{"id":587091,"date":"2023-05-22T00:00:00","date_gmt":"2023-05-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/22\/alameda-plans-usd-50-mn-hospital-in-new-assiut-plus-mercedes-evs-aibank-tunisian-manufacturer-eyes-egypt\/"},"modified":"2023-05-22T00:00:00","modified_gmt":"2023-05-22T00:00:00","slug":"alameda-plans-usd-50-mn-hospital-in-new-assiut-plus-mercedes-evs-aibank-tunisian-manufacturer-eyes-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/22\/alameda-plans-usd-50-mn-hospital-in-new-assiut-plus-mercedes-evs-aibank-tunisian-manufacturer-eyes-egypt\/","title":{"rendered":"Alameda plans USD 50 mn hospital in New Assiut. PLUS: Mercedes EVs, aiBank, Tunisian manufacturer eyes Egypt"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">HEALTHCARE-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#1- <\/span><span style=\"font-weight:700\">Alameda <\/span><span style=\"font-weight:700\">plans new hospital in Assiut: <\/span><span style=\"\">Alameda Healthcare will establish a branch of the Al <\/span><span>Salam International Hospital in New Assiut as part of the company\u2019s EGP 5 bn expansion plans, Chairman<\/span><span> Fahad Khater told Enterprise<\/span><span>. The company plans t<\/span><span>o invest USD 50 mn<\/span><span style=\"font-weight:400;\"> to build the facility, which is planned to be completed by 1Q 2026, and has begun talks with local contractors. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The healthcare provider has so far spent EGP 1 bn of the EGP 5 bn<\/span><span style=\"\"> it <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/379ab12b-2c06-49f3-b4e7-c77ac0174f6d\" style=\"\">had earmarked<\/a><\/span><span style=\"\"> for <\/span><span style=\"font-weight:400;\">expansion over a 3-5 year period, Khater told us. The funds were used to buy new medical equipment and to develop IT and capacity building at Alameda\u2019s facilities, he said. Alameda is also targeting new locations in the new administrative capital, Alamein, Alexandria, and Mansoura, as well as Assiut.&nbsp;<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#2- A new Egyptian-Saudi medical JV in the making:<\/span><span style=\"\"> The former chairman of Speed <\/span><span>Medical, Mahmoud Lasheen, has partnered with the Saudi King AbdulAziz University to launch a new medical lab company in Saudi Arabia, he told Asharq Business yesterday (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3IwQBfz\" style=\"\">watch, runtime: 6:09<\/a><\/span><span style=\"font-weight:400;\">). The Saudi Egyptian Company for Medical Laboratories (SELC) will invest SAR 80 mn to set up in Saudi and plans to open its first three branches by October this year, he said. \u201cOver the coming five years we are aiming to become the largest or second largest medical labs chain in the kingdom \u2026 initially we will launch 30 branches across the Eastern Province, Jeddah, and Riyadh,\u201d he said. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Next up, Egypt:<\/span><span style=\"\"> Egypt is the second market on the company\u2019s radar, which it will enter after <\/span><span>establishing itself in Saudi Arabia. It has earmarked EGP 300 mn to set up in Egypt, according to Lasheen, who described the local market <\/span><span style=\"font-weight:400;\">as \u201cvery large and promising.\u201d<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">BANKING-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">NBG sells Egyptian portfolio to aiBank: <\/span><span style=\"\">EFG Hermes\u2019 aiBank has inked an agreement to <\/span><span style=\"\">acquire the National Bank of Greece - Egypt\u2019s (NBG Egypt) letters of guarantee portfolio, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/aiBankEgypt\/posts\/pfbid02S9Dbz1MjXPaX7ZhswY8wsTvUzmP84jMsSt1HNx4acCej7eU51hUFirKzHS6HjvXWl\" style=\"\">aiBank said<\/a><\/span><span style=\"font-weight:400;\"> on Saturday. The bank didn\u2019t disclose the value of the transaction.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">NBG exited Egypt in 2021: <\/span><span style=\"\">The bank <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/72e8da57-bd67-43bc-af09-ca3b62637ed3\" style=\"\">terminated its activities in Egypt in 2021<\/a><\/span><span style=\"font-weight:400;\"> and has been divesting its local portfolio, which includes 17 branches.