Sky Innovo Developments doubles down on its Park St Edition investments

UK-based Innovo Group’s real estate arm Sky Innovo Developments’s investments in its flagship Park St Edition project in New Cairo project have reached EGP 16 bn, up from a previously anticipated USD 7 bn investment figure, according to a statement (pdf). The 24.3k sqm mixed-use project has seen strong demand and high sales, reflecting “the growing maturity of the Egyptian market,” Sky Innovo’s Chairman Ayman Hussein said.

One big step towards our efforts to localize the production of soda ash

China National Chemical Engineering Company (CNCEC) will set up a USD 34 mn plant for the manufacture of steel structures and finished pipes used in establishing soda ash production plants under a contract inked with the Suez Canal Economic Zone. The facility will have an annual production capacity of 20k tons of steel structures and 400k inches of pipes.

Soda ash is one of the 23 priority industries that was earmarked for localization in 2024, as the first step of an initiative to localize 152 industries by 2030. To help localize the 23 industries, the government is offering incentives and facilities to attract and facilitate investments.

There’s more: CNCEC plans to set up a USD 250 mn chemical and petrochemical equipment manufacturing plant at Ain Sokhna Port this year. The facility will produce carbon steel, low-alloy steel, stainless steel, composite sheets, and different kinds of containers to supply the petrochemicals, energy, mining, and pharma sectors.

Alexandria Containers sees slight dip in 1H 2025-26 earnings

Alexandria Container and Cargo Handling’s net income fell 2% y-o-y to EGP 3.4 bn during the first half of FY 2025-26, according to the company’s latest unaudited financial statement (pdf). Revenues for the six-month period dipped 4% y-o-y to EGP 3.8 bn, while gross income saw a 6% y-o-y decline to EGP 2.88 bn. Despite the lower financial figures, actual container throughput saw a 5% y-o-y increase during the period.

The company attributed the top and bottom-line decline to a reduction in storage revenues. While handling volumes grew, the drop in storage-related income — often a higher-margin service — weighed on overall profitability.

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