MANUFACTURING-

Another FDI-funded leather factory in Robbiki City in the pipeline: An unnamed Turkish leather company has requested the Industry Ministry allocate an 80k sqm land plot to establish a EGP 2 bn (c. USD 39.5 mn) leather factory in Robbiki Leather City, unnamed sources told Al Arabiya. Negotiations are currently underway, with the project expected to be announced soon.

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REMEMBER- Robbiki Leather City fully allocated all 43 ready-made factories offered up in its first offering early this year. Efforts to attract investment to the project stem from the government’s mission to promote Egypt as an important leather exporter.

#2- Another textile project is coming to Qantara West: Chinese company Gold Star will set up a USD 4.5 mn facility in the Qantara West Industrial Zone to produce ready-made garments following an agreement it inked with the Suez Canal Economic Zone, according to a statement. The 23k sqm facility will export all of its output and generate 2k jobs. The project is the latest in a spate of textile facilities planned for Qantara West by foreign manufacturers, including two projects worth USD 28 mn inked with Chinese companies earlier this week.

DEBT-

Juhayna secures EGP 400 mn from CIB for Tiba subsidiary expansion: Juhayna Food Industries subsidiary Tiba for Trade and Distribution signed a EGP 400 mn financing agreement with CIB to support its expansion and operational efficiency, according to an EGX disclosure (pdf). The medium-term loan, with a tenor of around four years, will fund the acquisition of vehicles and coolers to enhance Tiba’s distribution operations.

ENERGY-

#1- Oil Ministry offers up 13 new oil and gas exploration blocks across the Mediterranean, Gulf of Suez: The Oil Ministry is putting up investment offers for seven undeveloped fields in the Mediterranean Sea and six exploration blocks in the Gulf of Suez and Western Desert through its Egypt Upstream Gateway, according to a statement. The bidding window will remain open for two months until 4 May.

#2- Egypt, Iraq eye energy cooperation: Oil Minister Karim Badawi met with his Iraqi counterpart Hayan Abdul Ghani in Baghdad yesterday where the two sides touched on ways to enhance cooperation in the oil and gas sector, according to a statement. The two officials discussed a potential initiative to refine Iraqi oil at Egyptian refineries and agreed to set up a joint steering committee to implement the energy cooperation discussed.

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