M&A-

Raya Contact Center goes ahead with the acquisition of remaining stake in Gulf CX: Raya Contact Center’s board has greenlit the acquisition of nearly 15% of Bahraini firm Gulf Customer Experience (Gulf CX) from a US investor that will see it acquire the whole of the company, the company said in an EGX disclosure (pdf).

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Remember: Raya CX acquired an 85% stake in the company in 2021 and was planning to acquire the remaining stakes within three years, Raya Contact Center’s Head of Investor Relations Karim Seoudy told us at the time.

ENERGY-

Emirati firm Dana Gas has collected USD 9 mn in receivables from Egypt in Q1 2024, receiving 47% of its dues for the period, it said in its latest earnings presentation (pdf). Its trade receivable balance in Egypt stood at USD 57 mn at the end of the quarter, up from USD 48 mn at the end of 2023.

Remember: The company in February announced plans to reinvest the USD 58 mn of receivables it collected last year into Egypt to drill more wells and increase production.

INVESTMENT-

#1- Oxy Egypt looks to establish a new factory in the UAE: Local medical and industrial gas production firm Oxy Egypt plans to establish a factory in the UAE with an initial investment of USD 7 mn, the firm’s CEO Mohamed Fathy told Al Borsa. The Saad Eldin Group subsidiary made the decision due to declining demand for the company’s product in the local market after the Covid-19 pandemic ended, as well as competition from newly-established state-run companies, Fathy explained.

#2- Gov’t receives three requests for private freezones: Al Ahly Sabbour Developments and Redcon Construction have filed requests to the government to establish private freezones in New Cairo, Asharq Business reported, citing an anonymous government official. A third anonymous investor has also filed a request to establish a private freezone in Sharm El Sheikh, the source added.

New regulations for building freezones are coming: The cabinet is currently drafting new criteria for establishing private freezones, which should be finalized within days, the source said.

TOURISM-

Ras El Hekma’s marina gets the greenlight: The government has approved a new int’l seaport for yachts and cruise ships in Ras El Hekma, spanning 10.5 mn sqm, according to the Official Gazette. The Transport Ministry is set to supervise the port project.

TAXATION-

Egyptian Tax Authority sets its sights on settling tax disputes for companies with less than EGP 10 mn in revenues: Companies with annual revenues below EGP 10 mn will have their tax disputes whose non-final payments are due before 16 June 2023 settled by the end of next month, Egyptian Tax Authority head Rasha Abdel Aal said in a statement.

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