A new EGP 30 bn financing initiative for industry

Good morning folks, and a very happy New Year’s Eve to you all.

Thought we’d send you off into the new year without a Weekend issue? Think again. In today’s special issue, we take a look at the trends in tech, science, and culture that shaped this past year — alongside our thoughts on what we can expect going forward in our rapidly transforming world.

THE WEEK IN 3 MINS-

MANUFACTURING-

The industry and finance ministries announced the launch of the first phase of a newEGP 30 bn initiative to support companies in priority industrial sectors. The initiative will provide beneficiaries with a subsidized interest rate of 15% for five years from its start date, with a maximum financing limit of EGP 75 mn per client or a total of EGP 100 mn for related entities. It also includes additional incentives tied to increasing local value-added products.

AUTOMOTIVE-

#1- Al Mansour Automotive and Chinese state-owned SAIC announced that they will invest some USD 135 mn on their factory for the manufacture of SAIC-owned brand MG vehicles, with the news coming after weeks of unconfirmed reports. The factory will have a production capacity of 50k units annually during its first phase, with its production capacity set to double during its second phase. The factory will kick off production in 2Q 2026.

#2- The Investment Ministry issued a decision introducing new restrictions on personal car imports to limit USD outflows and support the localization of the auto industry. The decision capped personal imports at one car every five years, with importers required to provide proof of financial solvency and make payment through an Egyptian bank.

☀️ THE WEATHER OVER NEW YEARS- We’re expecting a high of 18°C today in the capital, with a low of 11°C tonight. The mercury will inch up on New Year’s Day to reach 19°C in the capital, with the low rising to 12°C.

? NEW YEAR CELEBRATIONS

Your New Year’s Eve plans are sorted. The maestro of modern electronic music, KAS:ST, will be playing at Le Lac Du Caire tonight for an iconic X-HÄUS New Year’s eve party. Tickets are available at Collard Tickets.

If you’re looking for a night of nostalgic Arabic tunes, head to CJC 610 tonight for Hisham Abbas and Hamid El Shari. Doors open at 8pm, and the party starts at 10pm. Message their Facebook page to reserve your spot.

It’s that time of year again... The Nutcracker is returning to the opera. Celebrate the season with The Nutcracker Ballet, performed by the Cairo Opera Ballet Company and Orchestra. The performances will run until Tuesday, 31 December. Tickets are available on Tazakarti.

More oriental charm: Nawal ElZoghbi and Wael Jassar will be performing at Movenpick Cairo Media City’s New Year’s eve party. Book your spot by contacting the number on their poster.

End the year with some laughs at comedian Ali Quandil’s 600th show. The show will take place at Theatro Arkan tonight at 8pm. Tickets are available on Ticketsmarche.

HAPPENING THIS WEEKEND

The audience’s turn to sing. Han3’ani X Sokseeh is an opportunity to listen to some nostalgic music and sing along with a live orchestra. The event will take place on Friday, 3 January at El Rihany Theater starting at 8:30pm. Tickets are available on Ticketsmarche.