RETAIL-

Global online retail marketplace AliExpress expanded its local payment options to include Egypt, among several other African countries like South Africa, Algeria, Ethiopia, Morocco, and Tanzania, effective March of this year, the company said in a statement. “We recognize that cross-border online shopping can be overwhelming due to payment and logistics complexities. Our commitment is to simplify these processes, making global e-commerce more accessible and enjoyable for consumers in this vibrant market,” AliExpress Business Director Bonny Zhao said.

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Many of us will be hoping that other foreign companies will follow AliExpress’ lead, with numerous streaming services, online stores, and essential subscription-based workplace services still not accepting EGP payments. The pre-EGP float economic climate made it incredibly difficult to repatriate earnings outside of Egypt, but with the EGP proving to be more stable than many had feared, inflation now under control, and the easing of many barriers complicating exchanging EGP for FX, many are hoping the lack of EGP payment options will soon be a thing of the past.

M&A-

Elsewedy Electric upped its stake in subsidiaries Pyramids for Industrial Development (PID) and Pyramids Zona Franca (PZF). It now holds an indirect 100% ownership in PID, up from 50%, and 93% in PZF, up from 47%, Al Arabiya reported. The transactions — executed through Elsewedy Utilities — are valued at EGP 1.15 bn, according to the company’s financial statement (pdf). The move is expected to “allow the group to strengthen its presence in the industrial real estate development sector, expanding its portfolio and market reach,” the document reads.

RENEWABLES-

Arabian Cement to purchase clean energy from IRSC: Local renewables player IRSC has signed a 30-year Power Purchase Agreement with the Arabian Cement Company (ACC) to supply it with “clean, reliable electricity generated from renewable sources,” according to a press release. IRSC will develop, finance, construct, own, maintain, and operate the second phase of ACC’s solar plant under the agreement. The plant will have a total capacity of 17.6 MWp to generate some 32.5 GWh of energy annually.

Not IRSC’s first venture into the cement industry: IRSC partnered with Misr Beni Suef Cement in January to launch a solar project.

ACC is upping its green efforts, most recently securing a EUR 25 mn financing package from the EBRD to expand its use of alternative fuel and improve energy efficiency, reducing some 130k tons of emissions annually.

STARTUPS-

GB Corp’s venture capital arm GB Ventures plans to invest up to USD 1 mn in three to five startups this year as part of its expansion plan across the Middle East and Africa, GB Corps’ Corporate Venture Capital Manager Nada Shaheen told Al Borsa. The first investment will go toward a local automotive startup this quarter, Shaheen said. Future investments will focus on startups operating in the fintech, logistics, and automotive sectors.

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