CONSTRUCTION-

Egyptian contractors are close to wrapping up one of Libya’s mega infrastructure projects —- Tripoli’s Third Ring Road, with investments of USD 1 bn, Libyan Prime Minister Abdul Hamid Dbeibah told Asharq Business (watch, runtime: 33:26). Dbeibah noted that the consortium will complete the project “very soon.”

Refresher: Orascom Construction, Hassan Allam Construction, and Elsewedy Electric subsidy Rowad Modern Engineering back in 2021 signed an agreement with the Libyan government to build a new ring road around Tripoli.

INVESTMENT-

Ariston wants to double its local production: Home appliances manufacturer Ariston has earmarked EUR 30 mn to double its production in Egypt this year, according to a cabinet statement. The company already has three factories in Obour City over 220k sqm.

EXPANSION-

SIAC Construction eyes three big-ticket projects in Saudi Arabia: SIAC Holding Group subsidiary SIAC Construction is studying three separate projects totalling SAR 2 bn — currently equivalent to USD 533.7 mn — SIAC Holding Vice Chairman Ahmed Azmi told Al Borsa. The projects are in the infrastructure, service, and construction sectors.

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HOSPITALITY-

Revamping Marsa Alam’s Carnelia Resort: Nasr General Contracting will develop the fellow state-owned Holding Company for Tourism and Hotel’s Carnelia Beach Resort in Marsa Alam, according to a statement. The first phase of the development will come at an estimated cost of EGP 1.5 bn and include 206 rooms. Travco subsidiary Jaz Hotel Group will manage the hotel following the development.

AUTOMOTIVE-

Al Amal Auto to bring Forthing cars to Egypt: Al Amal Auto, the local agent of Lada and BYD vehicles, became the exclusive agent of Chinese automaker Dongfeng’s Forthing brand, Chairman Amr Soliman told Al Borsa. With an initial investment of USD 5 mn, Al Amal will import and assemble Forthing vehicles locally — it will assemble Forthing’s sedan and SUV models at its Tenth of Ramdan facility by mid-2025.

ECONOMY-

Egypt joins the WEF’s Future of Growth Initiative: Planning Minister Rania Al Mashat has signed a letter of intent with the World Economic Forum (WEF) to launch the Egyptian Future of Growth Accelerator — an event that will bring together ministers, CEOs, and senior leaders from the public and private sectors as well as civil society to promote balanced growth, according to a cabinet statement. Al Mashat will serve as co-chair of the Egyptian Future of Growth Accelerator, the statement reads.

The WEF’s Future of Growth Initiative aims “to recalibrate the global conversation on growth and support decision-makers in achieving a better balance between the quantity and quality of growth,” according to the WEF’s website.

TELECOMS-

TE activates 2Africa’s Mediterranean link: Telecom Egypt (TE) and Cisco have activated a Mediterranean subsea link on the 45k km 2Africa subsea cable, creating a high-capacity connection between Port Said and Marseille via Genoa in Italy, according to a statement. The upgrade, powered by Cisco’s Network Convergence System and Acacia’s coherent modules, boosts capacity to meet the region’s soaring demand for data-heavy services like cloud computing and AI.

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