AUTOMOTIVE-

One of the new kids on the EV charging block sets out its plans: Local firm IkarusElectric plans to establish 200 EV charging stations worth more than EGP 150 mn within three years, Al Mal reported Thursday. The company recently received a one-year license to build 50 EV charging stations and is in the process of obtaining licenses for another 17, the company’s general manager, Moustafa Mohamed, reportedly told the newspaper.

MANUFACTURING-

#1- Concrete Plus brings in Saudi investor for SCZone tire plant:Concrete Plus has set up a JV with an unnamed Saudi investor to partner on its EUR 750 mn tire factory in the Suez Canal Economic Zone, Al Mal quotes Concrete Plus founder and CEO Tarek Youssef as saying. Concrete Plus will hold 51% of the JV, with the Saudi partner holding the remaining balance, Youssef said. Concrete Plus received approval from the SCZone last month to build the plant.

The details: The plant will be built over several phases, including a EUR 400-450 mn phase to produce 2.5 mn car tires per year, followed by a second phase to expand production to tires for cargo trucks. The company expects to initially produce 5 mn of these tires per year. The output from the factory — which is expected to start operations within two years — will be split 50/50 between exports and the local market.

#2- Sprea Misr opens sulfuric acid factory: Egypt Kuwait Holding’s (EKH) petchem subsidiary Sprea Misr yesterday inaugurated a EGP 1.4 bn sulfuric acid production plant, according to Al Borsa. The factory will produce some 165k tons a year, 80% of which go towards EHK-majority owned AlexFert, the newspaper quotes EKH CEO Sherif El Zayat as saying.

And more production lines: Sprea Misr also recently added six laminate sheets production lines which produce a combined 3 mn sheets a year, the entirety of which will be exported, El Zayat said. He had previously said that the new production lines will cost some USD 12 mn.

HOSPITALITY-

Radisson plans expansion in Egypt: Radisson Hotel Group will open a new luxury hotel in Marsa Alam in 2025, the company said recently. The Radisson Collection hotel will be situated in Port Phoenice next to the Red Sea and contain 294 rooms, several restaurants and a diving center, the hospitality giant said.

TOURISM-

EgyptAir lands in Manchester: EgyptAir yesterday carried out its first trip to Manchester, the Civil Aviation Ministry said. The flag carrier will make five flights a week between Cairo and the northwestern English city.

COMMODITIES-

Zinc export fee extended for one year: Trade and Industry Minister Ahmed Samir has extended export fees on zinc products for another year, the ministry said yesterday. The import fee of EGP 5k per ton was last extended in January for a six-month period as a measure to help meet local market demands.

REMEMBER- The ministry in December scrappeda ban on the export of salvaged and scrap metals — including steel, copper, lead, aluminum, and zinc — in a bid to help manufacturers struggling with price hikes and shortages of raw materials.

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