BANKING-

Mashreq Global Network to expand outsourcing activities in Egypt:MashreqGlobal Network, the global capacity center arm of UAE-based Mashreq Bank, signed a three-year agreement with the Information Technology Industry Development Authority (ITIDA) to expand its outsourcing operations in Egypt, according to a cabinet readout.

The agreement will see Mashreq create 300 jobs in data analysis, business intelligence, internal auditing, and risk management to cater to Mashreq Bank’s clients in the Emirates.

FINANCE-

EFG Corp-Solutions to provide financial services to Sokhna 360 investors: EFG Corp-Solutions, the leasing and factoring arm of EFG Holding, will provide financing services for investors who want to establish projects in Elsewedy Industrial Development’s Sokhna 360 industrial city, under and agreement inked between the two, according to a joint statement (pdf). EFG Corp-Solutions plans to offer “direct financial leasing, sale with releasing, and financial rights factoring, as well as financing the working capital cycle” to potential investors.

Sokhna 360? It’s a 10-mn sqm industrial area of the Ain Sokhna industrial zone featuring residential units and commercial areas.

INFRASTRUCTURE-

Samcrete could enter KSA with SAR 3 bn worth of water treatment projects:Samcrete Holding’s construction arm, Samcrete Engineers and Contractors, is set to ink contracts worth SAR 3 bn (USD 800 mn) with Saudi engineering and construction company Sarh Attqnia for water treatment projects in the kingdom, Samcrete Holding Chief Investment Officer Refky Kamel told Asharq Business. The agreements, which will reportedly be signed before the end of 1H 2024, would mark the company’s first projects in Saudi Arabia.

All in the name of FX: The company’s planned entry into the kingdom is part of an expansion strategy aimed at diversifying its sources of revenue and drumming up foreign currency.

AUTOMOTIVE-

More talk of a potential Indian-Egyptian automotive JV: Indian conglomerate HindujaGroup is in talks with the Sovereign Fund of Egypt to set up an automotive factory in the country in partnership with state-owned El Nasr Automotive, according to a Planning Ministry statement. The proposed factory will have an annual capacity of 6k vehicles and will produce both EVs and diesel vehicles.

The plan has been brewing for a while: It first came to light in May that El Nasr Automotive could form a joint venture with Hinduja Group subsidiary Ashok Leyland to manufacture locally-made EVs. Hinduja Group was expected to sign a final agreement worth USD 500 mn with the government by the end of last year.

WASTE-

More details on Beeah’s waste plans for the new capital: The Administrative Capital for Urban Development (ACUD) and Emirati sustainability firm Beeah Group plan to allocate up to EGP 1 bn to the first phase of a waste management project in the new capital, Al Mal reported, citing sources it says are in the know.

Coming up next: While the first phase, which is set to kick off this year, covers waste collection, the second and third phases cover recycling and are expected to receive a total of EGP 100 mn in investments, the sources said. Meanwhile, the fourth phase, which will see the construction of a waste-to-energy plant, will also receive an EGP 100 mn investment.

ICYMI- Beeah was tapped in December to develop the solid waste management infrastructure in the new capital.

M&A-

Amer Group sells Chili’s operator: Amer Group is selling all of its shares in Casual Dining for Tourism Development — the firm that runs and operates Chili’s restaurants in Egypt — after it incurred a net loss of nearly EGP 29 mn, Amer Group said in an EGX disclosure (pdf). Amer Group agreed to an offer from an unnamed investor to buy all of its shares for an undisclosed sum plus an additional EGP 6.5 mn, the company said.

Banque Misr obtains a slice of EKH: Banque Misr has acquired a 2.2% stake in the EGX-listed Egypt Kuwait Holding (EKH) in EGP 963 mn transaction, Al Mal reported yesterday, citing a source it says has knowledge of the matter.

STARTUPS-

Ninjacart is coming to Egypt: Indian agritech startup Ninjacart will expand its operations into Egypt thanks to a strategic partnership with Cairo-based startup accelerator Entlaq, it said in a statement (pdf). Under the partnership, Ninjacart will connect local agriculture startups with its tech platform, and offer them supply chain management solutions and advisory services.

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