TRANSPORT-

Egypt and France signed an action plan to set up Cairo Metro Line 6, which will see Egis and Setec submit the technical specifications required to implement the project to the National Authority for Tunnels (NAT) for review, according to a statement. French rolling stock manufacturer Alstom will submit its technical and fiscal offers to the government for review under the action plan. The Transport Ministry will head monthly meetings to follow up on the plan, according to the statement. The 26-station, 38.6-km line aims to ease congestion on Line 1 and will link Shubra El Kheima in the north to New Maadi in the south. Extensions to New Cairo are under study.

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Alstom aims to submit its offers next May and the technical specifications should be done and submitted in January, Managing Director of Alstom Egypt Ramy Salah Eldeen said, according to Al Borsa. He explained that the consortium carrying out the project will work with local players like Petrojet, Arab Contractors, and Orascom Construction to carry out the project.

Remember: Alstom signed a framework agreement with NAT to design, build and maintain Cairo Metro Line 6 back in 2022 — the two sides followed through on the agreement this year. Alstom will establish an industrial complex in Borg El Arab to produce rail components. Egypt and France signed an MoU to localize the railway industry and implement Metro Line 6 earlier this year.

PHARMA-

A group of local pharma players wants to set up a USD 150-200 mn pharma raw materials factory next year, Asharq Business reports citing state-owned Arab Company for Drug Industries and Medical Appliances (ACDIMA) — one of the companies part of the consortium — chairman Olfat Ghorab. The consortium will also include the Suez Canal Economic Zone and Eipico.

No surprise there: The government has been wanting to create a regional hub for pharma raw materials to meet local market needs and regional exports with ACDIMA and Eipico tapped to break ground on the project.

EVS-

Infinity is setting up an EV charging network in Jordan: Our friends at renewables company Infinity have partnered up with Jordan’s Middle East Holding to set up Infinity Jordan, which will develop a nationwide EV charging network with over 1k charging points planned over the next five years, according to a press release (pdf). The first phase of the stations will go live in 2Q 2025, supported by an application for EV users.

What they said: “With Jordan’s EV market growing rapidly, Infinity Jordan will serve as a driving force for creating the infrastructure needed to support this growth, empowering businesses and individuals to embrace cleaner and more sustainable modes of transportation,” Infinity co-founder and CEO Nayer Fouad said.

DEBT-

NERIC secured syndicated loan to fund new factory: The National Egyptian Railway Industries Company (NERIC) has secured an EGP 5 bn syndicated loan from the National Bank of Egypt, CIB, and the Arab African International Bank, according to a statement from the Transport Ministry. The funds will fund NERIC’s factory in East Port Said, which will require investments of EGP 4.3 bn during its first phase.

The details: The first phase, set to kick off operations mid-2025, will produce railcars and metro cars. During its second phase, the factory will start manufacturing rolling stock for the monorail, high-speed train, and light electric train, while the third phase involves upgrading old metro and railway vehicles.

RENEWABLES-

#1- Abu Qir Fertilizers is going green: EGX-listed fertilizer manufacturing giant Abu Qir Fertilizers inked two agreements aimed at helping it make operations more sustainable, according to a statement. The first agreement will see MPS Infrastructure supply Abu Qir with green hydrogen to help it reduce its natural gas use, helping the company boost production and apply the EU’s Carbon Border Adjustment Mechanism (CBAM). The second agreement will see ABB Group install an advanced automation control system at the Abu Qir ammonia plant — which will soon start partially relying on green hydrogen — to reduce natural gas consumption in boilers by 2-4%.

#2- Misr Cement to establish two new solar plants: Misr Cement Group signed an agreement with Solarize Egypt that will see the two develop a 40 MW solar power project, Misr Cement Group said in a statement. Each of the solar plants will generate 48 mn kWh per year for Misr Cement Group’s factories in Minya and Qena.

INVESTMENT-

Efforts to bring US investors to the local healthcare scene: Investment Minister Hassan El Khatib held a virtual meeting with some 40 US healthcare players where he showcased the many available investments in the local healthcare sector, according to a statement. US Ambassador to Egypt Herro Mustafa Garg highlighted the USD 30-40 bn available investments in Egypt’s healthcare sector that US players can tap. The Madbouly government wants to double the number of hospital beds in the country from 142k to 300k and increase the role of the private sector in the Universal Healthcare Ins. scheme.

COMMODITIES-

Cotton trading resumes: Cotton auctions will be held later today with around 170k quintals up for sale at initial prices of EGP 8-10k per quintal, Misr for Cotton Trading & Ginning Managing Director Ratiba Mahmoud told Al Borsa. This is set to be the first of several upcoming auctions, with their frequency set to increase in the coming period, she said, adding that another auction is expected to take place later this week offering a similar quantity.

Remember:Last month, the government temporarily suspended the local cotton tradingsystem on the back of pricing issues that resulted from guaranteed prices for farmers set by the government significantly exceeding the crop’s current global market value, making it difficult to trade locally or internationally.

What about the guaranteed prices? The Finance Ministry will cover the EGP 2k price difference for companies, Mahmoud said.

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