REAL ESTATE-

PHD to expand Palm Hills October following land purchase: Palm Hills Development has acquired a c.1.6 mn square-meter plot of land from the New Urban Communities Authority (NUCA), the company said in a press release ( pdf ). The land is next to the developer’s Palm Hills October project, and will be used for a mixed-use development featuring villas, commercial facilities, a five-star hotel, and an extension of Palm Hills Sporting Club The company expects it to generate EGP 85 bn in sales proceeds over a 5-7-year period. PHD did not disclose how much it paid to acquire the land.

INVESTMENT-

Chinese company to launch a USD 350 mn waste recycling project? A Chinese recycling company is in talks with the General Authority for Investment and Freezones (GAFI) to launch a recycling project with investment of up to USD 350 mn, Haier Egypt General Manager Ahmed El Gendy told Al Mal (wa tch, runtime: 4 7:28). El Gendy did not disclose the name of the firm but said it was the biggest recycling player in China.

The golden license is a draw: The government’s decision to award Haier Egypt with a golden license prompted the firm to open talks with GAFI over the potential project, according to El Gendy. The Chinese home appliances manufacturer received the license in December for its planned factory near Tenth of Ramadan City, into which El Gendy said it will invest USD 160 mn.

USD or CNY? Egyptian and Chinese authorities are in talks to allow Chinese companies to use CNY to invest in local projects, rather than the USD.

PRIVATIZATION-

Stake in another plastics manufacturer up for grabs? The government is looking to sell 10-15% of its 22% stake in state-owned thermoplastic producer Egyptian Propylene and Polypropylene (EPP) to a foreign investor, reports Al Ma l, citing sources it says are in the know. That amounts to 2.2-3.3% of the company, according to our math. An unnamed Saudi private company has reportedly expressed interest in acquiring the shares. Neither the status of negotiations nor the finalized stake sizes and valuations were disclosed.

Remember: EPP is one of 35 state-owned companies and assets earmarked for privatization. The government is aiming to raise USD 5 bn from asset sales between October 2023 and June 2024.

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