REAL ESTATE-

PHD is heading to Abu Dhabi: Real estate developer Palm Hills Developments’ (PHD) board approved the company’s expansion to the UAE via the establishment of a subsidiary and wholly owned limited liability company in Abu Dhabi, according to an EGX disclosure (pdf).

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ICYMI: Palm Hills established its new Saudi branch last August and has plans to develop urban projects and 15 international schools in the kingdom under an agreement with Saudi investment group Dallah Albaraka subsidiary Dallah Real Estate.

M&A-

Dirac Systems revealed to be the latest in a string of startups freshly acquired by Fawry: Fintech giant Fawry has nabbed a majority stake (51%) in Dirac Systems, an enterprise resource planning (ERP) software company, as part of its wider push to acquire startups that offer complementary services, it said in a press release (pdf). The move follows Fawry’s acquisition of a 56% stake in financial services and accounting firm Virtual CFO and a 51% stake in local hospitality and medical institutions manager Code Zone. Combined, the investment tally landed at EGP 80 mn.

The pitch: “These investments reinforce Fawry’s position as a one-stop digital business solutions provider by expanding “Fawry Business” suite in ERP and financial management tools, seamless digital payment integrations with advanced accounting and HR solutions, and tailored fintech innovations for SMEs, and large enterprises,” Fawry CEO Ashraf Sabry said.

STARTUPS-

Design and furnishing made easy: Valu, The Mob Collective, and Le Marché have launched Dream Space, a platform offering designer-curated home furnishing packages with transparent pricing and flexible financing, the companies said in a press release (pdf). The platform gives customers the chance to choose from ready-made room packages in various design styles, crafted by The Mob Collective. Le Marché will provide access to premium furniture brands, while Valu will offer tailored payment plans with its lowest-ever interest rates, extending up to 60 months. The initiative aims to simplify home furnishing by eliminating the complexity of sourcing individual pieces.

EXPANSION-

Elsewedy lands a major Hungarian power plant contract: Elsewedy Electric has been awarded an engineering, procurement, and construction contract for a combined cycle power plant in Hungary, by MVM Matra Energia — a subsidiary of Hungarian Electric Company, according to a press release (pdf).

What we know: The project — set to be Hungary’s largest combined cycle power plant in decades and the country’s first hydrogen fuel-ready plant — marks Elsewedy Electric’s first major venture in Europe. Elsewedy is part of a consortium that includes two other Hungarian companies. The project is set for completion by 2028.

ENERGY-

The Oil Ministry has concluded the tender for 13 blocks, with submitted proposals exceeding USD 700 mn worth of investments, according to a statement. The bids come as part of a wider offering of 61 potential investments. The bids will be evaluated and announced within 1-2 months.

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