MANUFACTURING-

Modon Holding and Elsewedy Industrial Development will develop and run an industrial zone in Ras El Hekma, which is set to span 10 mn sqm and employ more than 20k people, the Emirati-based master developer of the project said in a statement (pdf). The zone will first target investors and companies in the building materials sector to support the construction of the city.

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Hassan Allam Group’s 3S Ready Mix Concrete may set up shop in the zone, with the arm of the company having inked an MoU with the Abu Dhabi wealth fund ADQ portfolio company to supply building materials and explore the possibility of developing production lines at the planned industrial zone. Modon has also inked similar MoUs with Elsewedy Electric, along with the UAE’s RAK Ceramics and Hitech Concrete.

EXPANSION-

Cairo-based third-party payment processing platform Banknbox planted its flag in Qatar, having set up its headquarters in the country — its first expansion in the Gulf — and securing a license from the Qatar Financial Centre, according to a statement (pdf). Banknbox will expand in the country through a strategic partnership with digital wallet provider Cwallet, with plans to launch its services in 2Q 2025.

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