AUTOMOTIVE-

Infinity to charge BMW EVs: Global Auto Group, BMW’s agent and importer in Egypt, signed a strategic partnership agreement with our friends at Infinity to charge electric BMWs at its charging stations, the companies said in a joint statement (pdf) yesterday.

Remember: Infinity is planning to increase the number of charging stations to 300 and charging points to 1k by next year. This is part of a plan with the government to set up 3k stations across the country.

TRADE-

#1- El Sisi signs off on customs breaks for intra-African trade: A presidential decree ratifying the bill for Egypt’s membership in the African Continental Freetrade Area(AfCFTA) agreement was published in the Official Gazette last week, bringing the customs breaks under the agreement into effect. The House of Representatives in June a pproved a bill ratifying the customs reductions under AfCFTA.

FYI- Countries that have ratified the trade agreement have committed to eliminating tariffs on 90% of tariff lines over five years (10 years for low-income countries).

#2- A three-month onion export ban: Ministers yesterday approved halting onion exports until the end of the year in a bid to curb soaring prices, the cabinet said in a statement. The price per kilo has surged to EGP 35 in recent days, part of a wave of record-high inflation triggered by several currency devaluations and a prolonged shortage of FX. Food prices accelerated at a record rate of 71.4% y-o-y in August.

TRANSPORT-

West Cairo BRT? The Institute for Transportation and Development Policy has signed a consultancy agreement with the New Urban Communities Authority to advise on implementing a bus rapid transit (BRT) system between Sixth of October City and parts of Giza governorate, the Housing Ministry said Tuesday. The International Swedish Fund awarded the USD 450k grant for the consulting service on the transportation project, according to Ahram Online.

FYI- The Ring Road BRT system, which broke ground last year, is aimed at reducing traffic on the congested freeway.

COMMODITIES–

#1- More Romanian wheat: GASC has purchased 120k tons of Romanian wheat in a tender, Reuters reports. The state grains buyer agreed to pay USD 272 per ton on a cost and freight basis, according to the newswire.

#2- GASC’s big Russian wheat buy will now come from France + Bulgaria: The 480k-ton shipment of wheat that state grain buyer GASC agreed to buy from a Russian commodity trader will be sourced from Bulgaria and France, Bloomberg reports, citing people it says are in the know. The Supply Ministry earlier this month tweaked its purchase agreement with trader Solaris, allowing it to source the grain — which had initially been set to come from Russian sources — from any origin.

Russia’s wheat price floor appears to be the obstacle: Moscow reportedly objected to the price Solaris offered for the Russian grain — USD 270 per ton including freight — because it was lower than an unofficial price floor that the Russian government is currently enforcing. While the wheat floor is not legally binding and there’s been a lack of consensus about where exactly it stands from month to month, traders are expected to adhere to it.

M&A WATCH-

B Investments needs more time to acquire OFH: The Financial Regulatory Authority (FRA) has approved a request by EGX-listed private equity firm B Investments to extend the deadline for submitting its mandatory tender offer (MTO) to acquire up to 90% of Orascom Financial Holding, it said in a statement (pdf) to the bourse yesterday. The regulator has extended the deadline by 60 working days, giving it until the middle of December to file the MTO.

Remember: B Investments approved in June plans to submit an MTO to acquire up to 90% of Orascom Financial Holding via a share swap agreement. OFH’s majority shareholder OTMT Acquisition and minority shareholder Orascom TMT Investments have agreed to sell their combined 51.72% stake in the company.

LOGISTICS-

SCZone talks green fuel, LNG bunkering in Amsterdam: The Suez Canal Economic Zone (SCZone) head Walid Gamal El Din was in Amsterdam over the week for talks with global maritime and port green energy industry leaders on Egypt’s green hydrogen projects, according to a SCZone statement. He talked with Shell executives about introducing LNG and green methanol bunkering in Egypt, and held discussions with Danish shipping giant Maersk about its work to expand the East Port Said port.

Remember:

Czech firms interested in green hydrogen: A Czech delegation led by the Czech ambassador to Egypt met with Gamal yesterday to talk about cooperation over green hydrogen projects, among other industry and service sectors, the SCZone said separately.

REAL ESTATE-

#1- Al Ahly Sabbour has its eye on KSA: Real estate developer Al Ahly Sabbour is at the final stages in setting up a presence in Saudi Arabia, Al Ahly Sabbour Chairman and Managing DirectorAhmed Sabbour told Asharq Business. He added that the developer inked a cooperation agreement with Saudi’s National Housing Services Company to set up a real estate project in Riyadh, the details of which were not disclosed.

#2- GAFI + FRA to amend real estate fund law: The General Authority for Investment and Freezones (GAFI) and the Financial Regulatory Authority are reportedly mulling changes to real estate fund law, aimed at encouraging the launch of more real estate funds, write Al Borsa.

EDUCATION-

CIRA Education hits record for net annual student enrolment: CIRA Education saw a net increase in enrolment numbers of around 5k students across its facilities for the 2023-2024 academic year — 25% more than its previous annual record, the company said in its latest admissions report (pdf). The education provider admitted some 11k new students in total across its two universities and 27 schools. Of the new intake, some 3.5k students came from the higher education segment, while the remaining 1.5k came from the K-12 segment, the report said.

Tags: