M&A-

Kingdom Holdings eyes state textiles firm: Chinese textile mills firm K ingdom Holdings(no, not _that_ Kingdom Holding) is in negotiations to acquire an unnamed textile company owned by the Public Enterprises Ministry, A l Mal reports, citing what it says is a government source. The acquisition would mark the first foray into Egypt for the company, whose representatives reportedly visited the country in May to study potential investments. In the same month, the Suez Canal Economic Zone signed with Chinese firms for up to USD 700 mn of fresh projects in China’s TEDA industrial zone in Ain Sokhna, including in textiles.

Plan B: Kingdom Holdings wants to invest some USD 60 mn to set up its own factory here if the acquisition talks fall through, according to the newspaper. The factory would supply the local textile industry and export products to Europe and could create some 1.5k jobs.

HOSPITALITY-

Emaar launches new North Coast hotel: Emaar Misr yesterday inaugurated the Address Marassi Beach Resort located in its Marassi project on the North Coast, according to a press release picked up by Zawya. The 356-key hotel features rooms, suites, apartments and beach-side cabins, and is the second “Address Hotels and Resorts” branded hotel in Egypt. Emaar worked with our friends at Hassan Allam Construction to build the destination (watch, runtime: 3:03). The company is planning more launches including Vida Marina Resort & Yacht Club Marassi this year and the new Vida Residences Cairo Gate next year.

TRANSPORT-

VIP train tender: Companies have until 15 September to bid in an international tender launched by the government to manage and operate 596 luxury railway carriages, Asharq Business reports, citing a government source. The 15-year contract would see the chosen firm pay rent on the carriages and to use tracks and stations in the national rail network, with an unspecified portion of the income earmarked for the Egyptian Railway Authority, according to the outlet.

INFRASTRUCTURE -

Singapore’s Changi Airport is set to help upgrade Cairo International Airport under two consultancy agreements it inked with Cairo Airport Company on Thursday, according to statements by the Civi l Aviation Minis try and the Singaporean company. The first agreement seeks to enhance the passenger experience by improving services. The second agreement will see Changi Airport conduct feasibility studies on the design, operation, management, and marketing of Cargo City, a new area at the airport designated for cargo and logistics development.

A helping hand from the world’s finest: Known for its spectacular forest-surrounded indoor waterfall, Changi Airport currently has the top spot on Skytrax’s rankings of the world’s best airports, a position it held for eight consecutive years from 2013 to 2020.

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