FINTECH-

#1- Disruptech invests in fintech player Banknbox: Local fintech VC firm Disruptech has inked an agreement with digital banking and Cairo-based third-party payment processing platform BanknBox, it said in a statement (pdf) Saturday. The statement said that the partnership comes as a bid to introduce new integrated payment solutions to the region, but did not disclose the value of the investment.

ICYMI- BanknBox announced plans to set up a regional HQ in Egypt in August backed up with a USD 10 mn investment. BanknBox wants to expand into the Middle East and Africa and its CEO Bassem Mahmoud told us at the time that they were finalizing agreements to provide services to five unnamed local fintech companies and banks.

Disruptech is a big player in our fintech scene: The local fintech fund announced its plans to invest USD 5 mn in four local fintech startups in 2023 back in July. This fresh splurge of investments comes on top of its existing portfolio with investments in up-and-coming startups including Brimore, Cassbana, Fatura, Gahez, Khazna, MNT Halan, Mozare3, and numerous other homegrown startups.

#2- You can now pay for gold online using your card: A strategic partnership between Evolve Investment Holding’s online precious-metals trading subsidiary mnGm and EFG Hermes payment processing subsidiary PayTabs Egypt has made trading gold online by card possible for the first time in Egypt,according to a joint statement (pdf) yesterday.

INVESTMENT-

Catalyst Capital Egypt invests in SCZone industrial and logistics hub: Impact investing fund Catalyst Capital Egypt has acquired a significant minority stake in a new Alex Steel subsidiary looking to develop an industrial and logistics hub in the Suez Canal Economic Zone, according to a joint statement (pdf). The fund has invested EGP 100 mn into the company — named Alexandria for Industrial Development (AID) — in return for a 30% stake, Catalyst Capital Partners Managing Director Abdelaziz Abdel Nabi reportedly told Al Mal.

The investor: The fund — the first of its kind in Egypt and the Middle East — was launched lastyear by MENA-focused private equity outfit Catalyst Private Equity with backing from the UN Development Programme.

INFRASTRUCTURE-

#1-Alstom to sign contract for Metro Line 6 in 1Q 2024: The Transport Ministry is finalizing the terms and conditions of its agreement with French rolling stock manufacturer Alstom to design and maintain Metro Line 6, Al Borsa reports, citing Alstom Egypt CEO Ramy Salah. The two parties are expected to sign the contract in 1Q 2024, Salah was quoted as saying. The company will be responsible for the signaling, electrical systems, infrastructure, and communications for the line. Construction is set to begin this month.

FYI- The 27-station, 35-km line will be the first driverless metro in Africa and will link Shubra El Kheima in the north to New Maadi in the south.

#2- TCI inks Arish cement export terminal project: Abu Dhabi Ports’ (ADP) terminal operator subsidiary Transcargo International (TCI) signed an agreement with Cementir Holding subsidiary Sinai White Portland Cement to build and operate Egypt’s first silo terminal for the bulk export of white cement from Al Arish Port, according to a statement (pdf). The terminal will have an annual export capacity of more than 200k tons and will feature six silos with a total storage capacity of 60k tons.

Déjà vu? Unconfirmed local media reports reported in June that TCI was planning to launch a tender for the construction of nine silos for storing cement and dry bulk cargo at a cost of around the EGP 1 bn mark at Al Arish Port Said and West Port Said Port. Before this, TCI also signed a 15-year agreement with the Suez Canal Authority back in March to develop a cement terminal.

ENERGY-

Debts to Capricorn Energy continue to rise: UK-based oil and gas firm Capricorn Energy said last week that it has some USD 170 mn in outstanding receivables as of the end of October from state-owned Egyptian General Petroleum Corporation (EGPC), of which USD 139 mn is overdue. The company added that it is confident it will fully collect its dues and that it is working with EGPC to solve the issue.

Sound familiar?: Our overdue debts to the British petro firm have grown more than 30% since May, when they clocked in at USD 104 mn. If you’re wondering why, look no further than our ongoing FX shortage that is making it harder for the Madnouly government to pay its dues to international companies.

Capricorn doesn’t seem to put off its Egypt operations: It said inApril that it plans to scale back exploration elsewhere around the world to focus on optimizing its Egyptian operations. Despite not being able to collect on its debts from us, the company also announced its intention to go ahead with investor payouts worth USD 575 mn throughout this year.

TECH-

Our tech manufacturing industry is getting a helping hand from a Silicon Valley giant: The Information Technology Industry Development Authority (ITIDA) inked an MoU with American tech giant Synopsys and Egyptian semiconductor manufacturer SI-Vision to increase electronics exports, according to a cabinet statement on Thursday. Synopsis will also support SI-Vision create 500 new jobs over the next three years and expand its operations.

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