FINANCIAL MARKETS-

CI Capital gets the preliminary greenlight to launch an EGX33 fund: The Financial Regulatory Authority has given CI Capital’s asset management arm CI Capital Asset Management preliminary approval to set up a fund investing in the newly-launched sharia-compliant EGX33, according to a note seen by Enterprise. The state-owned investment bank plans to open the doors for investors looking to subscribe to the fund by 3Q 2024.

The race is on to become the first fund tracking the EGX33: CI Capital Asset Management announced on the day of the index’s launch that it wants to be “the country’s first” fund investing in shariah-compliant stocks. But it has competition, with Beltone also in the running and also aiming to launch the fund in the third quarter of the year. Azimut has also signaled that it is keen to get an EGX33 fund up and running as soon as possible.

DEBT-

Qalaa Holdings to pay USD 500 mn of its subsidiary Egyptian Refining Company’s debts by the end of the year: Qalaa Holding is set to pay some USD 500 mn of the creditor banks’ dues from its subsidiary the Egyptian Refining Company, Managing Director Hisham El Khazindar told Asharq Business. The subsidiary is planning to up its production capacity by 10% by 2028, El Khazindar added.

PRIVATE EQUITY-

Zaldi sets sights on new industrial investment fund: Local asset management firm Zaldi Capital wants to partner with “a major financial institution” to launch a direct investment fund with an initial size of up to EGP 250 mn in 3Q 2024, Chairman Hatem El Banna told Al Borsa. The fund will purchase minority stakes in EGX listed and non-listed industrial companies, El Banna said.

It’s been a busy week for Zaldia: The firm also launched its Maksab - OZ fund together with fellow asset manager Alpha Asset Management with a target of USD 1 mn to be invested in fixed income instruments in different currencies. The fund’s subscription window opened this week and will run until 22 July.

FOOD-

Obour Land has a new EGP 350 mn cheese factory in the works: Dairy producer Obour Land plans to funnel EGP 350 mn into establishing a new processing factory in 2024 as it looks to increase production and double annual export revenues to USD 40 mn, the company said in an EGX disclosure (pdf). As part of these plans, Obour Land will also invest EGP 800 mn into raising the volume of its livestock to 2k dairy cattle with the aim of producing 100 tonnes of milk per day and is studying new export markets.

INVESTMENT-

GAFI talks green infrastructure investments with UK business delegation: The British Egyptian Business Forum brought together public and private sector representatives from both countries to discuss “environmentally friendly infrastructure projects, such as water management and treatment, new and renewable energy, environmentally friendly engineering industries, construction and building, and communications and information technology,” General Authority for Freezones head Hossam Heiba said, according to an authority statement. Investments from the UK to Egypt exceeded USD 2 bn in FY 2022-23, Heiba added.

HEALTHCARE-

#1- Gypto Pharma to export meds to KSA, UAE: State-owned medical city complex Gypto Pharma inked partnership agreements with a Saudi and an Emirati companies to export its pharma products to the two Gulf countries during the coming period, company CEO Amr Mamdouh told Al Arabiya. The move comes as part of Gypto Pharma’s export expansion plans into Gulf and African markets, Mamdouh added.

#2- Fujifilm wants to up its medical investments in Egypt: Fujifilm Middle East intends to expand its investments in medical diagnosis and radiology in Egypt, Al Borsa writes, citing the company’s managing director, Michio Kondo. The company will carry out its investment plans in Egypt via its Egypt head office in Cairo, which will open by the end of June, Kondo added.

AVIATION-

EgyptAir jumps up 32 places on Skytrax rankings: The country’s flag bearer EgyptAir joined the world’s top 100 airlines on the Skytrax global ranking, snapping the 88th rank in the World Airlines Awards for 2024, up from 110th last year. The state-run airlines also ranked second among Skytrax World’s Most Improved Airlines 2024 right after Saudi Arabian Airlines.

Movement in the right direction: Improving the ranking of national flag carrier was among President Abdel Fattah El Sisi’s third term targets for the aviation sector through 2030.

INVESTMENT-

Knauf to more than double its Egypt investments by 2026: Building material manufacturer Knauf plans to increase its investments in Egypt to EUR 120 mn by 2026, from EUR 50 mn currently, CEO Mohamed Abdel Rasoul told Al Borsa. The funds will go to expanding the company’s existing operations and adding new production lines to Knauf’s gypsum boards factory in Suez.

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