MANUFACTURING-

Chinese firms to produce smart tech in the SCZone: Chinese tech firms will produce wearable tech at a new factory inaugurated in the TEDA Industrial Zone yesterday, according to a Suez Canal Economic Zone (SCZone) stateme nt that bills the factory as the first of its kind in the region. The factory will produce up to 9k phone accessories per day, including bluetooth headsets and smart watches, across three production lines.

The local smartphone manufacturing industry has been gaining momentum as of late: Increased government incentives and cheap operation costs have made Egypt an attractive destination for foreign tech companies, with the government aiming to localize the country’s electronics manufacturing industry.

PHARMA-

Global Napi is setting up shop in Saudi: Egypt-based pharma firm Global Napi Pharma has completed the construction of an industrial complex in Saudi Arabia, A l Ma l reports, citing an anonymous official from the company. The company inked an agreement with two unnamed Saudi and Syrian partners in 2021 to set up the industrial complex with a SAR 200 mn investment, according to the media outlet. It is yet to obtain final permits to begin production but has received approval from the country’s pharma regulator for a number of its products.

DIVESTMENT-

OIH completes Brazil exit: Orascom Investment Holding (OIH) has completed the sale of its assets in Brazil for USD 17.9 mn, it said in a statement (pdf). The company reached an agreement to sell its real estate units in São Paulo last month. OIH will use the proceeds to finance new projects in the tourism and renewable energy sectors, it said.

Remember: OIH is planning to invest another EGP 500 mn to develop the Giza Pyramids area, They’re also exploring the Uzbekistan renewables sector as part of a USD 1.2 bn plan.

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