{"id":589757,"date":"2023-07-09T00:00:00","date_gmt":"2023-07-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/09\/east-port-said-expansion-gets-thumbs-up-from-house-committee\/"},"modified":"2023-07-09T00:00:00","modified_gmt":"2023-07-09T00:00:00","slug":"east-port-said-expansion-gets-thumbs-up-from-house-committee","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/09\/east-port-said-expansion-gets-thumbs-up-from-house-committee\/","title":{"rendered":"East Port Said expansion gets thumbs up from House committee"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">INFRASTRUCTURE-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span> <\/span><span style=\"font-weight:700\">House committee approves two Suez container terminal projects: <\/span><span>The Ho<\/span><span>use <\/span><span>Economic Affairs Committee on Thursday approved the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/62ab9cb5-220a-4f30-b830-9c8b09134131\" style=\"\">proposed USD 65 mn project<\/a><\/span><span> to set up a new multi-purpose terminal at the East Port Said port, the Suez Canal Economic Zone <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0XgDNVT5mVGQvMGS5LkWq7bz6KiAGjEdZdBeuM9JGTLWobmxQnpn9ijAszk1pYqm2l\" style=\"\">said<\/a><\/span><span>. The bill would allow the SCZone to hand a 30-year contract to Sky Logistics and Reliance Logistics to design, construct, manage, operate and maintain the terminal under a build-own-transfer framework. The second bill would allow Maersk\u2019s Suez Canal Container Terminal to start work on <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/458ecb73-0cc1-4a59-8962-eacb4602b09d\" style=\"\">the new container terminal<\/a><\/span><span style=\"font-weight:400;\"> at the port, which is expected to expand its capacity by 40% and cost USD 500 mn.<\/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;\">INVESTMENT-<\/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\">Turkish healthcare firm to deepen local manufacturing footprint: <\/span><span>Turkish consumer <\/span><span>healthcare company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.hayat.com\/en-tr\/\" style=\"\">Hayat<\/a><\/span><span> is planning to invest USD 210 mn to establish three new production lines here, the Trade and Industry Ministry <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02sotTQPT22HHqVz823pPHGAWLnDhX2CzZodUSiXge3ZXL8gqgJRpovQVn1e5fHbk3l\" style=\"\">said<\/a><\/span><span> Thursday. Hayat Egypt currently operates facilities in Egypt and has invested USD 550 mn in the country in total.<\/span><span style=\"font-weight:400;\"> The company, which owns the Molfix, Molped and other consumer brands, is among Turkey\u2019s largest exporters.<\/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> A number of Turkish companies <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c0ba1660-aaa7-4c5c-9e7f-32a1a0a00228\" style=\"\">pledged to invest<\/a><\/span><span> a combined USD 500 mn in <\/span><span>Egypt earlier this year amid warming ties between the rival countries. Egypt and Turkey last week <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/467e7c7c-3c5e-45ce-bc81-70050a95fabf\" style=\"\">restored full diplomatic ties<\/a><\/span><span style=\"font-weight:400;\"> for the first time in a decade in a move that could pave the way for closer economic ties.<\/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;\">DEBT-<\/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\">Drive Finance eyes fresh credit facilities to expand financing:<\/span><span>GB <\/span><span>Corp\u2019s car finance <\/span><span>arm Drive Finance has entered final negotiations with four private and state-owned banks to obtain credit facilities worth EGP 1 bn to support its factoring and consumer financing services, Managing Director Ahmed Osama told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/tinyurl.com\/229z3w5n\" style=\"\">Al Mal<\/a><\/span><span style=\"font-weight:400;\">. The banks in question are National Bank of Egypt, EG Bank and Abu Dhabi Commercial Bank, he added. Drive, which is a subsidiary of GB Corp\u2019s financing arm GB Capital, wants to increase its financing portfolio to EGP 3.5 bn by the end of 2023 and is looking to expand into seven Egyptian governorates.