INVESTMENT-

More Saudi investments incoming: Saudi’s Al Kraida Dates is looking to set up a 10k sqm date factory in Egypt beginning of 2024, chairman Abdul Rahman Al Kraida told Asharq Business (watch, runtime: 3:12) on the sidelines of the Saudi-Egyptian Business Council. The factory will target the local market during its first year of operations before expanding into exports. The company has also acquired 800 feddans to cultivate.

** We dive into all things date production industry in an Inside Industry published earlier this year.

INVESTMENT-

Ingram Micro wants to expand presence in Egypt: American tech distributor IngramMicro wants to invest some USD 60 mn in the Egyptian market in 2024, the company’s country director Mohammed Selim told Al Mal. The company brands itself as the “leading technology distributor with a wide network of resellers across Egypt,” the company’s Egyptian operations account for 80% of its operations in the region.The company offers a number of data center solutions, servers, storage, cyber security, networking, and infrastructure software.

INFRASTRUCTURE-

Better telecom services for Madinet Masr residents: Telecom Egypt will start providing Madinet Masr real estate projects with integrated telecom and “smart city” services, under a cooperation protocol inked between the two sides, the real estate developer said in a statement (pdf). The services will cover landlines, high-speed Internet, and IPTV (Internet Protocol television) broadcast services, public WiFi, and phone signal.

ENERGY-

Copetrole x Petronas: The Egyptian General Petroleum Corporation’s (EGPC) Cooperation Petroleum Company (Copetrole) and Malaysia’s Petronas will exchange expertise and boost cooperation under a cooperation agreement inked between the two sides, the Oil Ministry said in a statement. The Malaysian energy company also expressed interest in making Egypt its regional export hub.

FINTECH-

Valu teams up with Kazyon: Homegrown fintech platform Valu will start offering shoppers at supermarket chain Kazyon financing solutions and BNPL services, under a strategic partnership inked between the two sides, Valu said in a press release(pdf).

FINANCE-

EIB sets up MENA hub in Cairo: The European Investment Bank (EIB) yesterday inaugurated a new regional hub in Cairo, which aims to facilitate and bolster the bank’s cooperation with its partners in the MENA region, it said in a press release. “Strengthening the local presence of EIB Global is crucial to better address investment challenges and increase the impact of engagement with public and private investment partners,” said EIB Vice President Gelsomina Vigliotti.

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