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Capital for Factory Management and Development will invest EGP 2.4 bn to develop a 150k sqm complex of ready-built factories and storage units for lease in Qantara West, according to a Suez Canal Economic Zone (SCZone) statement. The project is designed to give investors ready-to-use industrial and warehousing space without having to build their own facilities from scratch.
Capital will become Qantara West’s second industrial developer offering ready-built space. SCZone’s Main Development Company is already investing EGP 1 bn in a 200k sqm ready-built factory program in the zone, aimed at giving manufacturers a faster route to operation.
IN CONTEXT- Qantara West now hosts 54 projects from nine nationalities worth around USD 1.54 bn, up from 53 projects worth USD 1.5 bn when we last checked in June. Textiles and ready-made garments account for 43 of the projects.
New cities get moving
Modon Misr for Asset and Facility Management and Mwasalat Misr are setting up Mwasalat Modon Misr to operate smart urban transport across Egypt’s new cities, starting with a fleet of 200 new vehicles, according to a cabinet statement. The new company will manage transport services through central and local control rooms, with digital systems across vehicles, stations, and garages and an electronic payment system developed with the National Bank of Egypt (NBE).
The model is designed to expand gradually across more new urban communities. It will also include vehicle and passenger ins. and training programs for drivers and technical and administrative staff. The government did not disclose which cities will come first or when operations will begin.
REMEMBER- The company secured a 15-year NUCA contract in 2021 to operate around 110 buses across six new cities, with some EGP 1.5 bn expected to go into running the network and expanding its fleet. NBE took a 20% stake in Mwasalat Misr later that year.
Price pullback
Misr Aluminum has lowered its domestic selling price for August by USD 297 (EGP 15k) per ton at the factory gate, bringing it to USD 3,765 (c. EGP 190k) per ton before VAT. It’s the company’s first price cut since the start of the year, Al Aribiya reports, citing an unnamed source at the company. The move tracks a pullback in global prices, which have slipped below USD 3,200 per ton from over USD 3,730 in April, according to Trading Economics.
REMEMBER- Misr Aluminum is also known as EgyptAlum, the Nag Hammadi-based producer that landed AfDB financing last week for a solar plant to green its operations and defend its EU export share against the EU’s Carbon Border Adjustment Mechanism.
Why it matters: Prices had been frozen at an all-time company high since May after jumping some 24% in April on the back of Iranian strikes that knocked out Gulf producers Emirates Global Aluminium and Alba, pushing global prices to around USD 3,500 per ton in March. EGA resumed production on 10 July.
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