Talking up FDI: Cabinet made a concerted effort to talk up the state of investment by companies in Obour City and Tenth of Ramadan City. The trigger? A tour by Prime Minister Moustafa Madbouly.

The volume of investment is a sign the FX crunch is “nearing its end,” Madbouly declared yesterday, pointing to the hundreds of mns of USD that have been invested in the factories by foreign investors (watch, runtime: 2:03). His remarks came after the EGP hit a new low of 50 to the greenback last week in the parallel market — and as futures also sagged to new lows while gold and share prices soared to fresh highs.

Here’s what you need to know:

  • Chinese home appliances manufacturer Haier Egypt has finished the first phase of its USD 135 mn industrial complex in Tenth of Ramadan City, and trial operations are expected to begin by March 2024. The company has agreed to a local content requirement of 60% (rising to 70% in two years), and 30% of production will be exported. (Statement)
  • Saudi Arabia’s Jamjoom Pharma has kicked off operations atits EGP 3 bn factory in Obour with a production estimate of 120 mn units per year. (Statement)
  • Turkey’s KCG Textile factory in Tenth of Ramadan has generated annual revenues of USD 65 mn since opening in 2007 through cooperation with brands such as Ikea and Zara. The company has invested USD 75 mn in the project and is looking to build another factory in the SCZone. (Statement)
  • Italian chemicals manufacturer Mapei has completed the first phase of its USD 25 mn factory in Tenth of Ramadan. The facility will produce 100k tons of chemical products when it opens next year. (Statement)
  • Turkey’s Bekowill finish the first phase of its USD 100 mn home appliances factory in Tenth of Ramadan during 1Q 2024. More than 60% of the factory’s annual output of 1.2 mn devices will be exported. (Statement)
  • German-Lebanese GLC Paints is looking to invest USD 25 mn into its factory in Obour. The company has so far invested EGP 2.5 bn into the facility, which generates USD 20 mn of export revenues every year. (Statement)
  • Egypt’s Insutech wants to invest EGP 400 mn into its insulation materials factory in Tenth of Ramadan City to add new production lines. (Statement)
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