REAL ESTATE-

Paragon, Adeer to develop EGP 70 bn mixed-use development in New Cairo: Local property developer Paragon Developments and Saudi Arabia’s Adeer International — a subsidiary of Sumou Holding — have launched a joint development entity, which will work with Midar to develop a EGP 70 bn mixed-use project in New Cairo’s Mostakbal City, according to a press release(pdf). The 500k sqm development will feature commercial, administrative, and hospitality components, and is being positioned as a smart, sustainable urban hub.

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More on Somou’s first real estate investment fund in Egypt: Sumou Holding is looking to launch a USD 1 bn real estate fund in Egypt by late 2025 or early 2026, Chairman Ayedh Al Qahtani told Al Arabiya adding more color to comments he made to Prime Minister Moustafa Madbouly earlier this week. The company has been in talks with the EGX for nearly two years on regulatory changes that would make it easier for foreign and local developers to establish such funds. Al Qahtani expects Saudi investors to make up 30-40% of the fund’s investor base, with the rest split between Egyptians and other foreign players.

INVESTMENT-

Swiss, French players eye therapeutic nutrition manufacturing in Egypt: The Health Ministry is in talks with Switzerland-based clinical nutrition firm Medifood and French infant baby formula maker Modilac to locally manufacture clinical nutrition products targeting disease-related malnutrition, according to a statement. The proposed joint venture would establish Egyptian-Swiss-French production lines to serve the local and regional markets with clinical nutrition formulas for patients with conditions including kidney diseases, liver diseases, diabetes, and respiratory illnesses.

ENERGY-

Kufpec Egypt, Shell sign off on Mina West gas development: Kuwait Foreign Petroleum Exploration Company’s (Kufpec) Egypt arm and Shell have reached a final investment decision to develop the Mina West gas discovery in the North East El Amriya concession in the Mediterranean, Kuwaiti state news agency KUNA reported.

BACKGROUND- Shell’s two North East El Amriya concession gas fields — Mina West and Khufu — could add a combined 2 tn cubic feet of gas to the country’s reserves.

RENEWABLES-

Infinity partners with Crédit Agricole to finance solar home solutions: Our friends at renewables giant Infinity have partnered with Crédit Agricole Egypt to expand access to residential solar energy through a new financing program, according to a joint press release (pdf). Under the agreement, Infinity customers can now access a solar loan offered by Crédit Agricole with preferential interest rates and repayment terms of up to seven years. The loan covers a range of solar products — including home solar systems — and is designed to remove financial barriers for households for more affordable renewable energy transition.

NBFS-

Nice Deer was given the green light by the Financial Regulatory Authority to become the country’s first NBFI providing factoring services for deferred medical ins. claims, the local insurtech startup said in a statement. The platform seeks to convert delayed ins. receivables into immediate payments for medical service providers, helping address liquidity issues in the healthcare system.

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