INVESTMENT-

#1- Sea Port wants to set up a USD 30 mn car engine filter factory: Auto spare parts importer Sea Port will invest at least USD 30 mn to build an car engine filter factory in Tenth of Ramadan as part of its efforts to localize its operations, the company’s vice chairman for strategies and business development, Ibrahim Mostafa, told Al Borsa last week. The company hopes to receive a golden license to establish the factory before the end of the year, enabling it to start construction in 1Q 2024 and start rolling out products in 4Q 2024, he said. The factory will have three production lines with a production capacity of 3-5 mn filters a year. Sea Port has been operating in the Egyptian market since 2009, importing and distributing spare parts for European trucks.

#2- Egyptian Swiss Group unveils EUR 6 mn expansion plan: Egyptian pasta-maker Egyptian Swiss Group is looking to invest some EUR 5-6 mn into developing new products and increasing its production capacity, with a EUR 1 mn investment earmarked for next year, Al Borsa reported last week, citing General Manager Ahmed El Sebaie. The company wants to step into the biscuits and cakes market as well as expand its mills, which are currently running at 70% capacity. El Sebaie didn’t disclose a time period for the rest of the planned investment, explaining that the company is waiting for the “right time.”

TOURISM-

Air Cairo adds new routes between Red Sea resorts and Russia: Low-cost air carrier Air Cairo announced new flights between a number of Russian cities and Egypt’s Red Sea resorts, the Civil Aviation Ministry said in a statement last week. The budget airline began operating flights between Sharm El Sheikh and Moscow, Saint Petersburg, and Yekaterinburg on Thursday, and will launch new routes between Hurghada and the three cities in mid-November.

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