AUTOMOTIVE-

Automakers line up for local manufacturing initiative: General Motors, Nissan, and GB Corp have registered to participate in the upcoming Egyptian Automotive Industry Development Program (AIDP), which will offer incentives to auto players with the aim of localizing the industry, an unnamed government source told Al Mal. Companies will need to produce no less than an annual 5k units per model and 10k units per factory to be eligible for the incentive package.

Other players are interested: Stellantis has expressed interest in joining the AIDP, alongside the manufacturers of Proton, Geely, Jac, and BYD vehicles, the source added.

More locally-produced cars? Five automotive players are looking to either expand their local production or start assembling their units locally, a government official told us, naming GB Corp, Nissan, Chevrolet, Global Auto, and Kasrawy Group.

In line with our localization push: The government is looking into increasing the required local component percentage in car manufacturing in efforts to boost feeding industries as more global players look to assemble their units locally, the source added.

REAL ESTATE-

A new mixed-use project incoming: The government’s Urban Development Fund and Mint Real Estate Assets — a joint venture between Al Ahly Sabbour and the National Bank of Egypt — have opened the reservation door for its EGP 6 bn Fustat View mixed-use project, Al Borsa writes, citing the fund head Khaled Siddiq. The project is 40% complete and its first phase is slated for delivery next year. The project is expected to generate EGP 12-13 bn in sales, Mint Chairman Tamer Erfan told Asharq Business (watch, runtime: 1:11).

More Mint projects to come: The company is currently mulling over new projects in New Cairo, the 6th of October City, and Sharm El Sheikh, according to Erfan.

AND- Al Ahly Sabbour wants a piece of Downtown: The local real estate developer is looking into investing in state-owned properties in Downtown Cairo — namely hotels — through its partner MeleeDevelopment, chairman Ahmed Sabbour told Asharq Business.

EXPANSION-

Informa opens new regional hub in Cairo: Global events and digital services firm Informa plc inaugurated its new regional hub office at Cairo Festival City, according to a press release (pdf). The new hub “reflects the company’s ambitions to further expand its presence and team in Cairo: a significant regional hub for its growing India, Middle East and Africa business.”

MANUFACTURING-

Euromed to expand capacity: Medical supplies manufacturer Euromed for Medical Industries wants to work with an undisclosed Chinese partner to carry out a USD 10 mn expansion that will see it produce a vital medical product that is only produced in five countries, Chairman Mohamed Ismail told Al Borsa. The two sides are in the negotiations phase and Ismail expects them to reach an agreement by the end of 2024.

NBFS-

FAB to launch a consumer finance outfit: First Abu Dhabi Bank is gearing up to launch its consumer finance arms with a capital of around EGP 75 mn once it receives its license from the Financial Regulatory Authority, Consumer Banking Head Mariam El Samny told Al Masdar. The bank’s new arm will likely begin operation in 4Q 2024, she added.

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