MANUFACTURING-

IDG eyes new industrial zones: The Industrial Development Group (IDG) is planning to launch and develop new industrial zones in the new capital, New October, and other locations that will be disclosed over the coming period, company representatives said (pdf) yesterday during its annual sohour which EnterpriseAM attended. Its expansion plan will also see it ramp up investment in its existing industrial zones in 6th of October, New Alamein, and East Port Said and expand its product offering to include innovative financial solutions to support MSMEs.

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EXPANSION-

#1- Petrojet to build factories in Algeria, Saudi Arabia: State-owned oil and gas contractor Petrojet is establishing a JV with Algeria’s Sonatrach to set up a static equipment facility in the North African country, the first of its kind in Algeria, according to an Oil Ministry statement. The company is also setting up a manufacturing center in Saudi Arabia’s King Salman Energy Park in partnership with Aramco.

We’ve been exploring partnership prospects with Sonatrach for some time: Petrojet and Sonatrach conducted a feasibility study last year to set up a JV in Algeria to design and manufacture pressure vessels.

More expansions in the pipeline: Petrojet is expanding into seawater desalination, green hydrogen, and solar energy projects while targeting new markets, including Mozambique, Angola, the Congo, and Croatia.

#2- AAIB eyes Saudi market amid rising interest from Egyptian investors: Egypt’s Arab African International Bank (AAIB) plans to open a branch in Saudi Arabia to support Egyptian investors expanding into the Kingdom, two insiders told Asharq Business. The bank has already secured regulatory approval in Egypt and is awaiting Saudi clearance, Asharq Business reports.

MANUFACTURING-

Egypt and KSA will partner up to produce fertilizers and soil enhancers in North Cairo’s Nubariya, under an agreement inked between the Agricultural Research Center and a Saudi agriculture player, according to a statement. At a later stage, the two sides plan to collaborate on seed production, clean energy — with a focus on solar energy — medicinal and aromatic plants, and research. Fertilizer production will begin next June.

DEBT-

Kima secures EGP 10 bn funding for nitric acid, ammonium nitrate project: State-owned Egyptian Chemical Industries (Kima) secured the equivalent of EGP 10 bn in funding from six banks to support its nitric acid and ammonium nitrate project, according to an EGX disclosure (pdf). The funding includes an USD 82.9 mn loan and a EGP 5.9 bn loan.

ICYMI- Kima had reportedly reached initial agreements with six local banks last year to finance its nitric acid and ammonium nitrate project. The banks involved were the National Bank of Egypt, Banque Misr, Banque du Caire, Bank ABC, Arab African International Bank, and Egyptian Arab Land Bank.

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