AUTOMOTIVE-

Locally-made Proton Saga to come: Malaysian automaker Proton will start locally assembling its Saga model in early 2025 with the aim of producing some 25k units between the start of manufacturing and end of 2027, Proton Egypt General Manager Bassem Ashmawy told Asharq Business. The company plans to invest some EGP 2 bn during the first two years of production, which will take place at the Ezz Elsewedy Automotive Factories.

Remember: Elsewedy Electric sister company Elsewedy Capital and automotive group Ezz El Arab launched joint venture Ezz Elsewedy Automotive Factories late last year to assemble petrol and electric vehicles. The JV was set to receive more than USD 15 mn of investment to assemble 50k Proton-branded petrol cars and EVs annually in the “coming years.”

DEBT-

We’re in line for EUR 200 mn from Spain to import sleeper trains from Spanish rail manufacturer Talgo after President Abdel Fattah El Sisi approved the agreement, according to a decree published in the Official Gazette. The loan agreement was voted on by the House back in June and comes as part of a larger plan to boost Egypt’s railway capacity.

MINING-

A lot of mining investments ahead: Canadian gold miner Aton Resources, Arab Nubian Shield-focussed Ankh Resources and LSE- and TSX-listed gold mining company Centamin are set to invest a total of EGP 2.5 bn on gold exploration projects over the next two years, Al Mal reports, citing unnamed sources in the mining sector. Aton Resources is set to contribute the lion’s share of the investments, as the company looks to start extracting gold from its Abu Marawat concession in the Eastern Desert by 2026.

INVESTMENT-

IFC wants to funnel up to USD 20 mn into midcap fund TCV II: The International Finance Corporation (IFC) is looking into investing up to USD 20 mn in Tanmiya Capital Ventures’ TCV II fund, it said in a statement. The Egypt-focused fund, which is targeting USD 150 mn, plans to invest in medium-sized companies across different sectors — including F&B, logistics, pharma, healthcare, and higher education.

The IFC isn’t the only one that wants in on the fund: The European Bank for Reconstruction and Development (EBRD) announced back in April that it will invest some USD 20 mn in the fund, while local media reported that the Egyptian-American Enterprise Fund will extend another USD 50 mn in financing.

HEALTHCARE-

Fujifilm to help digitize our healthcare system: Fujifilm Middle East is looking to partner up with the Egyptian Healthcare Authority to introduce tech solutions to our healthcare system that include teleradiology, AI, and virtual hospitals, according to a statement. The company will be inaugurating its Egypt headquarters next month, the statement adds.

ICYMI: Earlier this summer, Fujifilm said it plans to expand its investments in medical diagnosis and radiology in Egypt.

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