Zoomcar announces listing on Nasdaq
Knowing the latest new has never been easier!
Do not miss our 2 minutes top Morning Talks…
Zoomcar announces listing on Nasdaq. Zoomcar will be listed on NASDAQ Stock Market with its name changed to Zoom Car Holdings after entering into a definitive agreement to merge with Innovative International Acquisition Corp. The merger will be officially complete by the second quarter (Q2) of 2023. In 2021, Zoomcar launched its services with total investments estimated at 25 million USD and around 20,000 bookings recorded last year. In early 2022, the company announced doubling its investments in Egypt, seeking to reach 50 million USD over the coming three years. Zoomcar plans to expand the scope of its services and extend its footprint into Alexandria, South Sinai, Red Sea, Dakahlia, and Gharbia governorates. (Arab Finance)
- Paymob unveils the UAE as its regional hub
Egypt-based omnichannel payments facilitator Paymob has started its next phase of expansion by presenting the UAE as its regional hub. This marks a major step in Paymob’s global growth plans, backed by recent Series B funding led by Paypal Ventures. Paymob aims to make fairly large investments in the UAE over the coming three years. The company’s expansion in the Emirati market will help supporting small- and medium-sized enterprises (SMEs) and microbusinesses across the Gulf state. (Arab finance)
- DM Development, Germany’s Apleona to launch MENA’s 1st therapeutic destination in Ain Sokhna
DM Development signed a memorandum of understanding (MoU) with Apleona Group, the German integrated property management provider, to launch the first therapeutic and recreational destination in Egypt and the Middle East. The destination will be established in the retail area at The Groove Sokhna Resort with 300 million EGP in total investments. This project will promote medical and recreational tourism in Ain Sokhna. (Arab Finance)
- ICMI’s board nods to acquisition study for 2 companies
International Company for Medical Industries’s (ICMI) board of directors approved starting negotiations for the acquisition of two companies in the fields of pharmaceuticals and medical clothes. ICMI will consider the acquisition of 70% of a 150 million EGP pharmaceutical company by increasing the company’s capital through credit balances. The company will also study the acquisition of 72% of a 6 million EGP medical clothes company by raising the company’s capital through credit balances. (Arab Finance)
- Egypt among National Geographic’s 25 best tourist destinations for 2023
Egypt came among National Geographic’s 25 best tourist destinations for 2023 list. National Geographic published on its website a report titled “25 breathtaking places and experiences for 2023” that includes the world’s best tourist destinations in 2022, recommending visiting them in 2023. The report shed light on the highly anticipated Grand Egyptian Museum and the Avenue of the Sphinxes, which was opened last year in Luxor. (Arab Finance)
- Walid Gamal El-Din: New additional incentives for investors to enhance the competitiveness of the economic zone
The board of directors agreed to issue a guide to customs procedures within the authority, which aims to establish an integrated industrial base that encourages attracting foreign investment and revitalizing the local market by encouraging the increase of the local component within the various industries, in addition to supporting logistical projects within the economic zone. (Hapi Jounral)
- It is worth mentioning that the board of directors also discussed the authority’s strategy to localize the green fuel industry
which is based on 3 main axes: the manufacture of green fuels from (green hydrogen - green ammonia - and ethanol), in addition to the importance of working on complementary industries to manufacture green fuels from electrolyzers, solar panels and turbines. In addition to the activity of bunkering ships with green fuel, this meeting comes before the participation of the Suez Canal Economic Zone in the work of the COP27 climate conference, in which it will announce the start of its first actual production of green fuel. (Hapi Journal)
- Planning Minister: The Suez Canal Authority’s investments are estimated at about 13 billion pounds in the current fiscal year’s plan
Hala Al -Saeed, Minister of Planning and Economic Development, said:The Suez Canal contributes to absorbing the growing trade movement and receiving huge tankers and giant ships. Through it, about 10% of the total global trade movement, and approximately 25% of the total global cargo movement, and almost 100% of the total seaborne container trade between Asia and Europe, and this because the Suez Canal is the shortest linking route between the East and the West and the cheapest, where the transit ships achieve savings in time and distance, and thus reduce fuel and operating costs, which gives the canal a competitive advantage over other alternative shipping lanes. (Hapi Journal)
- The Madbouly government plans to IPO as many as four state-owned maritime and land transport companies during 1Q 2023
As it looks to reboot its stalled privatization program, the domestic press reports. Damietta Container & Cargo Handling Company (DCHC) and Port Said Container & Cargo Handling Company (PSCCHC) will be offered on the EGX. The Egyptian Company for Maritime Transport (Martrans) and General Egyptian Warehouse Company will be offered on small-cap index. The state plans to sell at least 25% of the companies to public investors. The companies are currently being restructured to meet listing and IPO requirements. (Al Mal)
- Transport Minister Kamal El Wazir said in May that the government was looking to merge seven ports into a holding company and possibly offer it on the EGX and / or to strategic investors
He made the remarks after the news of the state’s privatization strategy broke in spring. The minister appeared to walk this back at an event last week, saying, “Egypt does not sell its ports.” Emirati port operators have shown significant appetite for Egypt’s Red Sea ports in recent months, with Abu Dhabi Ports taking over management of Ain Sokhna port and acquiring majority stakes in two local shipping companies. Qatar now looks to be getting in on the act and is studying investment in Damietta port. (Al Mal)
- The Sovereign Fund of Egypt is about to hit the road to market stakes in companies including bottled water maker Safi and filling station operator Wataniya
EGX boss Rami El Dokany is just back from the UAE leg of a roadshow that aims to drum up interest in public equities. Dokany said in September that the EGX is in “serious talks” with five or six private sector companies interested in listing, stressing that simplified listing procedures are helping drive interest. Petrochemical, energy, fuel, and fertilizer companies are among those interested. (Al Mal)
- Activity in Egypt’s non-oil private sector continued to contract in October, albeit at a marginally lower pace than it did in September
The PMI index registered 47.7 last month — just 0.1 points higher than September’s reading, but marking the highest reading since February. This is the 23rd consecutive month that index has come in below the 50.0 threshold that separates growth from contraction. (Hapi Journal)
- Egypt in talks with 6 Saudi companies over renewable energy projects
Egyptian Ministry of Electricity is negotiating with six Saudi companies to implement renewable energy and green hydrogen generation projects, of which the first phases will see initial investments of over 3 billion USD. This comes following the signing of a memorandum of understanding (MoU) between Saudi ACWA Power and EETC to build a 10-giggawatt wind farm in Egypt. It is worth noting that the first phase of the project conducted by ACWA Power will be set up with a capacity of 1.1 gigawatts, adding that the construction of the project will commence early 2023. (Asharq Business)
- The International Cooperation Ministry will seek blended finance for nine projects worth USD 15 bn in its Nexus on Water, Food and Energy (NWFE) program
The projects include a “massive energy project,” five projects in the field of agriculture and food security, and three in irrigation and water resources. The projects aim to achieve the emissions targets in our recently announced nationally determined contributions (NDCs). (Hapi Journal)
Subscribe to Newsletter
Stay up to date
More Newsletter to Check
