MANUFACTURING-

Qantara West is getting another USD 40 mn project: Chinese firm Di Seta has begun construction work on a USD 40 mn ready-made garments factory in the Qantara West Industrial Zone, according to a Suez Canal Industrial Zone statement. The 83k sqm factory is expected to begin operations in September and create some 1.2k direct jobs.

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INDUSTRY-

IDG launches 1.6 mn sqm industrial offering in New October: Industrial Development Group (IDG) has begun offering 1.6 mn sqm of land for industrial projects in New October City as the first phase in the development of a 2.6 mn sqm plot secured earlier this year, the company’s Managing Director Shady William told AlMal. The land had been allocated to IDG by the New Urban Communities Authority back in 2023.

What’s the timeline? IDG plans to deliver plots to investors within a year, according to William. Investors will need 1-2 years to build their factories and launch operations. The first phase of infrastructure development and plot sales is expected to wrap up within 3-4 years.

M&A-

FRA extends Wafa’s deadline for Delta Ins. takeover offer: The Financial Regulatory Authority (FRA) granted Morocco’s Wafa Assurance a 60-day extension starting 4 March to submit a mandatory offer for its planned takeover of Delta Ins., according to a disclosure (pdf). The original offer period was due to expire last week. This comes days after the regulator extended AXA Egypt ’s deadline to submit a competing bid for Delta Ins.

REMEMBER- In December of last year, the two companies registered their interest to buy up to 100% of the Egypt Kuwait Holding subsidiary at an estimated EGP 5 bn valuation.

BANKING-

FABMisr rolls out E-Connect: First Abu Dhabi Bank Misr (FABMisr) has launched a new online banking platform designed to serve multinationals and large corporates — dubbed E-Connect — it said in a press release (pdf). The platform allows companies to manage accounts across multiple banks, track loans and deposits, and generate real-time statements.

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