AUTOMOTIVE-

#1- Kasrawy Group wants to assemble Jetour and Jac vehicles locally: Automotive player Kasrawy Group is looking to begin locally assembling Chinese Jetour and Jac car models, Al Mal reports, citing an unnamed government source. The government is now working on allocating land for the firm to build its factory. This makes Kasrawy one of several car makers that expressed interest in the Egyptian Automotive Industry Development Program, which will offer incentives to auto players with the aim of localizing the industry.

#2- Gov’t to set up local EV manufacturing complex: The government is planning to establish a 50k sq m local EV manufacturing facility, the Higher Education Ministry said in a statement. “Serious steps” will be taken to raise the percentage of local inputs into the manufacture of EVs through the project.

M&A-

#1- Basata wants more of MadfoatCom: Fintech platform Basata Holding for Financial Payments wants to increase its stake in Jordanian bill payment provider MadfoatCom to 49%, after having submitted a binding offer alongside Jordan Kuwait Bank in March for a 30% stake in the company, Al Mal reports, citing unnamed sources it says are in the know. Basata and Jordan Kuwait Bank are set to finalize their acquisition of 30% of the company over the coming days after receiving the required approvals, the sources added.

Gulf expansion next? Basata Holding is already planning to expand into the Saudi market through MadfoatCom as it already has the necessary regulatory approval.

#2- Dice wants to wrap its acquisition of Twin Top stake by the end of this quarter: EGX-listed Dice Sports and Casual Wear is hoping to finish its proposed acquisition of a controlling stake in Twin Top Real Estate Investment Company that it disclosed to the EGX last week by the end of 3Q 2024, Al Borsa reports, citing sources it says are in the know.

ENERGY-

Fertiglobe, Orascom Construction, and Scatec will receive usufruct rights in Ain Sokhna Industrial Zone to set up wind and solar power plants that will feed their green hydrogen plant, after cabinet approved their request, according to a cabinet statement.

The bigger picture: The green hydrogen plant — being set up by the consortium with the Sovereign Fund of Egypt and the Egyptian Electricity Transmission Company — will provide the green hydrogen needed for Fertiglobe to produce green ammonia at its ammonia plants. The green ammonia will then be exported to the EU under an offtake agreement with Germany’s H2Global.

TRANSPORT-

Metro Line 1 is getting upgraded: A consortium of Orascom Construction, Hitachi, and French firm Colas Rail will develop Metro Line 1 under an agreement inked with the National Tunnels Authority, according to a statement. The agreement includes upgrades to the metro’s central system, communications, and its overall electrical system.

EDUCATION-

Arabic is no longer a pass/fail subject in international schools, after Education Minister Mohamed Abdellatif issued a decision putting forward new regulations regarding the implementation of the Egyptian curriculum in international schools. The decree now means that end of year grades must include scores for Arabic and social studies classes, with each subject contributing 10% of the student’s final grade. Arabic language classes will be mandatory at the pre-k level and will be taken alongside religious studies from grades 1-3, with the addition of social studies from grades 4-9.

INVESTMENT-

Saint-Gobain’s Ain Sokhna factory to go online in 2026: French glass and building materials manufacturer Saint-Gobain’s EUR 175 mn plate glass factory in Ain Sokhna should kick off operations in 2026, Saint-Gobain Egypt CEO Ahmed Wafik said during a meeting with Investment Minister Hassan El Khatib.

And more to come: The company has plans to invest some EUR 300 mn in the Egyptian market through 2026 setting up new factories, Wafik said, adding that Egypt is one of the company’s main investment destinations in the SEMEA region. The company filed a proposal to set up a new USD 40 mn glass factory in the Sadat City in June.

MANUFACTURING-

Siemens to aid electrical component localization efforts: The Industrial Development Authority inked an MoU with Siemens that will see it localize the manufacturing and assembly of low- and medium-voltage components and products — including low-voltage circuit breakers and electrical distribution panels, according to a statement. The statement also pointed to future cooperation between the government and the company that could see it set up a number of factories in the country.

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