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LOGISTICS-
The Suez Canal Economic Zone inked agreements for a new logistics project with an Egyptian-Turkish consortium that included the state-owned Arab Organization for Industrialization, United Egy Group Shipping, as well as Turkish firms Sigma Logistics and Containers, and Logi Trade Company, according to a statement from the authority.
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The new project will be known as Sigma Egypt and will be developed with investments of USD 4.2 mn. The project will develop two separate customs bonded yards for container storage, handling, and repair in West Qantara and Ain Sokhna. The two 50k sqm yards will be fully self-financed and create 100 direct jobs.
CAPITAL MARKETS-
Two new players to the local PE scene? A consortium of Gulf investors and international banks plans to launch two green economy-focused private equity funds in Egypt with investments of up to USD 150 mn, Al Borsa reports. The first USD 50 mn fund will focus on export-bound agriculture and textile manufacturing, desalination, and agriculture waste recycling. It is expected to launch early next year. As for the second fund, it targets USD 100 mn in investments and will focus on solar power plants. It is set to launch by 2027.
STARTUP WATCH-
Property developer Redcon Properties partnered with the Cairochapterof the Entrepreneurs’ Organization (EO) to roll out the EO Accelerator Program in Egypt, according to a statement(pdf). The program targets growth-stage startups and SMEs with annual revenues between USD 300k and USD 1 mn, offering support to help them scale up sustainably.
What they said: “We are thrilled to announce the launch of EO Cairo Accelerator, where we bring together the power of the global EO and the transformative Accelerator Program to empower Egypt’s vibrant entrepreneurial ecosystem,” said EO Cairo President Ahmed Samy.
EDUCATION-
CIRA Education and Al Ahly Capital Holding’s Saxony Egypt University will prepare Egyptian graduates for the German labor market under a cooperation agreement inked with the cabinet’s Education Development Fund, the fund said in a statement. The program will offer advanced training, German language qualifications, and internationally-recognized accreditations, with the fund managing logistics and funding support.
