INVESTMENT-

#1- Infinity has an ambitious five-year investment plan for Egypt: Our friends at renewable player Infinity Power are planning to invest USD 10.5 bn in Egypt over the next five years, CEO Mohamed Mansour told Shorouk News. The company plans to finance 30% of the new investments through internal resources, with the remaining 70% sourced from bank loans, Mansour added.

Wind and solar is the name of the game: The lion’s share of the planned new investments will go towards wind and solar, with USD 10 bn of the total amount set aside for new investments in renewables.

Its EV charging infrastructure is also another priority: Infinity plans to invest USD 500 mn in its electric vehicle charging infrastructure in Egypt over the next five years. As a first step, Infinity will increase the number of charging points from 650 to 1k by the end of the year, serving 10k EVs.

#2- British International Investment to invest up to USD 200 mn in 2024: The UK government’s British International Investment (BII) has set aside USD 100-200 mn it plans to invest in Egypt’s financial sector over 2024, whether in banks or consumer finance and payments companies, Al Mal reports, citing the development finance institution’s Egypt head Sherine Shohdy.

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Already in the works: Shohdy told the news outlet that there are several financial institutions currently being considered for financing that starts from USD 20 mn, and goes up depending on the institutions’ size.

#3- Fresh USD 36 mn investments from Ezdehar into food and industry this year: Egypt-based private equity firm Ezdehar Management is in talks with six unnamed companies operating in the foodstuff sector and in industry over fresh investments totalling USD 36 mn in 2024, Managing Director Amir Mishriky told Shorouk News.

Ezdehar investments in Egypt this year are already up 140% y-o-y, amounting to USD 60 mn, up from USD 25 mn in 2023, said Mishriky, explaining that “We currently have investments in nine companies with majority and minority stakes, and we will look into existing some of them next year.”

CAPITAL MARKETS-

Azimut secures FRA license for new investment funds e-platform: Asset manager Azimut has secured a license from the Financial Regulatory Authority (FRA) yesterday to launch Azimut’s in-the-works electronic platform for investment funds dubbed AZ Invest, Al Borsa reports. The platform allows users to invest their money in Azimut-run various investment funds via their phones and other devices.

AVIATION-

From Riyadh to Alamein: Saudi low-cost airline Flynas launched its first flight from Riyadh to Alamein International Airport last Wednesday, becoming the first airline in the region to host scheduled flights to Alamein, the company announced in a press release (pdf).

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