REAL ESTATE-

MEDCOM to develop infrastructure at Madinet Masr’s Taj City project: EGX-listed real estate developer Madinet Masr has inked a EGP 1 bn MoU with Misr Engineering Development Company (MEDCOM) to carry out infrastructure works in its Taj City development, it said in a statement (pdf) yesterday. Under the memorandum, the contractor will develop the water networks, roads, lighting and utilities at Taj Ville, Shalya, Lake Park, Taj Gardens, and the northern road to Park Residence, all located in Taj City. The work is expected to be completed within 15 months.

MINING-

Gov’t is cooking up an international bid for mineral exploration: The government plans to launch an international tender for the exploration of minerals in the eastern and western deserts before the end of the year, Asharq Business reports, citing sources with knowledge of the matter. The tender is part of the state’s plans to draw USD 1 bn of fresh investment in the mining sector. It will see companies bidding for ores and other minerals — such as iron, phosphate, copper, and white sand — in over 200 blocks of at least 16 sq-km each.

Remember: The Oil Ministry is expected to award seven gold exploration licenses to LSE-listed gold miner Centamin and Canadian firm Barrick Gold this week.

MANUFACTURING-

Shanghai Shengda to set up shop in SCZone: Chinese textile manufacturer Shanghai Shengda will establish a USD 40 mn ready-made garments factory at the Abo Khalifa Industrial Zone, under an agreement inked with the Suez Canal Economic Zone (SCZone), according to a statement. The factory is expected to produce 43 mn items each year, all of which would be exported to the US. It is also expected to create 1.2k jobs.

Remember: The company signed an MoU for the project during the SCZone’s recent roadshow in China and Hong Kong , where CEO Walid Gamal El Din and his accompanying delegation met with a number of Chinese business leaders and investors in efforts to drum up interest in Egypt.

FINTECH-

Egyptian startups join Fintech Galaxy: Over 10 Egyptian startups — including BNPL platform Sympl, AI startup Synapse Analytics, and regtech company Valify Solutions — have joined the Dubai-based open finance platform, Fintech Galaxy, taking advantage of its application programming interface (API) FINX, according to a press release. The companies will be able to access financial data, allowing them to offer personalized services, expand their customer base, and accelerate operations.

FINX? The API allows firms to offer “ flexible BNPL schemes, personalized, AI-driven financial services, accurate credit scoring, risk assessment, and predictive financial management tools,” the statement reads. The API was developed by Fintech Galaxy, an open banking platform operating in Egypt, the UAE, Bahrain, Saudi Arabia, Lebanon, and Moldova.

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