INVESTMENT-

Egyptian-American Enterprise Fund to fuel the next Tanmiya Capital Ventures fund: The Egyptian-American Enterprise Fund will provide USD 50 mn in financing for Tanmiya Capital Ventures’ (TCV) upcoming fund that is targeting USD 100 mn, according to Al Borsa. TCV’s fund — dubbed TCV II — will invest in medium-sized companies, focusing on growing family businesses into institutional firms.

M&A-

City Lab’s stake sale to a GCC alliance is fast approaching: Medical diagnostic services company City Lab Egypt will complete the sale of a 25% stake in the company to a Gulf consortium that includes Premium Diagnostics’ Saudi, Emirati, US, and Egyptian arms by 20 June at the latest, according to an EGX disclosure (pdf).

ICYMI: City Lab Egypt inked an MoU with the Gulf consortium late last month to buy up to a25% stake in the company for EGP 250 mn. The acquisition will see the Gulf consortium work with City Lab to expand its activities.

REAL ESTATE-

ACUD, Beijing to help each other develop diplomatic districts: The Administrative Capital for Urban Development (ACUD) — a joint venture between the military and the Housing Ministry — and the Chinese township of Dongba in Beijing will work together to develop the diplomatic district in the new administrative capital here and the fourth embassy area in Beijing under an MoU inked by the two sides yesterday, according to a statement (pdf). The agreement will see the two parties exchanging expertise, work together to better utilize technology, and improve environmental standards.

The diplomatic district here is near completion: Most of the district’s infrastructure has been completed, said ACUD CEO Khaled Abbas. Some 50 embassy buildings, a United Nations building, residential units for diplomats, schools, places of worship, along with a club and a hotel have already been built, he added.

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