MANUFACTURING-

Local electrical equipment manufacturer Onaelectric Industries wants to invest EGP 500 mn in a new circuit breaker factory, set to be built in Tenth of Ramadan City and be operational starting early 2026, the company’s sales director, Ahmed Hamed, told Al Borsa. The Industrial Development Authority has allocated a 10k sqm plot for the factory, which will manufacture products using up to 100% local inputs and export 70% of output.

The project is set to be the first factory of its kind in the country to locally produce circuit breakers with local components, Hamed told the outlet. The government is aiming to localize 152 industries by 2030 in sectors including, a government source previously told EnterpriseAM, which likely includes circuit breakers.

Expansion abroad is also part of the game plan, with the company aiming to invest USD 15 mn to establish a factory in China and another in Europe over the next five years.

BANKING-

Egypt’s two largest banks will continue issuing record high-interest certificates of deposits (CDs), with the state-owned National Bank of Egypt (NBE) and Banque Misr deciding to extend the issuance of their 27% and 23.5% CDs after the initial issuances’ maturity expired yesterday. The two banks had been considering replacing the CDs with those with a lower return in May of last year, while the country’s largest private sector bank CIB became the first bank to lower rates on high-interest CDs in June following the 600 bps hike and float of the EGP in March.

PROPTECH-

Local proptech Nawy will soon acquire property management company ROA in its bid to launch Nawy Unlocked — a new service “designed to help property owners generate income from unused or unfinished properties,” the company said in a statement (pdf). The cost of the acquisition was not disclosed.

Nawy is also in negotiations with seven banks for its Nawy Now service, which focuses on real estate financing, Nawy CEO Mostafa El Beltagy told Al Borsa. El Beltagy did not reveal the size of the financing they are looking for.

DIGITIZATION-

The National Food Safety Authority has launched its new Unified RegistrationPortal to facilitate the process of registering food establishments, with the platform available via your smartphone, according to a statement from the authority.

EXPANSION-

#1- Local fintech NowPay will set up a payroll company in KSA with Saudi United International Holding Company under an MoU inked between the two, according to a disclosure to the Tadawul. The JV will be set up with an initial investment of SAR 75 mn, with United International Holding holding a 75% stake and NowPay owning the remaining 25%.

#2- Egyptian HR services firm Target HR will now operate under the Manpower brand under brand licensing agreement with global staffing firm ManpowerGroup, according to a joint statement (pdf). The newly branded firm — to be dubbed Manpower Egypt — will offer services including temporary and permanent staffing, tailored HR services for Egypt and talent management, and combine “local expertise with global best practices to deliver world-class HR and staffing solutions,” according to the statement.

TOURISM-

The Egyptian Tourism Federation has formed a new committee to tackle tourism services and programs being sold below the cost price, the federation said in a statement. The committee — aimed at maintaining the sector’s competitiveness and stabilizing the market — will have representatives from the Tourism Ministry, tourism chambers, and legal and regulatory bodies. It will investigate complaints, requiring evidence of violations and supporting documents, with decisions to be escalated to the federation’s chairman for legal action.

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