BANKING-

Bank NXT rolled out its new Private segment tailored for high-net-worth individuals with a minimum balance of EGP 20 mn (or the FX equivalent), EFG Holding’s banking arm said in a statement(pdf). The new segment offers exclusive banking and non-banking services, including a dedicated relationship manager, private branch lounges, priority transaction processing, and charge-free account opening and checkbook issuance.

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Clients will also have access to an Infinite Credit Card with a credit limit of up to EGP 1 mn, competitive loan and mortgage financing plans, and tailored wealth solutions. Beyond financial services, the package includes real estate advisory, counsel services, personal assistance for government services, healthcare privileges, travel benefits such as airport meet-and-greet and visa support, and leisure perks like spa access and complimentary hotel stays.

MANUFACTURING-

#1- The Egyptian African Businessmen’s Association (EABA) inked an agreement to launch a large-scale pharma project in Mozambique dubbed Pharma South, with investments reaching USD 300 mn, Association Chairman Yousry El Sharkawy told Al Borsa. The project will be a joint venture between the Egyptian and Mozambican private pharma sectors.

#2- Kemet mulls Egypt, Tanzania plants: Edible oil manufacturer Kemet LogisticsExport Import plans to establish two factories with combined investments of USD 5 mn over the coming two years, one in Egypt and one in Tanzania, Commercial Director Younes Gomaa told Al Borsa. Each of the factories will have a daily production capacity of 200 tons, 30% of which will be earmarked for exports. The plants will produce pure sunflower oil and soybean oil.

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