INFRASTRUCTURE-

#1- MSC awarded tender for Tenth of Ramadan dry port: A consortium led by Italy’s Mediterranean ShippingCompany (MSC) snagged the bid to establish and operate the 250-feddan Tenth of Ramadan dry port, Transport Minister Kamel El Wazir said Thursday, without giving further details. The dry dock aims to serve the industrial area in Badr, Ain Sokhna, East Port Said, the new capital and the Tenth of Ramadan.

BACKGROUND- Four consortiums submitted their final bids and proposals at the end of April tobuild and operate the EGP 3.5 bn dry port and logistical hub.

#2- El Sisi inaugurates container terminal at Alex port: President Abdel Fattah El Sisi on Thursday inaugurated the Tahya Misr multi-purpose terminal at the Alexandria Port, according to two cabinet statements (here and here). Part of a national plan to develop the country’s ports, TahyaMisrseeks to transform the Alexandria Port into a global trade and logistics hub and has an annual capacity of 12-15 mn tons of goods.

CMA CGM is ambitious for more: French container and shipping giant CMA CGM, which manages the terminal, hopes to operate more logistical areas and stations in other ports, CEO Rodolphe Saadé said at the inauguration.

AGRICULTURE-

Kom Ombo sugar cane plant: The government has inaugurated an EGP 300 mn facility growing sugar cane seedlings in Aswan’s Kom Ombo under the Decent Life initiative, according to an Agriculture Ministry statement. The plant will grow some 15 mn seedlings each year — enough to cultivate 4k acres of land.

CAPITAL MARKETS-

Egypt’s USD bonds decline on request to join BRICS: The price of Egypt’s USD bonds fell more than 2% on Thursday after a Russian official said the country had officially applied to join the BRICS alliance, Asharq Business reports, citing Bondblox data.

Remember: BRICS members are considering creating a common currency that will allow them to drop the greenback, while Egypt and Russia are working to reduce the use of the USD in bilateral trade in favor of the RUB.

Al Gioshy reviving EGX listing plans? Al Gioshy Steel wants to offer a 30% stake on the EGX in 2024, company chair Tarek Al Gioshy is quoted as telling Al Borsa. The steel manufacturer has been considering an IPO since at least 2019 but tough market conditions amid the pandemic saw it put the listing plans on hold.

INVESTMENT-

Russia to divide its SCZone industrial zone, pending approval: Russia is waiting on approval from MPs to divide its industrial area at the Suez Canal Economic Zone (SCZone) into two parts — one near Port Said at the north end of the Canal and one to the south at Ain Sokhna — TASS reports citing Russian Ambassador to Cairo Georgy Borisenko. Construction on the zone can begin once MPs give their sign-off, Borisenko said.

SUEZ CANAL-

Adani Group discusses Suez Canal projects: Suez Canal Economic Zone Chairman Walid Gamal El Din discussed cooperation projects in ports, renewable energy, logistics, and infrastructure withSudipta Bhattacharya, CEO of Indian conglomerate Adani Group, according to an SCZone statement shared with the press. Adani Group founder Gautam Adani met with President Abdel Fattah El Sisi earlier this year to discuss potential investment in our infrastructure.

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