STARTUPS-

#1- New startup charter to be finalized in 2025: The government is set to finalize its charter outlining strategies and recommendations for supporting startups as part of the government’s new Entrepreneurship Ministerial Committee, Planning and International Development Minister Rania Al Mashat said at Hapi Journal’s Economic Conference, according to a statement.

Remember: The recently formed Entrepreneurship Ministerial Committee has announced ambitious plans to increase investments in Egypt’s startups tenfold to USD 5 bn in the coming period from a current USD 500 mn over an unspecified timeframe.

** We sat down with Al Mashat — the head of the committee — to get the inside scoop on how the committee will work as the government executes its plan to position Egypt as a regional startup hub. Check out our interview here.

#2- Startup investment firm UVAII Venture Studio is looking to expand in Egypt, Saudi Arabia, and Bahrain, with an investment ticket ranging from USD 100k to 600k for each startup, Al Borsa reports, citing UVAII Venture co-founder Ahmed Zalat. The firm’s investments will target early-stage and growth-stage startups in gaming, edtech, and sports tech with a focus on expanding to Upper Egypt and within Saudi Arabia.

M&A-

Electra ups stake in Elsewedy Electric: Abu Dhabi-based Electra Investment Holding has acquired some 8.3 mn additional shares of Elsewedy Electric — some 0.39% of the company — for EGP 88.15 per share, bringing the transaction’s total value to EGP 740.3 mn, according to an EGX disclosure (pdf).

Remember: Abu Dhabi-based Electra Investment Holding acquired 20% of Elsewedy Electric in a USD 449.1 mn transaction in July.

MANUFACTURING-

Robbiki Leather City to launch equipped factory offering: Robbiki Leather City will launch an offering of 43 fully equipped factories for leather product manufacturing, part of its third development phase, according to a cabinet statement. The offering includes 17 factories with a total area of 121 sqm, 6 with a total area of 1k sqm, and 20 with a total area of 2k sqm. In order to help investors cover start-up costs, the government is offering investors the option to pay 25% up front in exchange for a one-year grace period on payments, with the remaining balance to be paid over five years at a 10% annual interest rate.

Interested? The factories will be offered up on the newly-launched Egypt Digital Industrial Platform starting tomorrow and will run until 25 December.

DIPLOMACY-

Gaza and investment topped the agenda of President Abdel Fattah El Sisi’s visit to Norway — the first by an Egyptian head of state since diplomatic relations were established in 1936. El Sisi met with Norwegian King Harald V, Prime Minister Jonas Gahr Støre, and Parliament Speaker Masud Gharahkhani to discuss furthering relations, renewables and green hydrogen production — sectors in which Norway is a world leader — and conflicts in the region.

NBFS-

AT Lease enters the mortgage finance market: Islamic leasing outfit AT Lease has received the green light from the Financial Regulatory Authority to start offering mortgage financing, the firm said in a press release (pdf). The move is part of a wider push by the firm to further expand into the non-banking financial sector to become a “one-stop shop” for all non-banking financial services — the firm now offers leasing, factoring, and mortgage services.

EARNINGS-

Kima sees net income, revenues dip during 1Q 2024/2025: Egyptian Chemical Industries (Kima) saw its net income fall 89.1% y-o-y during the first quarter of the current fiscal year to record EGP 38.2 mn, according to the company’s earnings release (pdf). The company pointed to a 61% y-o-y dip in exports driven by falling global export prices, lower sales revenues, and increased financing expenses for driving the decrease. Total sales fell 32.6% y-o-y to EGP 958.9 mn during the quarter.

COMMODITIES-

Egypt to receive 63k ton wheat shipment by end of year after three-month delay: The first 63k tonne shipment of a 430k tonne Russian wheat buy negotiated by the government has begun loading onto an Egypt-bound ship after a nearly three month delay, Reuters reports. The shipment is expected to reach Egypt by the end of the year.

Remember:State grains buyer GASC announced in mid-September that it had purchased 430k tonnes of Russian wheat in September at USD 235 per ton, with shipments set to begin in October. Supply Minister Sherif Farouk told Bloomberg in October that shipments would begin in November, following reports that the shipment might not be moving forward.

EDUCATION-

G-Tec expands into Egypt with 25 new training centers: Indian training center operator G-TecEducation plans to launch 25 branches in Egypt in 2025 with USD 1.5 mn worth of investments, offering programs in AI, data science, IT security, and more, with globally recognized certifications, Al Borsa reports, citing Managing Director Mehroof Manalody. The company plans to expand to 100 branches by the end of 2026.

EXPANSION-

StrategizeIT eyes Saudi and UAE expansion: Digital transformation solutions provider StrategizeIT Egypt plans to enter the Saudi and UAE markets next year, Managing Director Ahmed Maher told Al Mal. The company will open a regional office in Saudi Arabia and establish a UAE presence through strategic partners, with plans to invest over EGP 20 mn in 20 new projects in 2025.

StrategizeIT? The homegrown firm provides integrated GIS, data analytics, and business intelligence solutions for companies and state entities around the region, with 80% of its clients based in the government sector.

AVIATION-

Air Arabia launches new flights connecting Alexandria to Taif: Emirati Air Arabia’s subsidiary Air Arabia Egypt is launching new weekly flights connecting Alexandria’s Borg El Arab Airport and Saudi Arabia’s Taif Regional Airport beginning 21 February, the airline said.

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