INVESTMENT-

#1- Al Ahly’s new sports complex in Sheikh Zayed gets an Emirati operator: Abu Dhabi-based sports management firm and International Holding Company subsidiary Palm Sports has been named as the operator of Al Ahly FC’s newly announced sports city complex dubbed El Qalaa El Hamraa, the company said in a statement (pdf).

Remember: A consortium of more than a dozen companies led by Al Qalaa Al Hamra Co. and exclusively advised by our friends at Beltone Investment Banking announced last week that they would be building an EGP 12 bn sports city complex in Sheikh Zayed that will house Al Ahly’s new 44-k seat home stadium. In addition to the stadium, the city will include an Ahly Club museum, university, school, and a hotel as well as a hospital with a focus on sports sciences.

#2- Haroun for Aluminum to set up EGP 5 bn aluminum profiles factory: Delemar Aluminum’s parent company Haroun for Aluminum wants to invest EGP 5 bn to build an 150k sqm aluminum profiles factory in Sadat City, Al Borsa reports. The factory is slated to be fully completed by 2029 and be funded through a mix of the company’s funds and financing from banks.

TRADE-

Egypt eyes expanded trade ties with Russia: Trade Minister Ahmed Samir discussed boosting bilateral trade and the recent proposal to set up a storage facility for Russian grain with Russian officials during his visit to the country, according to a ministry statement. Samir also met with auto company Sollers to discuss producing trucks in Egypt, cybersecurity company Cyberus to talk about developing Egypt’s IT and cybersecurity capabilities, oil giant Lukoil to find out more about its plans for Egypt, and conglomerate Sistema Group to discuss transport, tourism, IT, and paper industry cooperation.

STARTUPS-

#1- An accelerator targeting edtech startups: Nahdet Misr’s VC arm EdVentures and Mastercard Foundation have launched the Mastercard Foundation EdTech Fellowship in Egypt, an accelerator program that aims to support local startups operating in the edtech sector through an eight-month program and USD 60k in funding, according to a press release (pdf).

Cohort one has already been selected: Some 12 startups have already been selected to participate in the first round of the accelerator program, out of a total 36 edtech startups that the fellowship aims to support over the next three years.

** Applications are now open: Egypt-based, scalable edtech companies in the growth stage that are at least three years old can apply to be part of cohort 2. Apply here.

#2- Elevate, the fintech startup targeting Egyptians closes pre-seed round: London and Dubai based fintech startup Elevate has closed a USD 5 mn pre-series A funding round, which will fund its expansion across the Middle East and Africa, according to a press release (pdf). The startup will also use the fresh funds to introduce new financial services to its offerings, such as savings and investment accounts.

Elevate? Elevate provides US-based USD deposit accounts insured by the US Federal Deposit Ins. Corporation, tailored for non-US resident freelancers in emerging markets — that includes Egypt, the Philippines, Pakistan, and Bangladesh. “The rise of remote work and freelancing is a game-changer for emerging markets in the Middle East and Africa," CEO Khalid Keenan said.

#3- Banknbox attracts more fintech services to Egypt: Cairo-based third-party payment processing platform Banknbox inked strategic partnerships with banks and fintech firms from eight countries during 1H 2024 to bring their services to Egypt via the company’s online platform, according to a press release (pdf).

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