What went down during Erdogan’s time in Egypt?

Egypt and Turkey inked MoUs to boost cooperation across defense, investment, trade, and agriculture during a meeting of their High-Level Strategic Cooperation Council co-chaired by President Abdel Fattah El Sisi and his Turkish counterpart Recep Tayyip Erdogan in Cairo yesterday. The meeting also resulted in the launch of a National Committee for the Promotion and Follow-up of Turkish Investments, whose purview includes facilitating procedures to court more Turkish investments. The two sides also reiterated their target to boost annual trade between them to USD 15 bn by 2028, up from USD 9 bn.

And speaking of Turkish investments: Turkey is looking into opening up industrial zones in Borg El Arab, Al Alamein, and Gargoub under an MoU inked between the Federation of Egyptian Chambers of Commerce and its Turkish counterpart, according to a federation statement. Joint Egyptian-Turkish logistics centers could also be in the cards, with the two looking to establish hubs in Africa.

The agreement will also see the two study the expansion of air and maritime links, including via a direct air freight route from Alexandria and the Turkish city of Bursa, and the use of Transports Internationaux Routiers (TIR) certificates for land freight.

Dice establishes new ready-made garments company with Italian partners

Local clothing manufacturer Dice partnered with two Italian companies to set up a ready-made garments manufacturing joint venture, it said in a disclosure (pdf) to the EGX. The move follows the company’s founding family announcing their intentionto boost Dice’s exports and step into new markets across the region when they regained their majority stake in the company back in 2023.

Yet another Chinese auto brand set to enter the local market

Nissan Egypt will soon sell Dongfeng Motor’s Venucia brand under an agreement inked with the Chinese automaker, according to a statement from the company. The brand stems from a JV between two companies under the name Dongfeng Nissan that has historically focused on the domestic Chinese market.

Palm Hills wraps first issuance of EGP 30 bn securitization program

Palm Hills Developments closed a EGP 2.0 bn securitized bond issuance, the first under its newly launched EGP 30 bn securitization program, according to a joint statement (pdf) from developer and financial advisor EFG Hermes. The issuance came in four tranches with tenors ranging between 13 and 84 months, rated AA+ to A-.

ADVISORS- In addition to acting as the sole financial advisor, our friends at EFG Hermes served as the sole bookrunner and were among the underwriters. ALC Alieldean Weshahi & Partners provided counsel, while KPMG acted as auditor. The National Bank of Egypt participated as underwriter and placement agent, while the Suez Canal Bank acted as underwriter and custodian. The Arab Banking Corporation and Emirates NBD subscribed to the issuance.

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