CUSTOMS-

The government is working on cutting customs clearance times down from eight days to just two, Investment Minister Hassan Al Khatib said, according to a ministry statement. Towards this aim, the government has already enforced a new rule that customs services continue on Fridays and national holidays, along with extending the period that people can pay their customs dues until after banks close.

The government has even more ambitious customs clearance customs time for some of its key regional allies, with agreements signed last month with Saudi Arabia, UAE, and Bahrain to cut the time down from a few days to just a few hours.

INVESTMENT-

Saudi Egyptian Industrial Investment is planning on investing some USD 30 mn into the local market this year, General Manager Ahmed Ata told Asharq Business. The firm is looking to invest across several sectors — including an alternative investment in the glass sector, after the company’s bid for up to 70% of the state-owned El Nasr Glass and Crystal Company failed to reach a conclusion. The company is also looking to acquire an export-oriented firm in the ready-made garments sector, enhance its investments in its existing companies, and add a new production line to Ateco Pharma to double its production capacity, Atta said.

Remember: Ata said last month that Saudi Egyptian Industrial Investments would be targeting 20-30% stakes in ready-made garments, glass, and cookware companies in 2025.

M&A-

Orascom Financial Holding’s board has greenlit selling its entire 99.0% stake in Klivvr Electronics to the Sawiris family-owned Klivvr Holding, the B Investments Holdings-majority owned company said in an EGX disclosure (pdf). The newly established Klivvr Holding — which only came to our attention in November — is offering EGP 11 per share for the fintech, valuing the total transaction at some EGP 657.7 mn.

The transaction comes as part of B Investments’ commitment to sell Orascom Financial Holding’s stake in Klivvr Electronics within a year of acquiring a 68.9% stake in OFH through a share swap late last year.

AUTOMOTIVE-

Chinese EV maker NIO is reportedly studying entering the Egyptian market by appointing a local agent to handle imports, after-sales services, and maintenance operations amid growing demand for luxury electric vehicles, Al Mal reports, citing unnamed auto industry sources.

Talks underway: The Chinese company has begun discussions with local automotive companies and businesspeople about exclusive agency rights, according to the sources. Some local firms have already imported limited quantities of NIO vehicles to test their compatibility with Egyptian operating standards and specifications, the sources added.

REAL ESTATE-

Bonyan has expanded its office space portfolio with the acquisition of a 8.2k-sqm office building in New Cairo, the Compass Capital real estate subsidiary said in a statement (pdf). The acquisition marks Bonyan’s third purchase of a Grade A office space in the last 13 months and brings its total commercial assets across east and west Cairo to ten.

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