LOGISTICS-

Yanmu x CIB: Yanmu Logistics Park has lined up a EGP 1.5 bn, 10-year loan from CIB to help fund its first logistics park east of Cairo, according to a joint statement (pdf) out yesterday. Yanmu is a joint venture between HAU Logistics and Kuwait-based global supply chain and infrastructure player Agility. Yanmu will build logistics parks and warehouses across Egypt.

FYI- HAU Logistics is a newly-formed partnership between Hassan Allam Utilities and AP Moller Capital.

Advisors: Matouk, Bassiouny & Hennawy were legal counsel.

Background: The companies announced the USD 100 mn park earlier this year alongside the unveiling of their new Yanmu joint venture. Hassan Allam Utilities is expanding its investments in logistics as it builds an “integrated logistics platform covering the entire value chain for storage and handling services in Egypt,” it said. Agility said last fall that it is investing c. USD 60 mn “to develop and operate two customs and logistics centers in the Suez Canal Economic Zone.”

AUTOMOTIVE-

Volvo will make electric buses in Egypt: Swedish automotive giant Volvo will partner with local private-sector firm MCV to locally assemble electric buses for export to Europe, the Trade Ministry s ai d yesterday. Under the agreement, the two companies will use at least 50% local components, according to the statement. Volvo had earlier expressed its interest in upping its local investments during the Egyptian-Swedish Business Forum in Stockholm in May.

Remember: MCV entered into an agreement with the Military Production Ministry in 2021 to locally assemble the first all-Egyptian electric buses in cooperation with a ministry factory.

NBFS-

Beltone Leasing gets a factoring arm: Beltone Financial’s leasing subsidiary has received a license from the Financial Regulatory Authority (FRA) to add factoring to its lines of business, according to a statement (pdf). The company has rebranded as Beltone Leasing and Factoring.

The strategy: “The company plans to capitalize on this new license in light of the growing demand for immediate access to cash flows and alternate sources of finance by medium- and large-sized corporations, while reducing the associated credit risk,” Beltone said in the statement.

Beltone has lots of dry powder after in July closing a landmark EGP 10 bn capital increase, placing some 5 bn new shares on the EGX. Its leasing arm recently raised its capital to EGP 1 bn, becoming what Beltone says is the biggest player in the local market in terms of paid-in capital.

The leasing business is going strong: Beltone’s leasing arm has so far this year “signed multiple transactions worth approximately EGP 4 bn,” according to the statement. Last week it acquired the Laguna Vista Beach Resort in Sharm El Sheikh from Pickalbatros Hotels & Resorts Group to lease it back to the company in an EG P 750 mn agreement.

REAL ESTATE-

NUCA offers eight plots of land for USD: The New Urban Communities Authority (NUCA) is selling eight plots of land for industrial projects — six in Badr City and two in Borg El Arab — under the government’s land-for-FX initiative aimed at drumming up foreign currency, A l Mal reports, citing data by the authority it says it has seen.

Remember: The land-for-FX scheme allows foreign investors to circumvent the lengthy auction process by bidding directly for state-owned land, provided they pay in hard currency.

ENERGY-

Swedish consultancy to study integrating renewables into the national grid: The Egyptian Electricity Transmission Company (EETC) has contracted Swedish consultancy AFRY to conduct a feasibility study on connecting renewable energy sources to the national energy grid, according to Al M al, citing Sweden’s ambassador to Cairo, Hakan Emsgard. Funding for the study will come from the Swedish government’s development finance institution Swedfund, he said. Cabinet published a statement following a meeting between Sweden’s international cooperation minister and Egyptian Electricity Minister Mohamed Shaker on Monday, without mentioning AFRY.

MANUFACTURING-

Applicants get the green light to operate their Damietta Furniture City workshops: GAFI boss Hossam Heiba handed over permits to several applicants to operate workshops in the Damietta Furniture City, the investment authority said yesterday.

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