 USD /kg in 2050. This would allow Egypt to benefit from its competitive abilities to reach 8% of the global hydrogen market. The minister also noted that this strategy could boost the country’s gross domestic product (GDP) with 10-18 billion USD by 2025, in addition to offering more than 100,000 new jobs. (Arab Finance)
- Ongoing development funds in Egypt’s private sector reach 7.3 billion USD: Al-Mashat
The ongoing development funds from partners of the private sector in Egypt amount to around 7.3 billion USD, Minister of International Cooperation Rania Al-Mashat said. The financings represent a sum of 3.11 billion USD from the European Bank for Reconstruction and Development (EBRD), 1.67 billion USD from the European Investment Bank (EIB), 1.25 billion USD from the International Finance Corporation, 500 million USD from the Multilateral Investment Guarantee Agency (MIGA), and 200 million USD from the Japan International Cooperation Agency (JICA).
- Moreover, the private sector in Egypt has been seeing ongoing financings worth 145 million USD from the OPEC Fund for International Development
76 million USD from the United Nations Industrial Development Organization (UNIDO), and 61 million USD from the Arab Fund for Economic and Social Development (ESCWA). Financing packages from development partners for both public and private sectors in Egypt stood at around 20 billion USD since the onset of the Covid-19 pandemic, of which 4.7 billion USD were directed to the private sector by 1.5 billion USD in 2021 and 3.2 billion USD in 2020. Egyptian banks received huge financings of up to 3 billion USD in 2020 and 2021, accounting for 70% of financings directed to the private sector. (Arab Finance)
- Egyptian real estate developers commend partnership with government
Egyptian real estate developers stated that partnerships with the government have been very successful and beneficial to both sides. The remarks came during the Fifth Session of the Economic Conference – Egypt 2022, in a session that tackled real estate wealth, ways for development, and boosting the private sector’s role. (Reuters)
- Investments in Egypt’s digital transformation sector hit 50 billion EGP: Talaat
The state’s digital economy targets boosting digital exports and local demand for digital solutions, in addition to creating distinctive job opportunities. Additionally, the minister highlighted the ministry’s great efforts in supporting digital innovation and entrepreneurship in Egypt by implementing a plan to increase the number of technology innovation centers to 30 from only three across all governorates with total investments of up to 4.2 billion EGP. (Al Mal)
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