AUTOMOTIVE-

Yazaki breaks ground on auto parts factory: Japanese manufacturer Yazaki has broken ground on its EUR 30 mn auto parts factory in Fayoum’s first freezone, cabinet said in a statement. The entirety of the factory’s production is earmarked for exports, with plans to export EUR 100 mn worth of auto parts a year when fully operational by the end of 2024. The factory plans to kick off its first phase of production within the coming months.

ICYMI- The General Authority for Freezones and Investment approved thegolden license for the factory in 2022, making Yazaki one of the first companies to receive a single-approval license in the country.

REAL ESTATE-

Ora goes to Iraq: Sawiris-owned Ora Developers inked an agreement with the Iraqi government to develop a new residential city in Iraq, according to the Iraqi News Agency. The project — dubbed Ali Al Wardi New City — will house 120k residential units and is set to be the biggest residential complex in Iraq.

INVESTMENT-

Bosta receives investment from Avanz Capital: Avanz Capital Egypt has made an undisclosed investment in local delivery startup Bosta through its SMEs-focused private equity vehicle Avanz Manara, alongside other institutional private capital firms, the two sides said in a joint statement (pdf). The funds will be used to aid Bosta’s expansion in Saudi Arabia, CEO and co-founder of Bosta Mohamed Ezzat told Enterprise. Ezzat refused to disclose the value of the investment when we asked.

Avanz Capital has more investments in the pipeline: Avanz Capital is looking to invest EGP 70-100 mn in three unnamed companies this year, managing director Haytham Wagih told Al Borsa. The firm also has plans to invest in MSMEs-, tech-, and fintech-focused funds.

EVS-

More EV charging stations incoming: Taqa Arabia’s Taqa Power subsidiary Taqa Volt will develop, manage, operate, and maintain nine EV charging stations in New Cairo’s Cairo Festival City, under an agreement inked with Al Futtaim Real Estate, according to a statement(pdf).

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