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REAL ESTATE-
#1- Property developer Madinet Masr is in talks with Saudi Arabia’s National Housing Company to launch real estate projects in the Kingdom, either independently or in partnership with a local player, CEO Abdallah Sallam told Asharq Business. The company aims to announce its first international project before the end of the year, with Saudi Arabia or the UAE as potential destinations, depending on which negotiations conclude first.
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We knew this was coming: Madinet Masr announced its plans to expand into the GCC back in March, with Sallam saying that the company is in talks with several firms in Saudi Arabia and the UAE without sharing a specific timeframe.
#2- Hyde Park is expanding to KSA in June: Property developer Hyde Park Developments is launching a company in Saudi Arabia next month, CEO Amin Serag told Asharq Business. The company is currently studying three different projects with different partners in Saudi Arabia to select one as its first real estate project in the Kingdom, which it plans to launch this year.
#3- Alawaly eyes Egypt expansion: Saudi Arabia’s Alawaly Real Estate is looking to enter the Egyptian market through partnerships with local developers, with a focus on Cairo, the new capital, and the North Coast, CEO Sulaiman Alrumaih told Asharq Business.
EXPANSION-
Edita Food Industries is mulling an expansion into Ivory Coast following a comprehensive study of promising markets, CEO Hani Berzi told Al Arabiya. The local snack maker has not set an implementation timeline and did not disclose the value of the planned investment.
The company has set aside some EGP 1 bn in investments to expand production across its existing markets in Egypt, Morocco, and Iraq, Berzi said, giving color to the company’s statement (pdf) last month. Edita also aims to increase exports to 15-20% of revenues by year-end from a current 11% by leveraging its growing international presence.
M&A-
EGX gives NAS Investment Holding four-day extension for EgyFert offer: The Egyptian Exchange has given UAE-based NAS Investment Holding an additional four days to complete its mandatory tender offer (MTO) for up to 57.5% of EgyFert, according to an EGXbulletin. The offer — priced at EGP 95 per share — will now run through to the end of the trading session on Thursday, 29 May.
ICYMI- The offer, which was submitted by NAS in January and greenlit by the Financial Regulatory Authority last month, could raise NAS’ stake in EgyFert from 32.4% to up to 90% in a transaction valued at EGP 524.4 mn.
