MANUFACTURING-

Four industrial developers are getting their hands on land in New 6 October City: The New Urban Communities Authority will within days hand out a total of 4.6 mn-sqm plots in New 6 October City to Elsewedy Industrial Development, Polaris Parks, Arabia Holding, and Samcrete to set up four industrial parks, Al Arabiya Business reported, citing sources from the four companies. A second phase will see the four companies double each of their land allocation. Polaris Parks’ General Manager, Bassel Shoirah told the news outlet that the industrial zones are expected to draw USD 9-10 bn worth of investments over the next 6-10 years.

Remember: We first heard about Elsewedy’s plan to set up its EGP 20 bn industrial park in New 6 October City in January 2023. The company said last month it expects to break ground on the project upon receiving its plot.

MINING-

A fresh gold exploration tender? State-owned Shalateen Mineral Resources Company will launch a gold exploration tender for 5 blocks in Wadi Al Allaqi — located around 180 km south of Aswan — for local and international companies in 4Q 2024, Asharq Business reported, citing an unnamed government official.

Shalateen’s finalists to be revealed next week: Shalateen will next week announce the chosen bidders in its international gold exploration tender for brownfield sites in the Eastern Desert, Al Borsa reports, citing unnamed sources. The tender has been live for over a year now — it launched on 10 April, 2023 — after its deadline was extended time and time again due to lack of bidders.

EVS-

E-mobility company BluEV is gearing up to launch its services by the end of the year, starting with areas of Greater Cairo, VP of Corporate Affairs at Orascom Investment Holding (OIH) Manal Abdel Hamid told Al Mal. The company operates a network of lithium-ion battery swapping stations for two- and three-wheeled electric vehicles, allowing users to replace drained batteries with fully-charged ones. Through the company, users can purchase new light electric vehicles or swap out their petrol engines for batteries.

Remember: OIH became a strategic investor in BluEV a year ago, after making an undisclosed investment in the startup.

REAL ESTATE-

TMG sales more than double YTD: Talaat Moustafa Group (TMG) saw its contractual sales and reservations in the year-to-date surge 153% y-o-y to EGP 86 bn, the real estate giant said in an EGX disclosure (pdf). A large chunk of the sales came from the company’s debut project in Saudi Arabia, Benban City, which attracted some EGP 11.5 bn since its soft launch days ago.

INVESTMENT-

Egypt remains a promising market for the Tabreed “if the local currency continues to stabilize,” the Emirati company’s CFO Adel Salem Al Wahedi told Asharq Business (watch, runtime: 6:40). The district cooling firm terminated its MoU with Egyptians for Healthcare Services (EHCS) for the latter’s CapitalMed medical complex in Badr City in January due to a lack of a “business case” amid the FX instability before the float, Al Wahedi explained.

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