MANUFACTURING-

KB Denim plans to set up a USD 300 mn, 140k sqm denim fabric factory in Tenth of Ramadan to expand its production capacity and meet growing demand, Production Manager Ayman Gouda told Al Borsa. The company aims to double its monthly output to 2.4 mn meters within two years and raise exports from 20% to 50% of total production by 2026.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

DISPUTE WATCH-

Qalaa Holding’s ASEC Cement won an international arbitration case against Algerian company Zahna Cement, granting it USD 63 mn in compensation and expenses, according to a disclosure (pdf) to the EGX. The arbitration decision, handled by the International Chamber of Commerce, has now been upheld by French courts.

SETTING THE RECORDING STRAIGHT- Qalaa highlighted that this case is different from the larger arbitration case that Asec Cement and Qalaa Holdings filed against the Algerian government. The two companies sued the Algerian government back in 2021 for harming their cement projects in Djelfa and Zahana — impairing their value and ultimately forcing the sale of a local subsidiary, according to the UNCTAD website. Qalaa and Asec Cement are seeking about USD 900 mn in compensation.

EXPANSION-

Emirati real estate developer and contractor Arkan is stepping into the Egyptian market with plans to invest more than EGP 10 bn through a new vehicle — called SLCITI — in the first phase of its expansion, according to a press release. SLCITI will focus on studying the local market using big data and AI tools to track demand, assess potential investments, and support Arkan’s plans to develop a diversified portfolio.

REGULATION WATCH-

The Financial Regulatory Authority revoked the microfinance licenses of 258 category C NGOs for failing to comply with microfinance regulation, the authority said in a statement. The move came after repeated warnings and grace periods were issued to correct their status. The affected entities didn’t provide any financial services and failed to submit periodic reports and financial statements.

Tags: