LEGISLATION-

El Sisi ratifies amendments to the Unified Budget Act: President Abdel Fattah El Sisi has given final approval for the amendments to the Unified Budget Act, according to a decree published in the Official Gazette yesterday. The amendments, greenlit by MPs last month, will see the budgets of all 59 of the state’s economic bodies and the state budget presented in a new consolidated budget — dubbed the Public Government Budget.

** Read more: Finance Minister Mohamed Maait earlier this year unveiled the ins and outs of the amendments — read our coverage here.

INVESTMENT-

Misr Aluminum has a foil production line in the pipeline: EGX-listed Egypt Aluminium (EgyptAlum) wants to launch a USD 100 mn foil production line with an annual production capacity 50k tons, Al Borsa quotes the firm’s managing director Mahmoud Agour as saying. The company is currently working on the final studies for the project and is in negotiations with investors from Europe, Russia, and the US to participate in the project, Agour said.

A silk production line could follow: The company is also looking into setting up a USD 15 mn aluminum silk production line by 2025.

MINING-

A new Indian-Egyptian JV arrives on the local mining scene: State-owned El Nasr Mining Company, an unnamed Indian company, and an unnamed local private company have set up a miningcompany for phosphate — one of the key components used to make chemical fertilizers — with combined investments of USD 400 mn, AlMal quotes Public Enterprise Minister Mahmoud Esmat as saying at a press conference on Monday.

Who owns what: The private company holds a 40% stake in the joint venture, while El Nasr owns 24%. The Indian company owns the remaining 36%.

M&A-

PE firms fight it out for stake in Masria Digital Payments: Private equity firm SPECapital and the UK’s Apis Partners are reportedly competing for a stake in local e-payments firm Masria Digital Payments currently owned by private equity firm AfricInvest, Al Mal reports, citing sources it says have knowledge of the matter.

So, how much are we talking? Al Mal’s sources did not specify whether the interested parties were after AfricInvest’s entire 40% stake — that it acquired in 2020 — or a part of it.

TELECOMS-

Cequens to expand its reach into Kuwait: Homegrown communications provider Cequens has partnered with Kuwait Telecommunications Company, a subsidiary of the Public Investment Fund’s majority owned Saudi Telecom Company Group, to offer its communication solutions to business and individuals in Kuwait, according to a statement (pdf).

** We sat down with Cequens co-founder and CEO Karim Khorshed last year to find out more about the company and what business advice he has to offer. Check out the story here.

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