Good afternoon all you wonderful people, and welcome back to the work week. We have all the latest for you below, including our take on how Egyptian industry fared in 2024 and the merits of work-from-home policies.

THE BIG STORY TODAY

Unionaire Group Technology is planning to invest USD 500 mn into expanding its production capacity next year, up from USD 300 mn this year, Chairman Mohamed Fathy told Asharq Business. The company has plans to produce 1.2 mn stoves and 1 mn refrigerators annually over the next three years, with focus on expanding its production of AI-powered and energy efficient appliances. Unionaire, which operates 16 factories in Egypt, is developing an industrial complex dedicated to manufacturing home appliances exclusively for export, the company announced last week.

HAPPENING NOW-

Industrial land allocation results set to go live: The results of our most recent industrialland allocation will be announced today by the Industry Ministry through the newly launched Egypt Digital Industrial Platform, according to a ministry statement. A total of 585 plots covering 2.1 mn sqm have been allocated for new projects and expansions, out of nearly 2k applications submitted. The offering included around 2.6k plots in 24 governorates, ranging from 120 sqm to 500k sqm, with industries spanning food, engineering, pharmaceuticals, chemicals, textiles, and construction materials all represented. Unsuccessful but eligible applicants will get priority in the next round on 1 March 2025.

THE BIG STORY ABROAD

Trump threatens to take control of Panama canal: US president-elect Donald Trump is making headlines for a post on his Truth Social platform saying that the US could demand that the Panama Canal be “returned” to the US if the American ally continued to charge excessive rates for use of the canal. "It was not given for the benefit of others, but merely as a token of cooperation with us and Panama. If the principles, both moral and legal, of this magnanimous gesture of giving are not followed, then we will demand that the Panama Canal be returned to us, in full, and without question," Trump wrote. The US, which built the canal over a period of decades, handed full control of the canal over to Panama in 1999.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • Egypt is receiving EUR 1 bn from the EU: The European Union approved thedisbursement of a EUR 1 bn macro-financial assistance package on Friday, the first phase of a EUR 5 bn set of concessional loans running through 2027.
  • Fresh details on pharma privatization: State-owned pharma manufacturer HoldiPharma is reportedly gearing up to list stakes ranging between 25-30% in subsidiaries Chemical Industries Development (CID) and Misr Pharma on the EGX, with both companies set to make their debuts in 1H 2025.
  • The US greenlit a nearly USD 5 bn arms sale to Egypt: The US State Department on Friday approved a USD 4.7 bn foreign military sale to Egypt, including “Abrams Tank Refurbishment, Support, and Equipment, and related equipment,” according to the US Defense Department.

enterprise

*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

☀️ TOMORROW’S WEATHER- The temperatures are steady with tomorrow’s mercury expected to reach a high of 21°C in the capital, and a low of 11°C at night, according to our favorite weather app.

Tags: