PRIVATIZATION-

Gov’t postpones sale of Zafarana wind farm and Beni Suef power plant: The Madbouly government has chosen to postpone the offering of stakes in the 545-MW Zafarana wind farm and the Beni Suef power plant to foreign investors, Electricity Minister Mahmoud Esmat reportedly told Asharq Business yesterday. The government has also inked an agreement with investors to establish hybrid wind and solar power stations at the Zafarana wind farm, Esmat said.

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Remember: The Madbouly government was reportedly reconsidering its decision to sell the Siemens-built Beni Suef power plant after negotiations with potential investors stalled following the state’s suggestion that the buyer be responsible for securing the necessary gas supplies to power the plant. Meanwhile, the Zafarana wind farm had been reported to be the subject of ongoing negotiations earlier this month, after having been added to the privatization shortlist in 2023.

MANUFACTURING-

#1- Turkish clothing manufacturer wants to expand locally: Readymade garments manufacturer Akay for Readymade Garments is planning to gradually invest EGP 1.5 bn over the next six years as part of its expansion agenda, Al Borsa reports, citing the company’s general manager. The plan involves setting up a new factory in a freezone in Port Said to double the apparel maker’s production capacity, with an eye on exporting to foreign markets.

#2- JTI, Eastern Company renew tobacco-making contract: Tobacco distributor JTI-Nakhla has renewed a three-year contract with Eastern Company — the country’s biggest tobacco maker and one of only two licensed to manufacture tobacco products — to produce JTI’s products at Eastern Company’s production facilities, according to a statement (pdf).

#3- A new cold beverage plant in the works: Cold beverage maker AlwaadInvestment — the company behind kiosk favorite Buzz — is planning to inaugurate a new factory in March 2025, Al Borsa reports, citing company exports head Mahmoud Fouad. The new plant will produce 14.5 mn units a year — 8 mn bottles and 6.5 mn cans. The company directs 40% of its output to foreign markets and the remaining 60% is distributed to the company’s agents operating in the local market.

ENERGY-

EGPC has no objections to TAG Oil’s bid for a new Western Desert concession: Canada-based oil and gas company TAG Oil secured a no-objection letter from the Egyptian General Petroleum Company (EGPC) for its binding proposal submitted in 2Q 2024 to acquire a 2k km concession in the Western Desert, according to the company’s website.

PHARMA-

Rameda wants to expand its product offering: Local pharma player Rameda is planning on investing EGP 2 bn in the coming period to acquire new medicines, Rameda CFO/COO Mahmoud Fayek told Al Borsa. The company is in negotiations over acquiring 10-15 new pharma products, with the acquisition coming as part of the company’s plan to expand its operations in the Egyptian market and boost exports, Fayek said.

EXPANSION-

Huawei sets up new HQ in Cairo: CIT Minister Amr Talaat oversaw the opening of Chinese tech giant Huawei’s new office in Cairo, which is part of the company’s strategy to expand its business in Egypt, according to a statement. The new office will house all of Huawei’s operations in Egypt, including its telecom networks, cloud services, and digital solutions.

TELECOMS-

Colt and Telecom Egypt to build internet transit nodes: UK-based telecom company Colt Technology Services partnered with Telecom Egypt to launch two high-speed Internet transit nodes in Cairo and Alexandria hosted in Telecom Egypt’s data centers, according to a company statement. The move will utilize Telecom Egypt’s international infrastructure to enhance global internet access — enabling both sides to “offer robust, high-performance digital services to customers across Africa, Asia, and the Middle East, significantly enhancing the end-to-end internet experience.”

FINTECH-

#1- Fawry uncovers new medical ins. offering: Local fintech giant Fawry in partnership with GIG Ins. have launched a new medical ins. product — dubbed Sehetak Fawry — through Fawry’s app and prepaid cards, Fawry said in a press release (pdf). The product offers inpatient coverage up to EGP 25k, no-charge tele-health consultations, and discounted inpatient and outpatient services from several healthcare providers.

This isn’t Fawry’s first ins. rodeo: The new offering follows Fawry offering over 700k digital ins. policies through its Fawry Ins. Brokerage subsidiary, according to the statement.

#2- Thunes has landed in Egypt: Singapore-headquartered cross-border payments company Thunes has expanded its direct global network into Egypt, the company said in a statement. Customers can now send remittances into Egyptian bank accounts and mobile wallets — with payouts in EGP and USD.

EARNINGS-

Sidi Kerir Petrochemicals bottom line inched up 4.1% y-o-y in 9M 2024 to EGP 1.9 bn, according to an EGX disclosure (pdf). The company’s revenues for the period saw a 2.9% y-o-y uptick to EGP 10 bn.

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