INVESTMENT-

SODIC to double construction capex this year: Leading real estate developer SODIC plans to spend EGP 6 bn on construction during 2023, Al Shorouk reports, citing an interview with the company’s general manager, Ayman Amer. This is almost double the EGP 3.12 bn spent in 2022. Construction capex in the first quarter of the year increased to EGP 861 mn from EGP 634 mn in the same period in 2022, according to the company’s latest earnings release (pdf).

It’s eyeing fresh land acquisitions: The company intends to purchase more than 300 acres of land on the North Coast and new plots in east and west Cairo, according to the newspaper. The expansion follows the company’s down payment on 180 acres of land south of its North Coast project Caesar last month.

And will study real estate developers up for privatization: “We are waiting for the government to announce real estate companies within the state privatization program, and will participate if the shareholders want,” the newspaper quoted Amer as saying. Four state-owned real estate companies were among the 32 names announced by the prime minister earlier this year: El Nasr Housing and Development, Maadi for Development and Construction, El Mostakbal For Urban Development and Salhia Investment and Development Co.

STARTUPS-

Acasia invests in UK-based, Egyptian-run med tech: VC outfit Acasia Angels participated in a USD 750k seed round for London-based medical device startup Precision Cardiovascular, Acasia said in a press release (pdf), without disclosing how much it invested. Precision is working towards developing a micro-sensor implant that can detect heart problems at an early stage. The company’s CEO is Egyptian venture fund partner Mohamed Abou Alam. Heart surgeon Magdi Yacoub sits on the board of the company, which is housed in the clinical research center that carries his name.

CAPITAL MARKETS-

Bourse to launch futures exchange, shariah compliant index by 3Q 2023: The EGX futures exchange could launch the third quarter of this year, Al Borsa and Asharq Businessquote EGX boss Ramy El Dokany as saying.

REMEMBER- The FRA, EGX, and Misr for Central Clearing and Depository (MCDR) are working to launch the futures exchange. The plan is for the exchange to initially allow traders to buy and sell index futures contracts, before launching stock futures and stock and index options at a later date. The shariah-compliant index, meanwhile, is set to replace the EGX50 index.

INDUSTRY-

Damietta inks MoU for new freezone: Damietta Governorate has signed an MoU with the Italian Finestra consortium to establish a freezone in Damietta, the cabinet said yesterday. The zone will consist of 220 industrial units dedicated to manufacturing, storage, and administrative offices covering an area of more than 183 acres. The project will be divided into four phases, each consisting of 50-60 fully-equipped and operational units, the consortium’s Managing Director Pasquale Russo said. The first phase is expected to launch next year, he added.

MANUFACTURING-

Sri Lankan clothing company to up production in Egypt following investment: Sri Lankan clothing company Hela has received a USD 5 mn loan, in part to expand the company’s production at its factory in Egypt. The ESG First Fund, a USD 250 mn investment fund jointly owned by Indian asset manager Aavishkaar Capital and German development bank KfW, will provide the financing, Aavishkaar said in a statement (pdf) Monday.

FYI- Hela more than quadrupled its revenues in Egypt to RS 2.6 bn in 1Q 2023, according to the company’s earnings presentation (pdf).

SMEs-

E-Finance on board to manage digital platform for SMEs: The Micro, Small and Medium Enterprises Development Agency (MSMEDA) has signed a contract with E-Finance’s e-commerce subsidiary e-Aswaaq to manage and operate its online platform for SMEs, the agency said in a statement Sunday. The platform will launch within three months, the statement said.

TOURISM-

Companies invited to bid to manage Alexandria Port commercial center: The Alexandria Port Authority is planning to tender a contract to manage and operate the commercial center at the port’s passenger terminal to local and international companies, Al Mal reported Sunday. Companies have until 16 July to bid for the 10-year contract, which starts in February 2024.

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