INVESTMENT-

#1- ITDA inks EGP 4.8 bn contracts for three projects: The Supply Ministry’s Internal Trade Development Authority (ITDA) inked two contracts with Emaar and one with Cello that will see a total of EGP 4.8 bn invested in three new projects in Beni Suef and Sharqia, set to be completed within two years, according to a statement.

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Emaar is set to pump EGP 4.2 bn into the two Beni Suef developments,the first development will span 47 feddans with some EGP 3.8 bn in investments, and will include retail, commercial, and logistics facilities, according to Al Borsa. The second project, a commercial area, will be built on a 2.4k sqm plot with EGP 400 mn in investments.

Cello will be pouring EGP 600 mn into the third project, which will see a commercial area developed on four feddans in Sharqia.

PLUS- ITDA also signed an agreement with the Center of Data Analytics & Consultancy to help ITDA develop its work systems.

ITDA to offer additional plots to investors. The Authority plans within the next six months to offer investors new land plots across Egypt’s governorates to set up commercial areas and markets, Asharq Business quotes authority head Heba El Sayed as saying.

#2- El Sisi talks investment with Dutch PM: President Abdel Fattah El Sisi spoke with Dutch Prime Minister Dick Schoof over mutual investment opportunities in a number of fields, including agriculture, water management, industry, and green hydrogen production, according to an Ittihadiya statement.

ENERGY-

El Sisi talks gas production with Eni CEO: President Abdel Fattah El Sisi met with Italian energy giant Eni’s CEO Claudio Descalzi to discuss joint efforts to support Egypt’s natural gas production, according to statements from Ittihadiya and Eni. El Sisi emphasized Egypt’s commitment to improving the investment climate in the country, with Descalzi affirming Eni’s commitment to growing in its role as one of Egypt’s largest energy players.

Remember: Eni is set to resume drilling at the Zohr gas field in December of this year, Oil Minister Karim Badawi said last week. The government aims to increase production at the gas field — Egypt’s largest and the Mediterranean’s largest-ever find — by 220 mn cubic feet per day through the drilling.

COMMODITIES-

Where is our delayed wheat shipment? Egypt will start receiving its delayed shipment of 430k tons of Russian wheat in November, Supply Minister Sherif Farouk told Bloomberg, rebutting earlier reports from Bloomberg about the shipment potentially not moving forward. The minister provided no details on the reason behind the delay. The shipment was initially supposed to be delivered in October or by the first week of November at the latest.

REAL ESTATE-

#1- Real estate developer Madinet Masr recorded EGP 36.7 bn in sales across 4k units sold — more than double the figure recorded during the same period last year — across projects during the first nine months of the year, it said in a statement(pdf). The developer attributed its performance to a string of successful launches, including new phases in Taj City, Sarai, and The Butterfly in Mostakbal City.

#2- Mountain View launches new west Cairo project: Real estate developer Mountain View has launched a new 715-feddan project — dubbed Kingsway — in Sixth of October alongside Kings Polo, the company said in a press release (pdf). The project will include polo and equestrian fields, as well as over 2k villas, with open spaces and lakes making up 80% of the area.

INFRASTRUCTURE-

SWDC to take over the construction of the SCZone’s Kemet Data Center: Intro Holding subsidiary Intro Technology signed an MoU with Sterling and Wilson Data Center (SWDC) to construct and manage the Kemet Data Center in the Suez Canal Economic Zone (SCZone), according to a company statement (pdf). Data center engineering leader SWDC will act as the project’s EPC contractor, overseeing design, budgeting, timeline management, and systems testing and accreditation. The firm will also maintain the facility for 3-5 years after the project’s completion.

Remember:Earlier this month, Intro Technology inked an MoU with Omani data center leaderOman Data Park to set up the Kemet Data Center with USD 450 mn in investments.

M&A-

EgyFert welcomes new shareholder: Nas Investment Holding acquired a 32.4% stake in EgyFert, purchasing 3.1 mn of phosphate exporting company MidFert Misr ’s shares in the fertilizers producer, according to two separate EGX disclosure. Nas paid EGP 60 per share, putting the transaction value at some EGP 186.6 mn. The transaction leaves MidFert with a 0.1% stake in EgyFert.

DEVELOPMENT FINANCE-

GIZ invites poultry producers to apply for more grants: The German development agency GIZ is launching the second phase of funding for small poultry producers in Egypt, inviting companies to submit their proposals ahead of GIZ’s next review in November, Poultry Producers Union deputy head Tharwat El Zeiny told Al Borsa.

The details: GIZ is looking to provide some USD 330k in funds to around 30 poultry producers as part of the second round — a significant bump up from the USD 176k offered to 16 companies in the first phase of the program, according to Al Borsa. The funds aim to boost productivity and job creation in the sector, in line with the agency’s broader efforts to support SMEs.

EARNINGS-

Alexandria Mineral Oils Company (AMOC) reported a net income of EGP 479 mn during the first quarter of the current fiscal year, up 13.7% y-o-y, according to a disclosure to the EGX (pdf). The company saw its revenues rise 26.1% y-o-y during the quarter to EGP 8.9 bn.

ALSO WORTH NOTING-

#1- Suez Canal Bank launched the Daily Cash Account, which offers daily interest rates up to 23% annually. The EGP account does not require a minimum balance.

#2- Emirati fintech platform NymCard is working to roll out remittance services for Egyptian expats.

#3- Local funeral services startup Sokna is looking into stepping into six new markets over the coming period.

#4- Online furniture marketplace Homzmart and Misr Amreya have signed a strategic agreement in an effort to boost the local textile industry and support Egyptian exports, according to a statement (pdf).

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