MANUFACTURING-

State-owned EgyptAlum plans to invest more than EGP 6 bn in the current fiscal year to launch initial phases of several projects, Al Borsa reports, citing an unnamed company official. The investments will cover a new aluminum foil factory, a pharma packaging facility, an aluminum dross recycling line, and a car rim manufacturing project, along with the rehabilitation of an existing plant.

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Construction of the foil plant will kick off early next year with EGP 1.4 bn in self-funded spending for the first of three stages. EgyptAlum will rely on its own funds after talks with strategic investors to co-finance its rehabilitation project fell through. The EGX-listed company laid out its plans last year for the plant, which was then said to cost USD 100 mn and have an annual production capacity of 50k tons.

REMEMBER- There is a huge demand for foil in Egypt — but to the best of our knowledge, not a single factory produces it. President Abdel Fattah El Sisi pointed last year to the state's import bill for foil — most of which comes from China — that totaled USD 512 mn between 2014 to 2023. Noting both the material’s import bill and its importance to other industries, El Sisi called on investors to step up and help revive the industry.

INVESTMENT WATCH-

The Finance Ministry will announce potential investments in Assiut in the coming days, including a prime Nilefront site earmarked for sustainable tourism projects and another central property suitable for redevelopment, according to a ministry statement.

The initiative is part of the government’s drive to unlock value from public assets, especially idle land. The ministry invited investors, developers, and investment funds to submit proposals for projects that could revive Assiut’s Nile corniche and downtown area through tourism, leisure, and service ventures.

EXPANSION-

Raya Holding is close to acquiring a Saudi e-commerce firm and has already begun procedures to acquire another Saudi company operating in financial services and fintech, with the transaction expected to close early next year, Business Development Manager Mahmoud El Hawary told Asharq Business. The company is also eyeing expansion into Libya and Iraq.

DEBT WATCH-

Property developer Sky Innovo signed a EGP 7 bn, long-term syndicated loan led by Banque Misr and the National Bank of Egypt (NBE) to finance part of the EGP 16 bn Park St. Edition mixed-use project in New Cairo’s Golden Square, according to a statement (pdf). The loan has a tenor of up to seven years and nine months, and it saw participation from Abu Dhabi Commercial Bank, Al Baraka Bank Egypt, and Bank NXT.

ADVISORS- Banque Misr acted as the lead arranger, bookrunner, and facility and account agent, while NBE served as the co-lead arranger, bookrunner, and security agent. Abu Dhabi Commercial Bank Egypt joined as the technical bank.

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