{"id":588010,"date":"2023-06-05T00:00:00","date_gmt":"2023-06-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/05\/saudi-industry-minister-talks-industry-mining-on-visit-to-egypt-plus-suez-canal-blockage-bank-abc-to-sell-blom-unit\/"},"modified":"2023-06-05T00:00:00","modified_gmt":"2023-06-05T00:00:00","slug":"saudi-industry-minister-talks-industry-mining-on-visit-to-egypt-plus-suez-canal-blockage-bank-abc-to-sell-blom-unit","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/05\/saudi-industry-minister-talks-industry-mining-on-visit-to-egypt-plus-suez-canal-blockage-bank-abc-to-sell-blom-unit\/","title":{"rendered":"Saudi industry minister talks industry, mining on visit to Egypt. PLUS: Suez Canal blockage, Bank ABC to sell Blom unit,"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><\/span><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\">#1- Egypt + KSA to up cooperation on non-oil exports and cars:<\/span><span style=\"\"> The Egyptian and Saudi <\/span><span>export development authorities have inked an MoU to enhance cooperation between the two countries in increasing non-oil exports, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02rBwy3kEQgeBAPnsMyGXweBRJoKX1qn199i9FEAXNgAceMj523nWeZXojGNY2rNbbl\" style=\"\">a Trade Ministry statement<\/a><\/span><span>. The agreement <\/span><span>was accompanied by a separate MoU<\/span><span> between software developer <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.valeo.com\/en\/egypt\/\" style=\"\">Valeo Egypt<\/a><\/span><span> and Saudi <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.my.gov.sa\/wps\/portal\/snp\/agencies\/agencyDetails\/AC347\" style=\"\">National Industrial Development Center<\/a><\/span><span> to develop the automotive industry. This came during a meeting between Industry and Trade Minister Ahmed Samir and his Saudi counterpart Bandar Alkhorayef, who began an official <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/twitter.com\/mimgov\/status\/1664987679996407811?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet\" style=\"\">visit to Egypt<\/a><\/span><span style=\"font-weight:400;\"> on Saturday to discuss potential cooperation with the government and the private sector on industry and mining. <\/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\">Industry + mining tops agenda for Alkhorayef-Madbouly talks: <\/span><span>Alkhorayef also held a separate meeting with Prime Minister Moustafa Madbouly and Samir yesterday during which they discussed investment opportunities in the two countries\u2019 industrial and mining sectors, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid021j6ezFDxU6ogQmL5HNtfFBxXx42JyJmsQLbktM9KWaoWEUNscs8X71yTJ9i2xMfDl\" style=\"\">a cabinet statement<\/a><\/span><span style=\"font-weight:400;\">. Integration of supply and production chains were top of Madbouly\u2019s list of areas for partnership, while Samir pinpointed integration in food and drug security industries and export promotion to African markets. <\/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\">\u201cSaudi investors have a desire to increase their investments in Egypt,\u201d<\/span><span> AlKhorayef said, adding \u201cwe see the tremendous efforts made by the Egyptian government to build an industrial base as well as facilitate the investment climate.\u201d Petrochemical, automotive and medical device industries were all named as of interest to the Saudi ministry. The Industry Ministry is conducting a three-day visit to Egypt, during which they will visit industrial sites and hold meetings with the private sector. <\/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- <\/span><span style=\"font-weight:700\">Indian firm sets up shop at Orascom\u2019s Sokhna industrial zone:<\/span><span style=\"\"> Indian manufacturer <\/span><span>ABDOS will invest EGP 220 mn to set up a factory for manufacturing personal care products at Orascom Industrial Parks\u2019 (OIP) Sokhna complex, OIP said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/posts\/orascom-industrial-parks_sustainability-innovation-manufacturing-activity-7071132748945530880-LAok\/?utm_source=share&utm_medium=member_desktop\" style=\"\">a statement<\/a><\/span><span style=\"font-weight:400;\"> yesterday. <\/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;\">SUEZ CANAL-<\/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\">Traffic in the Suez Canal returns to normal after stranded tanker fixed:<\/span><span style=\"\"> An oil tanker that <\/span><span>broke down in a single-lane channel of the Suez Canal yesterday has been fixed and is no longer blocking the waterway, the Suez Canal Authority <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3qoSrJ6\" style=\"\">said<\/a><\/span><span style=\"font-weight:400;\">. <\/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;\">REGULATION-<\/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\">Cabinet unit for startups: <\/span><span style=\"\">Prime Minister Moustafa Madbouly has cleared the way for the <\/span><span>establishment of a permanent cabinet unit that proposes policies, laws and regulations designed to support the growth of startup companies in Egypt, cabinet <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid031LVRH56Ss1CMzu1PvtdHEAThjxxog6neVWs4CSdh7oNZF8iu4WXew5YHpgUJVDWWl\" style=\"\">said<\/a><\/span><span> yesterday. Led by the CEO of the General Authority for Investment and Freezones, the unit\u2019s members will include representatives from relevant ministers, the Central Bank of Egypt, the Financial Regulatory Authority and the Micro, Small and Medium Enterprise Development Agency (MSMEDA).<\/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&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\">Bank ABC to exit Blom unit:<\/span><span style=\"\"> Arab Banking Corporation (Bank ABC) is looking to exit its stake <\/span><span>in Blom Egypt Investments, an informed source told Enterprise yesterday, confirming a story originally published in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=03062023&id=9ca63b36-15d5-4ae9-8b51-ded2b805c5a6\" style=\"\">Al Shorouk<\/a><\/span><span>. The Bahraini lender wants to sell its entire 49% stake in the Blom subsidiary, our source said, adding that Blom Securities Trading Company \u2014 which owns the remaining 51% of the firm \u2014 is looking to sell.<\/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: <\/span><span>Bank ABC <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/18ee9da0-ccc5-4933-bb46-288fc06458da\" style=\"\">acquired<\/a><\/span><span style=\"font-weight:400;\"> the local unit of Lebanon\u2019s Blom Bank two years ago for USD 424 mn.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Minister met with PM Madbouly and Industry and Trade Minister Ahmed Samir yesterday<\/p>\n","protected":false},"author":1,"featured_media":588011,"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":[111,2154,204,3401,6681,72,7111,281,8499,427,7103],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-588010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-bank-abc","tag-banking","tag-blom-bank","tag-egypt-saudi-relations","tag-enterpriseam","tag-infrastructure","tag-moustafa-madbouly","tag-orascom-industrial-parks","tag-pharma","tag-suez-canal","wpautop","entry"],"acf":{"mongo_id":"c572018f-511d-4a23-8b29-0c64b3273750","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/171.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi industry minister talks industry, mining on visit to Egypt. 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In a bidding process that also saw interest from Emirates NBD, Bank\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549888,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/04\/manufacturers-listen-up-at-the-coming-economic-conference\/","url_meta":{"origin":588010,"position":1},"title":"Manufacturers: Listen up at the coming economic conference","author":"enterpriseam admin","date":"4 October 2022","format":false,"excerpt":"Manufacturers can expect to get a \u201cclear\u201d strategy on how the government plans to shore up local industry at the upcoming economic conference, which is scheduled for 23-25 October, Prime Minister Moustafa Madbouly said, according to a cabinet statement. The strategy is being drafted in coordination with industry players and\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":582169,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/02\/e-finance-wants-a-new-strategic-investor-plus-news-from-mnhd-ksas-bahri-and-acud\/","url_meta":{"origin":588010,"position":2},"title":"e-Finance wants a new strategic investor. 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