MANUFACTURING-

Al Safy invests USD 80 mn in local tech manufacturing factory: Al Safy Group — Xiaomi’s local distributor — is set to invest USD 80 mn in its factory for the production of television units and smartphones, the company said in a press release (pdf). The firm plans to expand the factory’s product range to include smartwatches, routers, advanced cameras, and speakers moving forwards, the statement reads.

AUTOMOTIVE-

Chinese automaker Exeed kicks off local assembly: Premium SUV-focussed Chery subsidy Exeed has officially launched local assembly at the Egyptian German Automotive Company’s facilities, according to a statement from the Industry Ministry. The factory has an annual capacity of 3k Exeed vehicles, alongside 1.2k Mercedes that are also assembled at the plant.

AGRICULTURE-

Cotton industry calls for EGP 4 bn in government support: Egyptian cotton exporters and private companies are calling for EGP 4 bn in government subsidies to help farmers market their crops at a competitive price point, Al Arabiya reports, citing a letter sent to finance and investment ministries from a professional body representing cotton exporters. A rise in ins. costs and dip in export prices has led to 325 companies shutting their doors this season as they were losing EGP 2k per quintal.

MINING-

Mineral Resources Authority could soon see a shakeup: The House Industry Committee has given its initial approval for a draft law that aims to regulate the Egyptian Mineral Resources Authority (EMRA) and turn it into an economic body, Al Mal reports. The decision would help the authority in “utilizing untapped mineral resources, maximizing the authority’s revenues, and supporting and localizing the Egyptian industry,” MP Mohamed El Sallab said, according to the outlet.

M&A-

Raya Holding taps advisors for Helios acquisition: Raya Holding has tapped Attijariwafa Bank as its financial advisor and Baker McKenzie as its legal counsel for the transaction that will see Africa-focussed and London-based PE outfit Helios Investment Partners acquire 49% of subsidiary Raya Foods, Al Mal reports citing informed sources.

Remember: Raya Holding approved and initially accepted Helios’ USD 40 mn bid last month. At the time, Raya’s board also appointed FACT as the independent financial advisor to assess the fair value of Raya Foods’ shares.

DEBT-

The National Authority for Tunnels secured a EGP 4.5 bn syndicated loan from Abu Dhabi Commercial Bank Egypt (ADCB) and Arab Bank to develop metro and railway lines, its light rail transit, monorail, and electric train projects, ADCB said in a statement. ADCB contributed EGP 3 bn to the loan, while Arab Bank contributed the remaining EGP 1.5 bn.

EXPANSION-

ICT Misr to expand in Saudi Arabia: Tech consulting firm ICT Misr is planning to expand its business to Saudi Arabia in 1Q 2025, with a particular focus on the kingdom’s cybersecurity sector, Hapi Journal reports, citing CEO Mohamed El Mofty. The Saudi debut is part of the company’s wider plans to expand in several Gulf markets and within Egypt.

TELECOMS-

Orange Egypt pencils in early 2025 for 5G launch: Orange Egypt’ 5G services are set to go online at the beginning of next year after, Orange Egypt Deputy CEO Hisham Mehrem told CNBC Arabia. The company plans to spend some EGP 10 bn next year to upgrade its networks to accommodate 5G services, he added.

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