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">AUTOMOTIVE-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><b>Star National Automotive and Alexandria National Automotive<\/b><font face=\"Arial\">&nbsp;<\/font>\u2014 the Mercedes-Benz dealerships owned by the <span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/natco-sae.com\/Industries#automotive\" style=\"\">National Automotive Company (NATCO<\/a><\/span>) \u2014 will introduce five new models of Mercedes-Benz EVs to the local market in 3Q 2023, <span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3q1JMMJ\" style=\"\">Al Borsa<\/a><\/span><span style=\"font-weight:400;\"> quotes NATCO CEO Yasser Saleh as saying. The companies are also planning to invest some EGP 650 mn to expand in the local market by 2024, he added. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER- NATCO is keen on EVs: <\/span><span>The firm <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dac42d04-cd3f-4adb-a940-5568dbf190b3\" style=\"\">acquired<\/a><\/span><span> a 33% stake in local private sector EV services platform Electrified last year and is setting up the country\u2019s first electric car distributor with El Nasr Automotive.&nbsp;<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><i><font size=\"3\">Correction: 23 May, 2023:&nbsp;<\/font><\/i><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><i><font size=\"3\">A previous version of this story incorrectly referred to NATCO as a state-owned company.<\/font><\/i><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MANUFACTURING-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">T<\/span><span style=\"font-weight:700\">unisian automotive cable manufacturer <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/www.coficab.com\/e-cof\/\" style=\"\">Coficab<\/a><\/span><span style=\"font-weight:700\"> wants to spend an initial EUR 25 mn to <\/span><span style=\"font-weight:700\">build a factory in Egypt<\/span><span style=\"\">, the Industrial Development Authority (IDA) said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/IDA.Egypt\/posts\/pfbid035Lt847f3KcrYq4JHGXPFc7juUf5dr7oM8KxUnLpV5MRzAix7MyquoWkrkH4bhRUal\" style=\"\">a statement<\/a><\/span><span style=\"\"> Thursday following a meeting between IDA head Mohamed Abdel Karim and Coficab Country Director <\/span><span style=\"\">Salah Rabah<\/span><span style=\"\">. The authority said it is assessing the company\u2019s request, which would see it establish a cable factory in Tenth of Ramadan City. <\/span><span style=\"font-weight:400;\">Coficab intends to use part of the factory\u2019s production to fulfill local demand and direct the remainder to export. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The start of a car cables manufacturing + export hub? <\/span><span style=\"\">Japanese conglomerate Sumitomo recently announced plans to build the world\u2019s largest auto cables <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cc1bf114-7cbc-4dd3-981d-55f926b15983\" style=\"\">factory<\/a><\/span><span style=\"\"> in Tenth of Ramada<\/span><span style=\"\">n City. <\/span><span style=\"\">The state\u2019s national automotive strategy \u2014 the<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a06d4ec-4025-490e-8842-45c8a9fe0d8a\" style=\"\">Automotive Industry Development Program<\/a><\/span><span> \u2014 seeks to <\/span><span>incentivize local component manufacturing and assembly in a bid to localize the industry. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">M&amp;A-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">German<\/span><span style=\"font-weight:700\"> engineering services planning and consultancy player Dorsch Group has <\/span><span style=\"font-weight:700\">acquired a 60% stake in Egypt\u2019s Engineering Consultants Group<\/span><span> (ECG), according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1173.pdf\" style=\"\">a statement (pdf)<\/a><\/span><span style=\"font-weight:400;\">. The partnership between the two companies \u201c[positions] us as leaders in executing mega transformative projects in the Middle East and Africa,\u201d said ECG Chairman Ahmed Elsayed.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is part of the healthcare provider\u2019s EGP 5 bn expansion plan<\/p>\n","protected":false},"author":1,"featured_media":587092,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[489,111,144,204,84,72,356,7115,131,1390],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-alameda-healthcare","tag-also-on-our-radar","tag-automotive","tag-banking","tag-efg-hermes","tag-enterpriseam","tag-evs","tag-healthcare","tag-manufacturing","tag-natco","wpautop","entry"],"acf":{"mongo_id":"f974099a-ea96-43eb-980c-e4395a149853","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/1180.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Alameda plans USD 50 mn hospital in New Assiut. 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