EARNINGS-

A solid year for Telecom Egypt: Telecom Egypt’s net income rose 25% y-o-y to EGP11.5 bn in 2023, according to its earnings release (pdf). The company’s revenues were up 28% y-o-y to reach EGP 56.7 bn, which it attributed to higher data services and infrastructure revenues.

TRANSPORT-

The newest entrant to Egypt’s ride-hailing scene:Estonia-headquartered mobility app Bolt has launched ride-hailing services in the country in a bid to “capture a significant market share in North Africa's burgeoning economy,” it said in a statement (pdf). The app is available on App Store and Google Play and is offering a 50% markdown to all riders.

MANUFACTURING-

Egyptian-Italian consortium plans to establish steel billet complex: The Public Enterprise Ministry has reviewed a proposal by a consortium of Italy’s Danieli and Egypt’s Industrial Steel Products Company and the Arab Organization for Industrialization to establish a steel billet complex, according to a ministry statement. The project aims to capitalize on the large repositories of iron ore in Aswan and the Bahariya Oasis.

ICYMI: Italian industrial manufacturer Danieli submitted a proposal lastweek to establish a USD4 bn integrated industrial complex for the production of iron and steel products that will create 17k jobs.

RETAIL-

MAF launches EGP 25 mn retail school: Majid Al Futtaim has launched an EGP 25 mn retail business school in Egypt — reportedly the first in the country — to train employees working at Carrefour, according to a company statement (pdf). The school offers eight programs including customer excellence, leadership, management, e-commerce, and sales and has already trained over 4k employees, with plans to train an additional 5k in 2024.

FINTECH-

Fawry, PayMe team up to serve expats: EGX-listed fintech giant Fawry has inked a strategic partnership with local e-payments app PayMe to enable mns of Egyptian expats to “conduct financial transactions and pay bills,” according to a statement (pdf).

HEALTHCARE-

Egyptian-Saudi bid to attract more specialized medical staff: Egypt’s GeneralOrganization for Teaching Hospitals and Institutes inked an agreement with the Saudi Health Ministry to attract medical staff in needed and rare specialties, according to a statement from the Egyptian Trade Ministry.

FINANCIAL SERVICES-

#1- FABMisr eyes launching a consumer finance arm in 2024: FABMisr is planning to launch a consumer finance company this year, the bank’s CEO Mohamed Abbas Fayed told Al Borsa.

#2- Al Baraka wants to get in on NBFS: Al Baraka Bank Egypt is gearing up to launch a non-bank financial services arm in 4Q 2024, where it will own an 85% share, the bank’s CEO Hazem Hegazy told CNBC Arabia.

LOGISTICS-

New shipping service to run between Damietta and Eastern US: South Koreanshipping company HMM will launch a weekly shippingservice between Damietta Port and the US’ East Coast in May, Al Mal reported, citing a company official. The 13-day voyage is touted as the fastest route connecting Egyptian and US ports.

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