REAL ESTATE-

Beltone to purchase Eastown office building for EGP 1.1 bn: SODIC shareholders have approved the sale of a 6.9k square-meter office building in the developer’s Eastown project to Beltone Financial for EGP 1.1 bn, it said in an EGX disclosure (pdf).

The payment: Beltone will pay 20% of the amount as a down payment upon signing, with the rest of the amount to be paid each quarter over the coming 4.5 years, according to the disclosure. Beltone will also pay an EGP 61.9 mn “maintenance bond” upon delivery. The purchase comes in the wake of Beltone’s huge capital increase.

The Emirati connection: Emirati institutions have acquired large stakes in both institutions: Abu Dhabi wealth fund ADQ and Aldar acquired the majority of SODIC in 2021 and Beltone was last year acquired by Abu Dhabi-based investment firm Chimera. Beltone’s new controlling shareholder appointed as CEO Dalia Khorshid, who also joined SODIC’s board post-takeover.

Correction: This story was amended on 25 July 2023 to remove mention of an incorrect figure for Beltone's recent capital increase of EGP 10 bn, the largest such transaction of its kind in Egypt as of the date of publication.

ENERGY-

Qalaa, Axens to study production of green fuels: Qalaa Holding, its waste management company ECARU, and French low-carbon energy company Axens will carry out joint research into producing green fuel in Egypt, the companies said in a joint statement (pdf) yesterday. The three firms will spend seven months conducting technical and economic studies on the production of advanced bioethanol and sustainable aviation fuel, according to the statement. The companies expect to export their production of bioethanol.

CAPITAL MARKETS-

Taqa Arabia shareholder sells 20% stake in block trade: One of Taqa Arabia’s ma jor shareholders executed a block trade of 270.5 mn shares worth EGP 1.6 bn yesterday and transferred the proceeds to one of its creditors, according to an EGX bulletin. That equates to around 20% of the company, according to our math. The bulletin didn’t disclose the selling shareholder or the identity of the buyers.

Remember: The company’s shares began trading on the EGX earlier this month following a technical listing. Silverstone Capital Investments — an entity controlled by Taqa parent Qalaa Holdings — cut its ownership in the company from 80% to 49% on its trading debut, selling shares to other major shareholders Financial Holdings Investments and Rimco EGT Investments.

Market reax: Taqa shares fell 0.7% yesterday to close at EGP 10.96 apiece.

TOURISM-

Tourist yachts are getting an expedited visa process: Tourist yachts will now be able to receive entry permits to Egypt through the Transport Ministry’s digital platform for tourist yachts within 30 minutes, instead of the previous processing period of 15-30 days, according to a ministry statement.

The new rules will also allow all passengers to receive electronic tourist visas as part of the same process, with the platform now linking to the Interior Ministry’s passports and immigration administration, the statement says. Yachts will also be allowed to exit Egypt from any port, instead of requiring them to exit from the same point of entry. The decisions come as part of the government’s plans to boost Egypt’s yacht tourism.

NBFS-

valU to offer Gezira members financing solutions: Consumer finance platform valU, which positions itself as a “lifestyle-enabling solution” for consumers, will start offering financing to members of the Gezira Sporting Club, it said (pdf) yesterday. The company will allow members to take out finance to pay for membership, cover other membership-related expenses, and make purchases from on-site vendors.

MANUFACTURING-

Japanese water pump maker to set up in the SCZone: Torishima Pumps will establish a USD 5 mn water pump factory in the Suez Canal Economic Zone, according to a joint statement (pdf ) out yesterday. The Japanese manufacturer has signed an agreement with Elsewedy Industrial Development that will hand it a 30k-feddan land plot in the company’s industrial zone. The factory will produce water pumps for wastewater treatment and desalination plants.

STARTUPS-

ITIDA, UNDP to launch five-year project to support tech startups: The Information Technology Industry Development Agency (ITIDA) has signed an agreement with the UN Development Program to set up a five-year project to support local tech startups, according to a joint press release. The new project — the Maturation of ICT-enabled Innovation-driven Entrepreneurship Ecosystem — will provide financing, mentorship and networking opportunities for tech startups in Egypt.

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