AUTOMOTIVE-

El Nasr potentially has a new suitor on EVs:Ashok Leyland, a subsidiary of Indian conglomerate HindujaGroup, could partner with state-owned firm El Nasr Automotive to form a joint venture for locally-made electric vehicles, according to the Public Enterprises Ministry, which recently met with the firm to discuss the project. Local media last month reported that El Nasr was in talks with unnamed Indian and Chinese firms to partner on the project. The government has been searching for a replacement partner since talks with Chinese firm Dongfeng fell through in 2021.

TRANSPORT-

Saudi’s Al Gihaz to acquire non-operational marine units + Saudi subsidiary owned by Maridive: Maridive & Oil Services’ board of directors approved last week Saudi conglomerate Al Gihaz Holding’s bid to acquire two non-operational marine units and a dormant Saudi unit owned by its subsidiary, Valentine Maritime, for a total of USD 115.6 mn to settle the group’s bank debt and trade liabilities, Maridive said in an EGX disclosure (pdf). The transaction is within Maridive’s strategy to deleverage its balance sheet and divest its non-core offshore EPC unit. There will be no net proceeds for Maridive as part of the agreement.

REMEMBER- Maridive in November was mulling two separate bids from Al Gihaz Holding and Abu Dhabi’s Ancla Marine Ship Management to acquire Valentine Maritime, which specializes in oil rig and chartering services and currently operates in India and the Gulf.

TOURISM-

From Sphinx International to Italy: Hungarian budget airline Wizz Air will start operating four weekly flights from Sphinx Airport to several cities in Italy — Rome, Milan and Venice — starting from the middle of June, Al Mal reports, citing head of the Egyptian Airports Company Ahmed Mansour.

INFRASTRUCTURE-

The Damietta Port Authority is looking to cooperate with private sector players to establish a new 5k sqm container terminal for dry bulk cargo, Al Borsa reported. The winning bidder will be responsible for constructing, operating and maintaining the terminal for three years, according to the newspaper.

MANUFACTURING-

Public-private silicon partnership: State-owned oil and metals companies have formed a silicon manufacturing JV with private sector players Libra Capital, a subsidiary of Enara Group, and Central Desert Mining Company, according to an Oil Ministry statement. El Alamein Silicon Products Company will build a USD 172 mn factory that is set to produce silicon metal, polysilicon and silicon derivatives.

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