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MANUFACTURING-
Midea to funnel USD 50 mn into Egypt operations: Chinese home appliances giant Midea is set to invest a minimum of USD 50 mn by early 2026 to expand its Egypt operations and push into feeder industries, Bahgat El Dahesh, the company’s business development manager for Europe, the Middle East, and Africa told Asharq Business.
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Where’s the money going? The company plans to manufacture components locally in a bid to slash imports by at least half, as well as to produce small household appliances like fans and microwaves, El Dahesh said, adding that he expects the company to carry out the expansion plan within the next year.
Midea is also ramping up investments in its Sadat City industrial complex to USD 150 mn from an initial USD 105 mn. The company will open two new facilities there — a washing machine plant that’s slated to go live in August and a refrigerator factory that will come online in November. The company broke ground on the complex in November 2023.
#2- Xinxing lands USD 47 mn in export contracts from Ain Sokhna plant: China’s Xinxing Ductile Iron Pipes signed four supply agreements worth USD 47 mn for ductile iron pipe from its recently inaugurated Ain Sokhna factory, according to a statement. The output will feed infrastructure projects in Kuwait, Iraq, Tunisia, and Jordan.
Orders already lining up: The new agreements come on the heels of EGP 34.5 bn in supply agreements signed during the plant’s official inauguration this week to provide 77.6k tons of pipes to local and international projects.
RENEWABLES-
AlexFert + United Energy to develop green ammonia project: Egypt Kuwait Holding’s fertilizer subsidiary AlexFert signed an MoU with Hong Kong-based renewables firm United Energy Group to develop a green ammonia project, according to a press release (pdf). The project is planned to be located near AlexFert’s existing operations in Alexandria and will generate green hydrogen that will be allocated to green ammonia production.
Not United Energy’s first venture in Egypt: United Energy Group inked an MoU with Air Liquide to develop green ammonia projects using green hydrogen in Egypt in March. It was also one of the companies the government signed MoUs with last year to develop green hydrogen and renewable energy projects worth a combined USD 41 bn in the Suez Canal Economic Zone.
INFRASTRUCTURE-
El Gouna brings first outsourced desalination plant online: Orascom Development Egypt (ODE) inaugurated a new outsourced desalination facility in El Gouna in partnership with DesalEgypt and Energya Industries ElSewedy Helal, according to a statement (pdf). The reverse osmosis plant will have an initial capacity of 2.5k cubic meters per day, with future expansion phases set to raise output to 11.5k cubic meters per day.
The bigger picture: The project brings El Gouna’s total water production to 16.5k cubic meters per day.
NBFS-
Fintech player Klivvr will launch consumer finance services next month, CEO Nils Bachtler told Al Mal. This comes after the company received the green light from the Financial Regulatory Authority earlier this month to roll out buy-now-pay-later products through its app, after it had secured approval to establish a consumer finance company in December.
