INVESTMENT-

Qantara West is getting another garment factory courtesy of China’s Jiangsu Guotai: Chinese textile manufacturer Jiangsu Guotai signed an agreement to set up a USD 10 mn readymade garment factory in the Qantara West Industrial Zone, according to a statement from the Suez Canal Economic Zone (SCZone). The factory is expected to create 2k direct jobs and export 100% of its output to international markets.

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Another win for Qantara West: The SCZone has so far signed 15 usufruct contracts in Qantara West worth a combined USD 490 mn, spanning over 1 mn sqm, and set to employ 20k workers, head Walid Gamal El Din said on the sidelines of the signing ceremony. The projects will export 80% of their output to Europe and the Americas, primarily through West Port Said Port. The SCZone has already broken ground on five projects, with the first two expected to go live in 2H 2025.

ICYMI- Chinese manufacturer Di Seta kicked off construction on a USD 40 mn readymade garments factory in Qantara West last week. The facility is set to go live in September, creating 1.2k direct jobs.

MANUFACTURING-

#1- Rowad Modern Engineering was awarded the contract to construct French rolling stock company Alstom’s EUR 80 mn Borg El Arab railway manufacturing complex, which the company launched mid-January, Managing Director of Alstom Egypt Ramy Salah Eldeen told Al Borsa. Rowad already kicked off construction work earlier this week and should wrap it up no longer than two years.

#2- Kandil Steel plans USD 55 mn expansion: Local steel manufacturer Kandil Steel plans to invest USD 55 mn in new expansions to localize feeder industries and boost production capacity, CEO of Strategic Projects Ahmed Mokhtar told Al Borsa. The company will allocate USD 40 mn to set up five new production lines to supply various industries with metal components, while USD 15 mn will go towards upgrading three existing lines, pushing total production capacity beyond 1 mn tons annually.

M&A-

Grinta acquired Citi Clinic, gaining access to over 150k patients and strengthening its presence in the healthcare sector, according to a statement (pdf). The healthcare solutions company also secured a strategic investment from Beltone Venture Capital and Raed Ventures in a funding round of an undisclosed value.

What they said: “We are thrilled to partner with Grinta as they redefine the healthcare and pharmaceutical landscape. Their strategic pivot into primary care and retail showcases their ability to anticipate and adapt to market needs, positioning them as leaders in the region,” said Beltone Venture Capital Managing Director Ali Mokhtar.

AVIATION-

Flight incentives extended again: The Tourism and Antiquities Support Fund’s board approved the extension of the flight incentive program, which was expected to end in April, until October 2025, according to a statement.

EARNINGS-

Alexandria Container and Cargo Handling saw its net income rise 55.9% y-o-y in 1H 2024-25 to EGP 3.4 bn, according to the company’s latest earnings (pdf). Revenues rose 55.3% y-o-y to EGP 3.9 bn during the same period.

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