PHARMA-

AstraZeneca expanding capacity, to inject USD 50 mn in new investments by 2028: AstraZeneca Egypt is currently expanding its Sixth of October factory to nearly double its production by 1.3 bn tablets to 2.2 bn tablets by 2028, country president Hatem Werdany said, according to a ministry statement. The move comes as the company seeks to inject USD 50 mn into new investments in Egypt, and as the company studies the prospect of localizing 80% of units produced at the Egypt plant by 2028, according to Werdany.

AUTOMOTIVE-

#1- Yet another Chinese automaker eyes assembling cars in Egypt: China’s state-owned BAIC Group is reportedly negotiating with the government to establish a local car assembly factory in partnership with its local agent Alkan Auto by the end of 2025, Al Mal reports, citing an unnamed source from the Chinese auto giant. The two sides are currently in talks over what kinds of models the factory would assemble, the source added.

#2- Fiat EVs on Egyptian streets? Egypt’s Fiat distributor Dynamic Distribution has plans to distribute new Fiat models — including EVs — in Egypt next year, chairman Emad Helmy told Al Mal. Helmy believes that the auto market will stabilize as imports resume and the new models enter the market.

ENERGY-

Capricorn ups Egypt operations after arrears payment: “Following material cash collections in Egypt, we have resumed investing,” US energy company Capricorn said in its 1H 2024 results. The government paid USD 93 mn worth areas during the first half of the year, nearly double the USD 50 mn paid in the same period last year. The company announced in its accompanying presentation that it would commit to additional drilling and that its “development activity resumed in July following constructive discussions with the Egyptian General Petroleum Company on payments.”

Capricorn isn’t the first company to up its investments after the payment of dues: Earlier this year, Italian energy giant Eni announced that it would be drilling two new wells in its Zohr field shortly after the government cleared up USD 1.3 bn in arrears owed to foreign energy companies.

HOSPITALITY-

Jaz to manage luxury hotel in front of Sphinx Airport: Travco subsidiary Jaz Hotel Group will manage a luxury hotel — dubbed Ranches — in front of Sphinx International Airport under an agreement inked with real estate developer Dorra, the company said in a statement.

This isn’t Jaz’s only Giza hotel project in the works: We heard in December that the company had purchased Cataract Pyramids — to be rebranded to Jaz Palmira Pyramids — and Oasis hotels — rebranding to Jaz Oasis Pyramids. Jaz Palmira will add 400 hotel rooms to the group’s portfolio, while Jaz Oasis Pyramids will add 300 rooms. Further afield, the company also plans to set up six new hotels on the North Coast, in Hurghada, and in Marsa Alam, scheduled to open their doors next year, under a USD 215 mn investment plan announced earlier this month.

DEBT-

Ferrum Egypt looking to secure EGP 1.8 bn in financing for East Port Said silo factory: Ferrum Egypt is in talks with Commercial International Bank, Banque Misr, the National Bank of Egypt, and First Abu Dhabi Bank to secure an EGP 1.8 bn loan to help fund its EGP 2.3 bn silo factory in East Port Said, Al Borsa reports.

Signoff still needed on advance purchasing agreement: Sources speaking to Al Borsa added that the cabinet is being asked to sign off on an advance purchase agreement that will see the Supply Ministry purchase 1.4 mn tons of storage space prior to completing bank financing procedures and beginning work on the site.

Remember: Ferrum Egypt and East Port Said Development signed the land allocation agreement for the silo design and manufacturing factory in May. The factory aims to produce for the domestic market during its first three years of operation, before moving to export silos to European and African markets thereafter, according to Al Borsa.

EDUCATION-

NextEra to launch four tech-focused private universities outside of Cairo: NextEra Education aims to launch four branches of foreign universities in Egypt in the coming years in partnership with the Higher Education Ministry, according to a ministry statement. NextEra inked agreements with the University of Minnesota, Drake University, Illinois Institute of Technology, and Paris International College

The goal: NextEra plans to capitalize on the wealth of talented students in Egypt to prepare qualified candidates for the tech-heavy jobs that will be available in the coming period, founder Mohamed Farouk told Asharq Business. The first university will be established in Helwan, Farouk said in the interview, with plans to establish further universities in Upper Egypt according to Al Borsa. The initiative is also considering expansion beyond Egypt in a later phase, Farouk told Asharq Business.

NextEra? NextEra was launched last week as an EGP 2 bn collaborative initiative between edtech platform EYouth and a number of business figures — including Ahmed Tarek — to leverage AI-powered learning and global partnerships to deliver accredited programs and bachelor’s degrees in fields such as programming, cybersecurity, AI, business administration, data science, and analytics.

SPEAKING OF- Businessman Ahmed Tarek plans to add an additional 80 schools to his portfolio over the next five years, which currently has seven schools, he told Al Borsa. Two of the schools will be acquired before the end of the year, Tarek added.

EXPANSION-

#1- Makanak is planning a move into the Saudi market by the end of this year: Integrated workspace provider Makanak is planning to open five branches in Saudi Arabia — three in Riyadh and two in Jeddah — by the end of 2024, CEO Moheb Zaki told Al Mal.

The how: The company has recently established a subsidiary in the Saudi market with a Saudi partner who owns 40% of the company, Zaki explained, adding that the company has allocated EGP 30 mn to investments in the Saudi market in the coming year.

The company is also expanding domestically and further afield: Makanak is also planning to add four new branches of its entrepreneur-targeted office space to its existing 15 branches in Cairo, with the company also planning an expansion into the Bahraini, Omani, and Qatari markets in the future, with the rest of Africa on the table as a final step.

#2- Melee ups price tag on Saudi sports club developments: Local real estate developer Melee is planning to invest around SAR 4.5 bn in three sports clubs in the Saudi cities of Khobar, Jeddah, and Riyadh, Melee chairman Gasser Bahgat told Asharq Business. When we first heard about the project with Adeer in July, we heard that the three projects would cost only SAR 1 bn. Bahgat added that the Khobar club should be completed by the end of the year.

M&A-

City Lab already has another acquisition target in its sights: The board of City Lab has okayed a non-binding MoU to acquire a hospital services management company, following a fair value study and the completion of due diligence, according to a disclosure to the EGX. The board also approved the appointment of Osoul Arabia for Investment as the independent financial advisor tasked with determining the targeted company’s fair share price.

ICYMI: City Lab finalized the acquisition of Cairo Clinical last week that saw City Lab pay EGP 59 mn for the company.

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