FINTECH-

#1-Beltone + Comera: Beltone Holding and Abu Dhabi-based tech company ComeraFinancial Holding have inked a strategic partnership to work together to launch payment, consumer finance, SME finance, and supply chain finance solutions in Egypt and other countries in the MENA region, according to a statement (pdf) by Beltone released today.

Comera? Comera Financial Holding runs a video call and messaging application called Comera that offers end-to-end encryption, file sharing, and conference calls with up to 50 people.

What they said: “This collaboration represents a pivotal step forward in our commitment to enhancing digital access and improving financial services for our customers. Together, we aim to set new standards in efficiency and customer satisfaction, driving significant growth and sustainable development in our markets,” said Beltone Holding CEO Dalia Khorshid.

#2- Fawry eyes Saudi expansion: EGX-listed fintech giant Fawry is holding preliminary talks with six Saudi companies over a potential partnership, as the firm looks to expand into the kingdom, Fawry CEO Ashraf Sabry told Asharq Business. The company also held talks with companies in the UAE and Kuwait, Sabry adds.

INVESTMENT-

#1- Thames Freeport, Gorilla Technology to set up USD 100 mn innovation center: The UK’s Thames Freeport is gearing up to set up a USD 100 mn innovation center in Egypt in partnership with British data analytics firm Gorilla Technology, Thames Freeport CEO Martin Whiteley told Al Borsa on the sidelines of a British Embassy event two weeks ago. Thames Freeport is working with the Defense Ministry to kickstart the project, which will span 10-15 years.

Remember: Gorilla Technology signed a three-year, USD 270 mn contract with the government last year to roll out a new cybersecurity system to enable “better decision-making, proactive threat detection, and quick response to emerging risks.”

#2- The country’s first industrial fund to go live this month? Cairo Financial Holding’s brokerage arm Cairo Capital Securities (CCS) and the National Initiative for Developing Egyptian Industry (Ebda) plan to launch the country’s first specialized industrial investment fund this month, Al Borsa reports, citing CCS Head of Research Shady Sharaf.

About the fund: The Nile Fund for Industrial Investment — which was unveiled by Ebda and CCS last week — aims to invest in all industrial sectors to ramp up exports and lower the country’s import bill. The fund will be launched on the EGX with an initial value of EGP 2.5 bn and a lifespan of 5-7 years.

#3- Banque Misr invests in real estate auction platform Belmazad: Banque Misr has announced the signing a strategic partnership with Egyptian property auction platform Belmazad, which will see it carry out a “significant investment” in the company, Banque Misr said in a press release(pdf). The statement did not disclose the size or terms of the investment.

ENERGY-

Foreign companies owed at least USD 450 mn in receivables from the Electricity Ministry: The Electricity Ministry’s debts to foreign energy firms amounted to USD 450 mn by the end of March, with Siemens and General Electric being owed the most in receivables, Asharq Business reports, citing unnamed government officials. The Electricity Ministry is reportedly in talks with the Central Bank of Egypt to secure the necessary USD to pay off its debts.

TAXATION-

Tax Authority’s e-invoicing is getting tighter starting August: The minimum value of e-invoicing tax bills that include the buyer’s national ID number will be reduced to EGP 25k starting next August, down from EGP 50k currently, Tax Authority head Rasha Abdel Aal said in a statement.

SPORTS-

Melee, Adeer to launch social sports management JV in KSA: Local development company Melee Development and real estate marketing firm Adeer — a subsidiary of KSA’s Sumou Holding Group — are set to establish a social sports JV in Saudi Arabia, according to Al Borsa. The company will develop and manage a number of social sports clubs under an MoU inked by the two parties.

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