MANUFACTURING-

#1- Turkey’s Şirikçioğlu will establish a USD 20 mn denim factory in the Qantara West Industrial Zone, according to a statement from the Suez Canal Economic Zone. The factory will create 500 direct jobs and roll out 18 mn tons of raw materials for the textile industry per year — split equally between export and factories in Egypt.

#2- Two undisclosed Turkish companies are reportedly looking to acquire Egyptian businesses in the spinning and weaving industry for a combined USD 30 mn, Fathalla and Company Managing Partner Mohamed Fathalla told Al Borsa.

Some 20 Turkish firms have applied to set up shop in the Suez Canal Economic Zone in the past six months — including 19 in the apparel sector and one in food processing, Fathallah said. Turkish garment manufacturers have been doubling down on Egypt over the past year, with around 500 firms reportedly expressing interest in relocating operations here, eyeing some USD 5 bn in aggregate investment. At least 50 companies have already taken early steps, including forming legal entities and submitting land allocation requests.

LOGISTICS-

Egyptian-Sudanese logistics zone incoming? Egypt and Sudan inked a contract to establish a logistics zone on the border crossing between them, Sudanese Ambassador to Egypt Imad Al Din Adawi told Asharq Business. The project aims to boost trade between the two neighboring countries.

The details: The zone will include dry and refrigerated storage facilities, as well as banks and financial institutions to facilitate commercial agreements between the two sides. The Arab Academy for Science, Technology, and Maritime Transport completed a comprehensive study on establishing the zone, which will be presented in November, according to a statement from the Sudanese Embassy in Cairo.

AUTOMOTIVE-

GB Auto launched the first locally-assembled Changan CS55+ model, marking “the first completely knocked down model from the Chinese brand to be assembled in the Egyptian market, according to disclosure (pdf) to the EGX.

EXPANSION-

Paragon Developments opened its first regional office in Riyadh to tap into the Kingdom’s real estate market, the local developer said in a statement. The company is also planning to deliver 200k sqm of office space by 2027 and 500k sqm by 2030.

ENERGY-

The North Bahariya Petroleum Company (Norpetco) is implementing a USD 100 mn investment plan, which has already increased output over 16k barrels per day, according to an Oil Ministry statement. Norpetco has also increased its crude storage tank capacity to 75k barrels and launched two new infrastructure projects.

M&A WATCH-

Pelican Diversified Investments cut its stake in EGX-listed Premium Healthcare Group to 4.1% from 11.6%, according to an EGX disclosure (pdf). The investor sold some 60.6 mn shares for a total of EGP 11.6 mn, with an average price of EGP 0.19 per share. The Commercial International Brokerage Company was the broker on the transaction.

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