We lead this morning with news of still more foreign investment, this time in data centers, a cable factory, and consulting.

INFRASTRUCTURE-

Benya inks partnership agreement with the UAE’s Khazna to build data center: Egypt’s Benya Group signed a partnership agreement with UAE-based Khazna Data Centers to push along their plans to build a USD 250 mn, 25 MW data center in Maadi Technology Park, according to a statement (pdf) yesterday. Construction work on the hyperscale data storage facility will begin in the first quarter of 2024. The announcement was made at Cairo ICT, the industry conference.

ADVISORS-Matouk Bassiouny & Hennawy (pdf) was legal advisor to Khazna on the joint venture agreement.

MANUFACTURING-

A USD 50 mn cable factory: Local tech solutions provider Protech and UK-based cable company Osilan are looking to set up a USD 50 mn fiber optic cables factory in Egypt, Protech CEO Tamer El Hennawi told Al Mal. The plant will be built in East Port Said and will initially produce 20-25 mn meters of cables per year. The company will focus on the local market during the first year of operation before targeting overseas customers in African countries after. The plant is expected to come online in 2024.

OUTSOURCING-

Capgemini inaugurates Egypt HQ: French multinational IT and consulting firm Capgemini yesterday inaugurated its Egypt headquarters in New Cairo, the company and cabinet said yesterday. The headquarters houses the company's outsourcing center and serves clients across the Middle East, Europe, and North America. The company wants to add 3k employees to its Egyptian workforce by 2026.

Remember: Capgemini was amongst 29 global outsourcing firms to ink agreements with the Communications Ministry’s Information Technology Industry Development Agency (ITIDA) last December to expand their footprint in Egypt. Capgemini kicked off operations in the country last September.

NBFS-

Beltone unit lands mortgage finance license: Beltone Financial Holding subsidiary Beltone Mortgage Finance has received a mortgage finance license from the Financial Regulatory Authority (FRA), the company said in a statement (pdf) yesterday.

M&A WATCH-

Dice founders officially own more than half of the company: The share transfer of a third of EGX-listed Dice Sports and Casual Wear to the company’s founding family was completed yesterday, according to an EGX disclosure. Toma Company for Commercial and Industrial Investments last week repurchased 545 mn shares — equal to a 30.5% stake — for EGP 0.80 per share, raising the family’s total stake to 58.6% in a EGP 436 mn transaction.

LEGISLATION-

‘Provisional’ approval on the new building reconciliation law: The House has provisionally approved the new building violation reconciliation law, which replaces a 2019 law designed to legalize informal buildings, and aims to prevent structures built next to the Nile from being legalized. The bill, which got the greenlight from the House Housing Committee last December, will be discussed in parliament today before a final vote goes ahead.

WASTE MANAGEMENT-

Environment Ministry launches initiative to formalize our waste management industry for the nth time. The new program to provide training, official industry registration, and extend ins. protection for workers of our largely informal waste collection industry was launched in a statement yesterday. The first phase of the project will enroll 700 workers from across Cairo, Giza, Dakhalia, Qalyubia, Kafr El Sheikh, Gharbia, and Menoufia who register online for the program.

GREEN ECONOMY-

#1- Our annual carbon emissions from transport cut by 1.1 mn tons: Projects implemented under the government’s Nexus for Food, Water and Energy (NFWE) initiative launched last year have cut the transport sector’s annual carbon emissions by around 1.1 mn tons annually, according to Transport Minister Kamel El Wazir, speaking at the NWFE’s first annual stocktake yesterday, Hapi Journal wrote. Wazir described the transport as having the second highest impact on the environment.

#2- We’ve got plenty of capital lined up for our planned NFWE water projects:Water projects under the NFWE initiative attracted some USD 2.3 bn in funds, surpassing the initial target of USD 1.6 bn, according to Al Shorouk, citing the African Development Bank’s director Mohamed El Azizi. The funds will be funneled into renewables-powered seawater desalination projects and initiatives to provide irrigation using solar energy.

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