LOGISTICS-

Medlog inks final contract for USD 130 mn Tenth of Ramadan dry port project: The Transport Ministry’s Public Authority for Land and Dry Ports inked a more final agreement with Medlog — the cargo subsidiary of Italy’s Mediterranean Shipping Company (MSC) — to develop a dry port and logistics hub in the Tenth of Ramadan City under a public-private partnership, a statement from the ministry reads. The project will be set up with investments amounting to USD 130 mn, with infrastructure work on the project to begin this month, AlBorsa reports, citing unnamed officials from the Public Authority for Land and Dry Ports.

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We’ve been on the lookout for news from the project for the last few months: The agreement, which includes designing, constructing, operating, and maintaining the facility, comes months after unconfirmed reports suggested the final contract would be signed in November following parliamentary approval.

Remember: Medlog first inked an agreement with the government to develop the new dry port in August 2023. The 250-feddan project will be carried out under a 30-year PPP contract and is expected to serve the industrial area in Badr, Ain Sokhna, East Port Said, the New Capital, and the Tenth of Ramadan.

It’s all part of a bigger, more ambitious plan: Egypt wants to become a global trade and logistics hub through a package of multipurpose transport projects — this includes developing Egyptian seaports and connecting them to production and distribution areas via rail, river, and road networks. The country wants to create integrated logistical hubs that connect ports to one another and establish dry ports and logistics areas that will enhance existing infrastructure by providing storage, distribution, and clearance locations. You can read more about Egypt’s plan to expand its dry port network in a recent Hardhat deepdive we did here.

DIPLOMACY-

Egypt, EU eye stronger trade and investment ties: Investment Minister Hassan El Khatib met with EU Ambassador to Cairo Angelina Eichhorst to explore boosting trade and investment cooperation, according to a ministry statement. Talks focused on harmonizing policies, reducing trade barriers, and enhancing market access, with both sides agreeing to form a joint task force to implement future initiatives.

COMMODITIES-

Gov’t complex to bolster edible oil reserves in the works: The Supply Ministry’s Holding Company for Food Industries has inked a cooperation protocol to set up an industrial complex for oils with Mostakbal Misr Agency for Sustainable Development — the government agency that recently replaced the General Authority for Supply Commodities as the agency in charge of importing commodities — according to a ministry statement. The agreement comes amid Mostakbal Misr’s plan to build strategic reserves of commodities to protect against market instability, according to the statement.

FINTECH-

PayMint and ADIB Egypt to roll out Meeza cards: Local fintech startup PayMint has received the final thumbs up from the Central Bank of Egypt to launch its first Meeza prepaid cards in collaboration with ADIB Egypt, according to a statement(pdf). “The new card is targeted at individual customers, including permanent and temporary workers for companies, freelancers, and suppliers, enabling them to receive their financial dues and benefit from card services,” PayMint Founder Mohammad Rabie said.

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