RENEWABLES-

Egypt plans to reintroduce its USD 2.3 bn pumped storage hydropower project at Ataka Mountain to investors after the offer was withdrawn from China’s SinoHydro due to funding issues, a government official told Asharq Business. The Chinese state-owned company initially inked an agreement to build the 2.4 GW project all the way back in 2015.

Reoffering the project already seems to be going well, with Indian, Chinese, and European companies reportedly showing initial interest in the project.

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SOUND SMART: Pumped storage hydropower works by using surplus electricity to pump water uphill into a reservoir in periods of low demand or high supply, releasing it downhill through turbines to generate electricity when demand rises or supply falls. This energy storage method allows networks that rely on solar and wind power to keep the lights on even when the wind drops or the sun goes down.

Ataka isn’t the only pumped storage hydropower project in the pipeline, with the government reportedly having wrapped up studies for two pumped storage hydropower projects in Luxor and Qena with a combined capacity of 2 GW and price tag of up to USD 2.5 bn.

BANKING-

Ahli United Bank’s Egypt arm has rebranded as Kuwait Finance House Bank (KFH Egypt), parent company Kuwait Finance House Chairman Hamad Al Marzouq said yesterday during a press conference attended by EnterpriseAM.

The newly rebranded entity is planning to launch a new range of Sharia-compliant services in the country, which Al Marzouq described as “a promising market with great growth potential” at the presser.

Remember: Kuwait Finance House acquired Bahrain’s Ahli United Bank in 2022 in a USD 11.6 bn agreement, creating a combined entity which then held some USD 115 bn in assets — making it one of the Gulf’s largest lenders. Its new owner completed moving the bank entirely over to Islamic banking as of last September, as detailed in a statement (pdf) accompanying the rebrand.

M&A-

Egyptian loyalty program developer Dsquares has acquired 51% of Egyptian startup Prepit to expand the provision of affordable loyalty programs for SMEs, CEO Marwan Kenawy told Al Borsa. The seven figure acquisition will help integrate the two companies and support expansion plans into Saudi Arabia, followed by Jordan.

INVESTMENT-

CI Capital Asset Management has successfully closed the subscription for its sectoralequity investment fund (aka CI-ctor) on Monday, after receiving strong investor demand. The EGP 50 mn fund is designed to cater to investors seeking exposure to sector-focused investments in EGX-listed companies. CI Capital Holding’s share price rose 0.85% to EGP 5.90 by yesterday’s close.

The fund will allocate capital across five sectoral issuances covering real estate and construction, technology and communications, export sectors, consumer sectors, and digital payments. Investors should be able to purchase and redeem units daily starting next month.

EXPANSION-

Industrial robot manufacturer Aria Technologies plans to launch a factory in Saudi Arabia by the end of 2025, sales manager Mohamed El Kholy told Al Mal. The Giza Systems subsidiary will launch the factory with an initial production capacity of 50-60 robots per year, followed by a plan to increase output by 15-20% annually.

The company is also weighing options for domestic growth, with Badr City and Tenth of Ramadan City under consideration for a new factory, according to El Kholy. A decision is expected by the end of the first quarter of the year, clearing the path for construction to commence in the second half of the year.

AUTOMOTIVE-

MM Group for Industry and International Trade will be supercar maker Lamborghini’s official Egypt representative, under an agreement inked between the two, according to a statement(pdf). The company’s first showroom for Automobili Lamborghini and service center in Cairo is set to open by 2Q 2025.

Market reax: Following the news, the company’s share price rose 4.2% to EGP 7.4 a share by the end of trading yesterday.

LOGISTICS-

Trial operations at the Suez Canal Container Terminal’s expanded East Port Said facilities will start in April, according to a Suez Canal Economic Zone statement. The expansion will increase capacity from 5 mn to 7 mn TEUs annually. AP Moller-Maersk signed a USD 500 mn agreement with the SCZone in 2022 to expand East Port Said port by 40% by building the new berth to add an extra 2 mn TEU of annual capacity.

Sound smart: A TEU is the standard unit for a shipping container — the corrugated metal things you’ve seen being hauled on highways, stacked in ports, and carried on the deck of vessels. It stands for a twenty-foot equivalent unit.

LEGISLATION-

The House of Representatives approved a USD 500 mn loan from the World Bank’s International Bank for Reconstruction and Development, which will support Egypt’s budget, enhance economic competitiveness, and help with the country’s green transition. However, the loan was met with criticism from some corners of the House, with MP Ahmed Farghali describing the loan “as another piece of evidence that the government is still involved in excessive borrowing” and MP Ahmed El Sharkawy arguing that its 35 year repayment period means “it’s the next generations who will bear the burden of this loan.”

MANUFACTURING-

Coca-Cola HBC officially launched operations of its new USD 31.5 mn production line in its Sadat City facility, according to an Industry Ministry statement. The new production line has an annual output capacity of 172 mn liters and relies on 95% locally sourced components, with its production set to primarily serve the domestic market with potential for export expansion.

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