MANUFACTURING-

Biogrand to set up a SAR 25 mn fertilizers plant in KSA: Local fertilizers manufacturer Biogrand plans to set up a SAR 25 mn (c. USD 6.7 mn) fertilizer factory in Saudi Arabia by the end of February 2025, CEO Esmael Taha told Al Mal. The factory will be established in partnership with unnamed Saudi investors and split its output evenly between the Saudi market and exports to Jordan, Iraq, Libya, and Algeria.

LOGISTICS-

New Suez Canal in talks to finance the development of East Qantara Port: New Suez Canalfor Dry Ports and Logistics Services is holding talks with entities that include the National Initiative for Developing Egyptian Industry (Ebda) over financing the superstructure of the East Qantara Dry Port, Al Borsa reports, citing sources it says are familiar with the matter. Should Ebda agree to fund the project, it will likely be done through a capital increase, with New Suez Canal prepared to offer a 25% stake in the port to the investor, the sources said.

The company has already fully completed the infrastructure of the port at a cost of EGP 500 mn, and is looking to secure an additional EGP 500 mn for further development, according to the outlet. The East Qantara Dry Port had been slated to kick off trial operations in late April, after plans to establish the port were approved by the cabinet in November of last year.

TRADE-

Egypt signs EUR 8 mn agreement with EU to boost trade: The government has signed an executive agreement with the EU Support to Trade, Industry, Growth, and Rapid Market Access program worth EUR 8 mn, which aims to improve and develop the efficiency of Egypt’s trade, as well as increase the participation of Egyptian SMEs in specific industrial value chains, according to a statement from the Planning and International Cooperation Ministry. The project will be implemented over 60 months alongside the United Nations Industrial Development Organization, the statement read.

HEALTHCARE-

Saudi investments in healthcare incoming: Nomu-listed Al Modawat Specialized Medical will set up a wholly-owned subsidiary in Egypt with the aim of investing in our local healthcare sector after it got the greenlight from its board, according to a Tadawul disclosure.

CAPITAL MARKETS-

Eagle Advisors to turn into a full-service investment bank ahead of planned EGX debut: Financial consultancy Eagle Advisors is planning to obtain the necessary licenses to turn the company into an investment bank in tandem with a plan to list on the EGX within two years, Chairman Yasser Emara told Al Borsa.

A capital increase is also in the works: Emara also revealed that his company is currently studying a capital increase via the addition of a new investor into the company’s ownership structure, expected to be completed in 4Q 2024. The move is anticipated to pave the way for the company’s expansion into Gulf markets in the coming period.

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