MANUFACTURING-

Emirati + Chinese offers to rehabilitate EgyptAlum: UAE-based energy trading firm Fleet Energy, and China’s Nonferrous Metal Mining Group (NFC) have both submitted technical offers to rehabilitate EGX-listed Egypt Aluminum (EgyptAlum), the company said in a boursedisclosure (pdf).

ICYMI- The state-owned company in January pushed back the deadline for receiving technical and financial offers for an external public tender for rehabilitating the company to the end of March. The tender originally had a 15 January deadline.

HOSPITALITY-

Rixos Hotels to develop Alexandria’s Montazah: Rixos Hotels will develop and manage the Al Montazah Palace in Alexandria after group owner Nasser Abdel Latif inked an usufruct agreement to set up a hotel inside the palace, Cairo24 reports.

HEALTHCARE-

ADQ merges Amoun with two other assets to establish healthcare giant: Abu Dhabi sovereign wealth fund (ADQ) launched Arcera, a global life sciences holding company headquartered in Abu Dhabi, by combining three of the sovereign wealth fund’s healthcare assets, a press release reads. The company will offer 2k branded medicines across various therapeutic areas and boasts manufacturing and packaging facilities in the UAE, Switzerland, Ukraine, Estonia, South Africa, Turkey, and Egypt.

The assets in question: Egypt’s Amoun, a manufacturer of human and animal health products; Switzerland-based Acino International, a global pharma firm with a long history and operations across continents; and Birgi Mefar Group, a Turkish sterile production and pharma distribution company.

Want the full story? EnterpriseAM UAE has coverage.

FINTECH-

EFG Holding’s fintech arm Valu will offer noon Payments users payment plans to “facilitate the growth journey for enterprises of all sizes,” the two firms said in a joint statement (pdf).

DIPLO-

Kiwi FM in Egypt: Foreign Minister Sameh Shoukry discussed a number of regional issues including the latest developments in Gaza, as well as the situations in Libya, Sudan, and Syria with New Zealand’s FM Winston Peters during his time in Egypt, according to a statement. The two sides also discussed ways to boost New Zealand investments to Egypt.

EARNINGS WATCH-

#1-B Investments’ net income down 47% in 2023 after bumper 2022: B Investments Holding posted a net income of EGP 694 mn for the financial year that ended on 31 December, down 48% y-o-y, according to the private equity firm’s earnings release (pdf). Revenues for the same period came at about EGP 569 mn, 62% below the company’s topline in 2022 that surged on the back of EGP 1.4 bn in capital gains from the sale of Giza Systems. Total assets inched down 16% y-o-y to EGP 3.6 bn.

THE FINE PRINT- The firm’s 2023 net income was mainly driven by a EGP 583 mn foreign exchange gain — this explains why the income is higher than the firm’s revenues for the year.

#2- HHD net income up nearly 1200% y-o-y in 2023: Heliopolis Housing and Development (HHD) logged EGP 7.8 bn in net income in 2023, up 1194% from the EGP 603 mn the developer logged last year, according to the board of director’s annual report (pdf). The developers topline for the year stood at about EGP 15.6 bn, up 681% y-o-y.

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