LOGISTICS-

EDECS kicks off work on Sokhna Port terminal: Construction firm EDECS has laid the foundation stone for the new container terminal at the Ain Sokhna Port, expected to be completed and fully operational within 18 months, the company said in a press release (pdf).

Remember: A consortium of private-sector companies — Hutchison Ports, Cosco and CMA CGM — last year inked an agreement with the government to construct, manage, and operate the new terminal for 30 years.

TRANSPORT-

Prepare to welcome another ride-hailing app to the market: Emirati taxi booking and cab services app Hala will expand into Egypt under an MoU inked with local mobility solutions provider Mwasala.Tech, according to a press release (pdf). The partnership will see Hala bring its tech to Egypt to help “enhance the travel experience” for customers and look into expanding operations to the new capital and other Egyptian cities. This marks Hala’s first venture abroad and represents the first step in an ambitious regional expansion strategy.

CAPITAL MARKETS-

EGX shares the ins and outs of carbon trading: The EGX has issued the rules for trading carbon certificates and their futures on its website, according to an EGX statement. The Financial Regulatory Authority last year released its carbon credit verification and certification standards and the registration and delisting rules back in March.

Remember: The EGX in 2022 announced it would set up Africa’s first voluntary carbon market. The market will allow companies in Egypt and Africa working on emissions-reducing projects to sell certified carbon credits, which can then be bought by other companies wanting to offset their emissions.

M&A-

That’s a wrap on the Electra-Elsewedy acquisition: Abu Dhabi-based Electra Investment Holding now owns 20% of Elsewedy Electric after the EGX completed the transfer of around 427.7 mn shares to the buyer on Wednesday in a USD 449.1 mn transaction.

Advisors: EFG Hermes was Electra’s sole financial advisor on the transaction, according to a press release (pdf).

ENERGY-

More renewable investments from UAE’s AMEA Power? UAE-based Al Nowais’ AMEA Power is looking to up its investments in Egypt and set up 2.5 GW-worth of solar and wind projects, according to a statement. The company is currently working on 1 GW-worth of renewable projects in Egypt —- 500 MW solar Abydos plant which is set to begin operations by the end of September, as well as a 500 MW wind farm in Ras Ghareb that is lined up for completion mid-2025.

DEBT WATCH-

First Design secures loan for Madinaty expansion: Real estate firm First Design — a joint venture between the National Bank of Egypt and Banque Misr — has secured EGP 5.2 bn in financing from a syndicate of local banks, two unnamed sources told Asharq Business. The funds will allow the firm to develop a 170k-sqm mixed-use project in Madinaty.

A number of banks are in on the action, including NBE, Banque Misr, Banque du Caire, United Bank, EG Bank, and the EBank.

AVIATION-

A whole lot of new EgyptAir routes: The country’s flag carrier EgyptAir launched a number of new routes connecting Cairo with UAE’s Fujairah, the Czech capital Prague, Djibouti, and Somalia’s Mogadishu.

Even more to come: The new routes come as EgyptAir aims to increase the number of weekly flights to African countries from 109 currently to 276 by 2028. The new flights will see EgyptAir expand its footprint to cover 30 African countries from 24 currently.

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