LOGISTICS-

A syndicate of Egyptian banks is in talks to arrange an EGP 700 mn facility to finance a logistics zone at East Port Said port, Al Mal quotes sources in the know as saying. The loan is expected to be in the form of long-term financing over seven years, with the National Bank of Egypt reportedly acting as the main arranger of the financing and Banque Misr participating in the package.

The zone: East Port Said Port is set to have three logistics areas across some 24 square-km, with one area inside the port extending over 8.4 square-km, and two areas outside the port.

Expansion at the port: The Suez Canal Container Terminal is building a second, USD 500 mn container terminal at the port while Sky Logistics and Reliance Logistics are working on a new multipurpose terminal.

FINTECH-

#1- InstaPay to hit the Gulf — and then Brics countries? The Central Bank of Egypt (CBE) is considering linking its digital payments app to banks in the UAE, Saudi Arabia, and Jordan to allow Egyptians working abroad to transfer money to local accounts, an unnamed source at CBE reportedly told A l Ma l. The bank is also considering linking the app to banking systems in other countries — starting with members of the Brics bloc, which Egypt is set to join next year.

#2- Banque Misr, telecoms operator to launch local e-payments company: Banque Misr will launch an electronic payments company by the end of the year in partnership with the local arm of an Emirati telecom provider, A sharq Busines s reports, citing two sources it says are in the know. The telecom company will hold a stake of more than 60% in the as yet unnamed venture, with the remaining stake held by Banque Misr.

COMMODITIES-

The EMX’s soybean debut didn’t go to plan: The Egyptian Mercantile Exchange (EMX) has canceled all trades that took place on soybeans when they hit the market Monday, unnamed sources told Al Borsa. Buyers reportedly withdrew from the maiden soybean sale because the asking price was EGP 1k higher than market price, the sources said. The Agriculture Ministry had offered 3k tons of soybeans on the bourse at EGP 24k per ton. Soybean is the fifth commodity to start trading on the exchange, joining sugar, wheat, yellow corn, and bran.

ENERGY-

Dutch firms eye green hydrogen: A consortium of Dutch companies could invest in the Suez Canal Economic Zone (SCZone) under a cooperation agreement signed with the zone yesterday, according to a statement (pdf). The companies are reportedly interested in investing in green hydrogen plants, the SCZone said, without providing further details.

Remember: Dutch government officials and an unknown energy company were in the country in May to explore green hydrogen production. A SCZone delegation visited the country earlier this year.

CLIMATE-

Green investment: Local recycling firms signed several MoUs with international partners at the Environmental and Climate Investment Forum yesterday.

  • Two German firms, Intec and Recom Patent & License, will set up a tire recycling business with the military’s Arab Organization for Industrialization (AOI). (AOI statement)

INVESTMENT-

New Sina to invest EGP 1 bn in Sina Cola following acquisition: Food and beverage investment firm New Sina plans to invest EGP 1 bn in Sina Cola in 1Q 2024 after acquiring the soft drinks company, Al M al reports, quoting New Sina Managing Director Ahmed Hamouda. The money will be used to restart production lines and add new ones at Sina Cola factories in the Gamasa and Sadat City industrial zones, Hamouda said.

New Sina acquired 100% of Sina Cola’s factories and the rights to its brand in November 2022, Hamouda said, without putting a value on the transaction.

BRIEFLY NOTED-

Domty’s founding family restructures its ownership: The El Damaty familyyesterday sold a 24.6% stake (69.6k shares) in cheesemaker Domty to Cayman Islands vehicle International Dairy Investment, which the family wholly owns, according to a company statement to the EGX (pdf). The restructuring “will not result in any change to Domty’s ownership structure, as the ultimate beneficiary has not changed,” the statement reads. The sellers secured the Financial Regulatory Authority’s (FRA) approval to carry out the block transaction through the EGX.

Remember: The Damaty’s dominate Domty. The family controlled some 89% of the company’s shares as of September 2022.

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