COMMODITIES-

Government scraps sugar price hike proposal: The cabinet has turned down a proposal from the Supply Ministry to raise the price of subsidized sugar to EGP 18 from EGP 12.6 per kilo, Supply Minister Ali El Moselhy told Asharq Business.

Remember: El Moselhy unveiled the proposal last week, explaining that the state currently spends more than EGP 23 in subsidies on every kilo of subsidized sugar.

The state is also pulling the brakes on sugar imports: The government won’t be importing sugar for a while, El Moselhy said, adding that the private sector is expected to import some 250k tons of sugar over the next three months.

DEBT-

Fresh details on Juhayna’s sustainability-lined loan from HSBC: Dairy giant Juhayna renewed an EGP 450 mn sustainability-linked facility from our friends at HSBC back last week, the company said in an EGX disclosure (pdf), adding more color to an announcement made last week. The terms of the loan — originally signed in November — will be based on several KPIs, such as reducing emissions by 18.7% by 2025 compared to 2021 and ramping up health and safety training hours by 20% compared to 2022.

MANUFACTURING-

Nokia eyes Egypt as major regional manufacturing hub: Nokia phone manufacturer HMD Global is planning to export 4.6 mn mobile phones a year from Egypt to other African nations, HMD Global CEO Jean-Francois Baril told CIT Minister Amr Talaat, according to a ministry statement. The company also plans to roll out 2 mn phones a year for the local market.

** You can check out our Inside Industry rundown of the localization of our smartphone industry here.

TOURISM-

Samih Sawiris majority-owned FTI unable to pay USD 143 mn owed to Egyptian partner following bankruptcy: FTI Group, the parent company of Europe’s third-largest tour operator FTI Touristik, filed for insolvency last week and reportedly owes the equivalent of USD 143 mn to its Egyptian partner Meeting Point Egypt, according to a document sent to the Egyptian Hotel Association that was seen by Asharq Business. The German company’s debts to its Egyptian partner are said to include dues that are owed to Egyptian hotels.

What led to the insolvency? Lower-than-expected booking figures and suppliers’ demands for upfront payments seen across the globe were among the causes that brought about the downfall of the Samih Sawiris majority-owned company. A consortium led by US tourism investment firm Certares has offered to acquire the company for EUR 1 and invest EUR 125 mn in it.

AVIATION-

EgyptAir to launch Cairo-El Alamien flights starting next month: EgyptAir will start operating flights between Cairo and El Alamein from 11 July till 14 September, according to a statement from the national flag carrier. EgyptAir will run flights from Cairo to El Alamein on Thursdays and Saturdays and from El Alamein to Cairo on Fridays and Sundays.

STARTUPS-

More funds incoming for Potcast Productions: Podcast production startup ThePotcast Productions (TPP) has raised an undisclosed amount in a pre-seed funding round that drew investments from Innovative Media Productions and investor Ahmed Tarek Khalil, according to a statement from the startup. The fresh funds will go into improving TPP’s content production, expanding its marketing, and launching new podcast series.

Remember: The company closed an early funding round in April, which it said will help fuel its regional expansion plans, starting with Saudi Arabia and the UAE.

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