INFRASTRUCTURE-

AD Ports to operate three tourism terminals: AD Ports has inked a USD 3 mn initialagreement with the Red Sea Port Authority to operate and manage three cruise terminals in Hurghada, Safaga, and Sharm El Sheikh, the group said in a statement on Friday. The two sides are expected to ink the final 15-year concession agreement in 1Q 2024. The Madbouly government is expected to ink more agreements with AD Ports over the coming month, Transport Minister Kamel El Wazir said, according to Al Mal.

HOSPITALITY-

UAE-led consortium set to develop NDP HQ: An Emirati-led consortium has been awarded the bid to develop the former HQ of the now-defunct National Democratic Party in Tahrir Square, Sovereign Fund of Egypt (SFE) boss Ayman Soliman toldEl Hekaya’s Amr Adib on Saturday (watch, runtime:4:59). The agreement has not yet been finalized and Soliman provided no further details.

MANUFACTURING-

Tarboul is getting an EV factory: Russian EV manufacturer Concordia is setting up anelectric vehicle components factory in GV Investments’s Tarboul industrial project in Giza, Al Mal reported. The products will include a 60% local component quota and finished products will be exported to the Gulf and North Africa. Production is slated for 2H 2024.

FINANCIAL MARKETS-

Capital increase on the cards for EGX clearing company: The EGX is in discussions with local financial institutions to subscribe to an upcoming capital increase for its clearing and settlement company Tasweyat Clearing Services Company, EGX boss Ahmed El Sheikh told Al Borsa. The EGX is looking for ten banks to join the ownership structure of the company, which was initially established with a capital of EGP 100 mn.

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