MANUFACTURING-

#1- More Xinxing factories in TEDA: China’s state-owned Xinxing Ductile Iron Pipes Company is planning to follow up their recently under construction iron pipes factory in the TEDA industrial park with USD 250 mn of future investments in the park, the chairman of the country’s Egypt operations told Asharq Business in an interview (watch, runtime: 1:05). The future investments will include building a grating factory and a foundry as part of the company’s second phase of investments.

Remember: The SCZone said Tuesday that Xinxing had begun construction on a USD 146mn ductile iron pipe factory in the TEDA industrial park. The plant will produce 250k tonnes of cast iron pipes per year with an annual production value of USD 1.2 bn.

#2- More e-bikes to hit Egyptian streets: Smart electric bike manufacturer EGIKE wants to set up an integrated factory producing electric bicycles, founder and CEO Montaser El Attar told Al Borsa. The factory will be the first of its kind in the Middle East and Africa.

Fresh funds incoming: The company is currently in negotiations to close a USD 500k financing round.

RETAIL-

MM Group eyes Saudi launch in 2H 2024: EGX-listed MM Group for Industry and International Trade (MTI) is planning to enter the Saudi market in 2H 2024, an anonymous MTI employee told Asharq Business. MTI will sell electronic and home appliances through its Saudi venture company. MTI is also looking to grow its non-banking financial activities in the Kingdom in the future with an eye on also expanding into the Emirati market, the source added.

REAL ESTATE-

Madinet Masr kicks off new Sarai development project: Real estate developer Madinet Masr has launched its Sheya project at its Sarai development in New Cairo, it said in a press release (pdf). Sheya, which will be fully complete within four years, will encompass residential units, villas, apartments, studios, and duplexes, in addition to recreational facilities.

DEBT-

CIB seeks more EBRD funds for green on-lending: CIB wants to borrow USD 50 mn from the European Bank for Reconstruction and Development for on-lending to local green projects, writes Asharq Business, citing an anonymous source close to the matter. CIB, which received USD 150 mn from EBRD at the end of 2023, is looking to secure the new funding in 2H 2024, the source added.

STARTUPS-

Farahy wants to raise funds for Saudi expansion: Local wedding and events services startup Farahy will target Egyptian and Gulf investment funds during its first funding round that will support the platform’s Saudi expansion, founder and CEO Nadine Farrag told Al Mal. The startup was a recent winner of the Value Makers Studio Bridge program, designed to give seed and pre-series A startups exposure to the Saudi market.

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