TOURISM-

EgyptAir will launch two new routes to Manchester, England, and New Delhi, India, in the coming months as part of the government’s efforts to stimulate tourism, it said in a statement (pdf) yesterday. The flag carrier will start operating five weekly flights between Cairo and Manchester from July, while four weekly flights to the Indian capital will go live in August.

FINTECH-

Stllr pairs up with Payoneer: Local outsourcing startup Stllr Network has partnered with Payoneer to enable its network of marketing professionals to access the US fintech company’s payment platform, the firms said in a joint statement (pdf). Stllr will be able to make real-time settlements with their clients and users will be able to securely receive global payments in multiple currencies from clients around the Middle East, the statement said. Stllr provides a range of services including SEO, media buying, copywriting and social media for its clients, across Egypt, Saudi Arabia and the UAE, and last year closed a six-figure USD investment round.

HOSPITALITY-

Somabay developer to build two new hotels: Abu Soma Development Company (ASDC) plans to invest EGP 1.6 bn to build two hotels in Hurghada, Al Borsa reports, citing CEO Ibrahim El Messiri. The Somabay developer will complete the first hotel by September 2024 while the second will open in 2025. The two hotels will have a capacity of 380 keys, El Messiri said.

MANUFACTURING-

Madbouly gathers suggestions from industry, investment heads: Prime Minister Moustafa Madbouly discussed potential incentives to help boost localization across various industries with representatives of the Federation of Egyptian Industries, industrial chambers, and manufacturers, a cabinet statement read. The session is the first of several meetings aimed at gathering proposals to help localize manufacturing. Madbouly also sat down with the board of the Egyptian Federation of Investors Associations to discuss policies to help attract investment to the country, according to a separate statement.

Elsewedy Electric breaks ground on KSA cables factory: Elsewedy Electric has begun construction on a Saudi cables factory that should be up and running within two years, CEO Ahmed El Sewedy is quoted as telling Asharq Business, without detailing the investment cost of the project. The factory will produce materials for the local market, he added.

Elsewedy is keen on Saudi: Elsewedy Electric subsidiary Rowad Modern Engineering has plans to expand in Saudi and lock down a portfolio worth somewhere between SAR 500 mn and SAR 1 bn this year, CEO Mohamed Mahlab told Enterprisein May. Another Elsewedy subsidiary is building a 300-MW solar power station for Saudi Arabia’s Al Ghazala Energy. The company in November approved setting up one or more new companies in the KSA.

STARTUPS-

NoorNation joins PepsiCo MENA accelerator: Local renewable energy player NoorNation has been selected for PepsiCo’s 2023 Greenhouse Accelerator Program: MENA Sustainability Edition, which opened to Egyptian projects for the first time this year. The six selected startups — which also include firms from Jordan, Lebanon, and Tunisia — were chosen from more than 180 applicants across 18 countries. They will each receive a USD 20k grant and mentorship to help them scale. One of the six will also get an additional USD 100k at the end of the six-month program.

PepsiCo aren’t the only ones looking at NoorNation: The startup was showcased in the Planning Ministry’s Smart Green Governorates initiative last year and was among six firms in the scheme that were selected to receive technical support, training and business advisory services from the European Bank for Reconstruction and Development.

TELECOM-

Vodafone Egypt will invest more than EGP 330 mn this yearto operate its network using renewable energy sources, reports Al Mal, quoting Vodafone Egypt External Affairs and Legal Director Ayman Essam. The company has signed a contract with the New and Renewable Energy Authority (NREA) to supply it with electricity from NREA renewable projects and is working to power its operations entirely by renewables by 2025, in line with Vodafone Group targets, Essam said.

It’s not just Vodafone: All four of the country’s telecom providers last week inked agreements with the Madbouly government to purchase green energy to use in their facilities.

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