MANUFACTURING-

More factories in the pipeline for the SCZone: Alexandria for Industrial Development (AID) — a JV between Alex Steel and Catalyst Private Equity— is in negotiations with foreign investors to build USD 120 mn worth of factories in the Suez Canal Economic Zone (SCZone) under turnkey contracts, Catalyst Partners Co-Founder Abdelaziz Abdel Nabi told Asharq Business. AID is currently setting up a pipe manufacturing facility for a Chinese investor under a turnkey contract, Abdel Nabil added

PRIVATIZATION-

United Bank is heading to the Gulf, Europe, and the US to promote upcoming IPO, slated for 1Q 2025, the lender’s CEO Ashraf El Kady told Asharq Business. The Central Bank of Egypt— which owns 99.9% of the bank — earlier this week announced its plans to offer a stake of United Bank’s shares on the bourse after years of unsuccessful attempts at selling off the bank.

Up to 49% of the bank could end up on the EGX, El Kady told the outlet. Two separate unconfirmed reports earlier in in the week put the stake being offered at between 30-40% and 30-45%.

Advisors: CI Capital will manage the IPO and Baker McKenzie will act as legal advisor, according to El Kady.

SMES-

Fawry launches SME financing services: Local fintech leader Fawry has started offering financing to small and medium enterprises ranging between EGP 1-5 mn after receiving the necessary license from the Financial Regulatory Authority (FRA), sources with knowledge of the matter told Al Mal. Fawry subsidiary Fawry Microfinance received preliminary approval from the FRA in August 2023.

EXPANSION-

#1- Raya CX is heading to the UK: The board of Raya Holding’s Raya Customer Experience (Raya CX) approved setting up a UK arm that will be 100% owned by the subsidiary, according to an EGX disclosure (pdf). The new entity will be set up by Raya CX Chairman Medhat Khalil and Raya CX CEO Alaa El Khishen.

#2- eAswaaq, Post for Investment launch ECOM Africa: E-finance’s eAswaaq and Post for Investment have launched ECOM Africa, the “first Africa-focused specialized Egyptian e-commerce platform,” e-Finance said in an EGXdisclosure (pdf). The new company will develop, enhance, and operate e-commerce platforms across Africa, taking care of their design, development, operation, management, maintenance, and marketing.

#3- Trellix could set up shop in Egypt: US-based cyber security firm Trellix is mulling establishing headquarters in Egypt and investing in the country’s outsourcing sector, according to a CIT Ministry statement.

DEVELOPMENT FINANCE-

Egypt joins new USD 1.5 bn global health finance initiative: The World Health Organization and three multilateral development banks — the African Development Bank (AfDB), the European Investment Bank (EIB), and the Islamic Development Bank (IDB) — have launched a USD 1.5 bn primary health financing platform in 15 countries, including Egypt, according to a EIB statement (pdf). The platform aims to provide loans and grants to improve and expand primary health services in low- and middle- income countries.

TOURISM-

The Tourism Ministry is in talks with China’s Chongqing Gaund Holding Group over the construction, management, and operation of a number of luxury floating Nile hotels, according to a ministry statement of a meeting between Tourism Minister Sherif Fathy and a delegation from the company. The meeting also saw both sides discuss the company’s proposal to organize river trips in Upper Egypt alongside facilitating charter flights from China to Egypt — and particularly the Red Sea — as part of a wider push to increase Chinese tourist traffic to Egypt.

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