MANUFACTURING-

#1- Turkish firm eyes USD 60 mn pipeline factory: Turkish Investment group Erciyas Holding is looking to establish a USD 60 mn oil, natural gas, and water pipelines factory in Egypt, according to a statement from the Investment Ministry. The factory will focus on producing large-pressure pipes with the aim of generating USD 200 mn in revenues from the project in an undisclosed period. Some 40% of output will be allocated to the local market and the remaining 60% will be exported.

#2- Eroglu Holding begins work on another clothing plant in Qantara West: Turkish clothing manufacturer Eroglu Holding has broken ground on its USD 51 mn garments factory in the Qantara West Industrial Zone, making it the third project launched in the area within the past four months, according to a Suez Canal Economic Zone statement. Spanning 84.2 sqm, the factory is expected to create some 5k jobs when operational.

RECYCLING-

Two local players are looking to set up EGP 400 mn battery recycling plant: Local e-waste recycling solutions providers Green Core and Egyptian Electronic Waste Recycling Company are looking to build a EGP 400 mn battery recycling plant, Green Core CEO Hatem Youssef told Al Arabiya. The two companies are also looking to expand their regional footprint by stepping into the Saudi market and setting up an e-waste recycling facility there.

RENEWABLES-

ERBD to provide USD 21.3 mn for Red Sea Wind Energy: The European Bank for Reconstruction and Development (EBRD) is set to provide some USD 21.3 mn in new funding to the Red Sea Wind Energy (RSWE) — a JV between Orascom Construction, France’s Engie, and Japan’s Toyota Tsusho/Eurus Energy. The loan will fund the capacity expansion of RSWE’s wind farm in the Gulf of Suez to 650 MW from 500 MW, as part of the government’s Nexus for Food, Water, and Energy initiative (NWFE), the Planning and International Cooperation Ministry said in a statement.

ENERGY-

Gov’t steps up its crackdown on electricity theft: The cabinet approved a decision yesterday to intensify the penalties for electricity theft. Those charged with illegally providing connection of electricity to individuals or entities — or those who fail to report such violations — can now face imprisonment of at least one year and a fine ranging from EGP 100k-1 mn. The same penalty will be imposed on the unauthorized use of electricity, which could result in imprisonment if the offense leads to a power outage. The fine can also be doubled if the crime involves deliberate tampering with equipment for electricity production or transmission.

LEGISLATION-

Draft cash-based subsidies bill to go to the House following committee approval: The House’s Social Solidarity Committee gave its final approval for a draft cash-based subsidies bill that aims to give cash-based subsidies to citizens under the poverty line without access to social insurance. The payments will be made from a Takaful and Karama fund affiliated with the Social Solidarity Ministry funded from the state budget, private contributions, foreign grants and loans, and investments. The bill will now be passed to the House for a vote.

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REAL ESTATE-

A new real estate company enters the scene: Suez Canal Bank and Mint Real Estate Assets — a joint venture between Al Ahly Sabbour and the National Bank of Egypt — have set up a new real estate development company dubbed Anchors for Real Estate Development, Al Mal reports. Mint will hold 60% of the company, while the Suez Canal Bank will hold the remaining 40%. The company has already kicked off operations inking an EGP 500 mn agreement to acquire and develop on behalf of a leading developer in the local market.

STARTUPS-

Sympl eyes fresh funding to support African expansion: Homegrown BNPL platform Sympl is in negotiations to raise USD 2 mn to fund its expansion into Morocco, Kenya, Nigeria, and Tanzania, CEO and founder Mohamed El Feky told Al Borsa.

RETAIL-

Talabat to help develop food carts in Egypt: Leading food delivery app Talabt Egypt launched its Seketna Wahda initiative to transform food carts into fully equipped restaurants, Al Mal reports. The initiative will also see these food carts-turned restaurants listed on the Talabat app to expand their reach. The initiative targets food cart owners between the ages of 18 and 35.

FINTECH-

eNovate to support Premium Card’s offerings: State-owned fintech player E-finance’s subsidiary eNovate — formerly eCards — will work with consumer finance firm Premium Card to support the issuance and management of its prepaid card, according to a statement. eNovate will offer “secure and seamless services like mobile app management, real-time fraud protection, and 3D Secure technology.”

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