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MANUFACTURING-
#1- China’s Deli Group broke ground on its USD 200 mn industrial complex in the Tenth of Ramadan after obtaining a golden license, the company announced at a press conference attended by EnterpriseAM yesterday. The Chinese office supplies and stationery player has already started manufacturing locally from a rented 20k-sqm plant, producing around 180 products for the domestic market.
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What’s next? The complex’s first phase is set for completion by the end of next year, with expected annual sales of USD 150 mn, rising to over USD 200 mn with the completion of the second phase by 2027. Around half of the output will be exported to Europe, Asia, and Africa.
#2- China’s Xinmin Glass kicked off construction on its USD 70 mn factory in Elsewedy Industrial Development’s Sokhna 360 industrial city, with the start of production pencilled in for July, according to a statement. The facility will produce glassware, pyrex, and tableware products, with an annual production capacity of 516 mn pieces. The project will create over 3k direct jobs and begin with a USD 30 mn phase.
TRADE-
Supply chain training and consulting conglomerate Blue OceanCorporation opened an office in Egypt, which it views “as a strategic hub in the global logistics and trade ecosystem,” according to a statement (pdf) from the company. The expansion outside of its existing operations in the UAE, Saudi Arabia, the UK, and India is aimed at “supporting talent development, industry growth, and long-term capability building” in the local supply chain market.
M&A WATCH-
Mostakbal Misr Agency for Sustainable Development’s latest acquisition saw it raise its stake in EGX-listed construction company Tameer from 1.4% to 12.9%, according to a disclosure(pdf) to the EGX. The transaction saw the Egyptian Armed Forces-linked company pay EGP 236.6 mn to increase its share in the company.
The acquisition follows the company acquiring stakes in numerous other companies in the last few months, including 8.8% of the International Company for Medical Industries for EGP 22.8 mn, along with increasing its stake in Mansoura Poultry Company to 22.5% from 4.8% for EGP 212.6 mn, and increasing its shares in Sharm Dreams Company for Tourism Investment and Ajwa Group.
EDUCATION-
The Higher Education Ministry and its counterpart in Russia will work toward opening up branches of Russian universities in Egypt under a protocol inked between the two, according to a ministry statement. The two sides also agreed to further existing cooperation at Borg El Arab Technological University.
The two ministries will also work toward promoting the teaching of the Russian language in Egypt and of Arabic in Russia. They will also cooperate on training workers in nuclear energy, IT, cybersecurity, robotics, and other sectors.
