INFRASTRUCTURE-

Hassan Allam Utilities to develop an off-port terminal in Saudi’s King Abdullah Economic City: Local energy and infrastructure leader Hassan Allam Utilities has signed a strategic partnership agreement with Saudi-based Nesma Holding’s logistics subsidiary Defaf United for Logistics to invest in and develop an advanced off-port terminal in King Abdullah Economic City, the company said in a statement (pdf). The terminal will include “container yards and warehousing facilities, delivering flexible and integrated logistics solutions tailored to a wide range of customers,” the statement reads.

Strategic placement: The new terminal aims to serve clients across Saudi Arabia, the GCC, and East Africa, establishing the King Abdullah Economic City as a key logistics hub to support regional trade.

What they said: “The off-port terminal in KAEC will play a crucial role in strengthening the region’s logistics infrastructure. Together, we are committed to providing cutting-edge solutions that meet client needs and drive economic growth in the Kingdom,” Hassan Allam Holding Co-CEO Amr Allam said.

REAL ESTATE-

Madinet Masr wants to speed up the construction of Taj City: Real estate player Madinet Masr has signed an MoU with local construction company El Hazek Construction to “execute infrastructure works” and build villas in Taj City’s Elect development with planned investments exceeding EGP 900 mn, the company said in a statement (pdf).

CAPITAL MARKETS-

EFG Hermes has now run nine IPOs on GCC bourses in 2024: EFG Hermes has officially closed Talabat Holding’s USD 2 bn IPO on the Dubai Financial Market and Lulu Group International’s USD 1.7 bn listing on the Abu Dhabi Securities Exchange, acting as joint bookrunner for both offerings. This brings EFG Hermes’ total number of GCC IPOs this year to nine. Talabat’s debut — involving a 20% stake in Delivery Hero — marked the largest global tech deal this year, raking in USD 2 bn, while Lulu’s IPO came in 25x oversubscribed with total demand exceeding USD 37 bn.

TRADE-

Speedier customs clearance between Egypt and KSA: Egypt and Saudi Arabia agreed to slash customs clearance time from three days to 3-4 hours, Deputy Finance Minister for Taxes Sherif Al Kilani told Asharq Business. “We are working to introduce custom facilities for trade between Egypt and Saudi Arabia,” he said.

Remember: Earlier this month, the Egyptian Customs Authority and Saudi Zakat, Tax and Customs Authority inked a mutual recognition agreement for the Authorized Economic Operator program to enhance economic cooperation, streamline customs procedures, reduce costs, and boost trade through benefits like priority clearance and lower fees. The agreement will double trade between the two countries, according to Al Kilani.

ENERGY-

President Abdel Fattah El Sisi met with representatives from several Norwegian companies during his official visit to Norway, according to Ittihadiya statements here and here. The meetings focused on boosting investment cooperation, particularly in renewable energy, green investment, and African development projects.

The companies: El Sisi met with officials from renewable energy firms Empower and Scatec, as well as gas liquefaction company Golar, fertilizer giant Yara, Norwegian development agency Norfund, and the Norwegian-African Business Association. Discussions extended to potential tripartite cooperation in Africa, with Norwegian businesses expressing their interest in expanding their portfolios in Egypt.

The meetings were followed by an MoU between Empower and the UAE’s Majid Al Futtaim to build a solar project that will power an industrial project, one of the statements said without providing any further details.

EDUCATION-

Seven new centers for students with disabilities to be set up at public universities: The Education Ministry has signed cooperation protocol agreements with AMIDEAST to establish student disability service centers in seven public universities as part of the third phase of the project’s implementation, according to a ministry statement. The protocols cover supervising the centers’ implementation, financing training activities, and following up on center activities.

Where will the centers be? The seven centers will be established in Minya University, Benha University, Menofia University, Port Said University, Aswan University, and Kafr El Sheikh University.

MANUFACTURING-

ABB Group launches new production line for power distribution units: Industry and Transport Minister Kamel El Wazir oversaw the inauguration of a production line for power distribution units in Swiss-Swedish power company ABB Group’s factory in Tenth of Ramadan City, according to an Industry Ministry statement. The final products will all be earmarked for export.

PRIVATIZATION-

The Finance Ministry is offering up six public-private partnerships (PPPs) with a total investment cost of EGP 29 bn, Ater Hanoura, head of the Finance Ministry’s Private Partnership Unit, told Asharq Business. The first of the projects is sludge treatment facility with an investment ticket of between EGP 9-10 bn and the second is for a wastewater treatment station, Hanoura said. The six projects are part of a wider offering of 12 projects with investments totalling EGP 61 bn.

Tags: