HOSPITALITY-

New Emaar hotels this year: Emaar Hospitality will open two new hotels on the North Coast in 2023, the Address Marassi Beach Resort and the Vida Marina Resort & Yacht Club Marassi, according to Trade Arabia. Emaar is also building the new Vida Residences Cairo Gate, which will open its doors in 2024.

M&A-

Fresh acquires majority stake in Misr Compressor:Fresh has acquired an 80% stake in air compressor manufacturer Misr Compressor for an undisclosed sum, Al Mal reports, citing anonymous sources. The home appliances manufacturer acquired a 40% stake in the firm through the exit of Saudi investment group Dallah Albaraka, 9% through the exit of Saudi-Egyptian Industrial Investment, and another 9% through the exit of MidBank, with the remaining shares coming from undisclosed investors. National Bank of Egypt, Suez Canal Bank, and Misr Ins. hold the remaining 20% in the company.

What’s next: Fresh plans to invest some USD 40 mn in the company within two years to boost its performance and up its annual production capacity from 350k refrigerator and freezer compressors to 5 mn by 2026, according to the newspaper.

COMMODITIES-

GASC on the hunt for local, int’l vegetable oil: State grains buyer GASC has launched an international vegetable oil tender for delivery between 25 June and 10 July, Reuters reported yesterday. GASC also launched a tender for local vegetable oil, seeking 1k tons of soybean oil and 500 tons of sunflower oil for delivery between 1-20 July, the Supply Ministry said. Traders have until Thursday to submit offers in the tenders.

VENTURE CAPITAL-

The African Private Equity and Venture Capital Association’s annual summit last week brought together more than 400 investors and entrepreneurs to discuss how to maintain investment flows to African startups amid heightened global uncertainty, according to a press release(pdf).

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