<\/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;\">ENERGY-<\/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\">More companies handed licenses to establish small-scale power stations: <\/span><span>The <\/span><span>Egyptian Electric Utility and Consumer Protection Regulatory Agency (Egyptera) has handed out permits allowing companies to establish electricity generators with a combined capacity of 31.5 MW, according to documents seen by <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alborsaanews.com\/2023\/07\/08\/1687019\" style=\"\">Al Borsa<\/a><\/span><span>. The permits were awarded to projects owned by <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/dnmdenim.com\/\" style=\"\">DNM Textile For Spinning, Weaving and Dyeing<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3POPoES\" style=\"\">Green Egypt for Agricultural Investment (AGreen)<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/elbannagroup.com\/ar\/%D8%A7%D9%84%D9%82%D8%B7%D8%A7%D8%B9%D8%A7%D8%AA\/%D8%AF%D9%88%D8%A7%D8%AC%D9%86\/%D8%AF%D9%88%D8%A7%D8%AC%D9%86-%D8%A5%D9%8A%D8%AC%D9%8A%D8%A8%D8%AA1\" style=\"\">Egypt Poultry<\/a><\/span><span style=\"font-weight:400;\">, and Karm Solar SPV Mars for Selling and Distributing Electricity. <\/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-<\/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\">FX woes see Ezz Steel post 1Q loss despite surge in revenues: <\/span><span>Steel giant Ezz <\/span><span>Steel recorded almost EGP 9 bn in FX losses in 1Q 2023, according to the firm\u2019s latest <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/7\/251.pdf\" style=\"\">earnings release (pdf)<\/a><\/span><span style=\"font-weight:400;\">. The losses contributed to the company reporting a EGP 2.5 bn net loss during the quarter \u2014 compared with EGP 1.2 bn in net earnings in 1Q 2022 \u2014 despite revenues surging almost 50% to EGP 27.8 bn. Ezz Steel continued to shift its focus towards exports during the quarter to secure the necessary FX to pay for imports.<\/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;\">TECH-<\/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\">Gorilla Technology to launch multi-mn USD <\/span><span style=\"font-weight:700\">cyber<\/span><span style=\"font-weight:700\">security system for gov\u2019t:<\/span><span>UK-based data analytics firm <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.gorilla-technology.com\/\" style=\"\">Gorilla Technology<\/a><\/span><span> has signed a three-year, USD 270 mn contract with the government to roll out a new cybersecurity system, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/investors.gorilla-technology.com\/news-releases\/news-release-details\/gorilla-technology-signs-contract-deploy-massive-smart\" style=\"\">a company statement<\/a><\/span><span>. The system seeks to improve security by \u201c<\/span><span style=\"font-weight:400;\">enabling better decision-making, proactive threat detection, and quick response to emerging risks,\u201d the statement reads. <\/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\">A boon for Gorilla:<\/span><span> The company\u2019s shares mo<\/span><span>re than doubled in value <\/span><span style=\"font-weight:400;\">on the Nasdaq stock exchange on Friday following the announcement. The contract, which Gorilla said is the largest since its establishment in 2001, is set to put the company \u201con a path toward profitability by the end of 2024,\u201d according to the statement.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The East Port Said redevelopment is worth some USD 565 mn<\/p>\n","protected":false},"author":1,"featured_media":589758,"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":[111,377,7106,409,10771,6717,769,244,72,589,6543,10774,10773,274,7196,10770,125,1852,180,10772,416],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-589757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-cybersecurity","tag-debt","tag-earnings-watch","tag-east-ports-said","tag-egypt-turkey-relations","tag-egyptera","tag-electricity","tag-enterpriseam","tag-ezz-steel","tag-gb-corp","tag-gorilla-technology","tag-hayat","tag-house-of-representatives","tag-industry","tag-infrastructure-energy","tag-investment-watch","tag-karm-solar","tag-legislation","tag-sky-logistics","tag-suez-canal-economic-zone","wpautop","entry"],"acf":{"mongo_id":"33e9d3bf-8468-4f46-a38f-4e4ab0370bee","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/264.jpg","photo_position":"above","homepage_title":"","full_issue_title":"East Port Said expansion gets thumbs up from House committee. PLUS: Drive Finance loan + small-scale power plants + Ezz Steel earnings + Turkish healthcare investment + Gorilla Tech","related_issue":[589740],"teaser":"The East Port Said redevelopment is worth some USD 565 mn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.11aa84e0-4a36-4ab8-9335-05ae6808b558.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>East Port Said expansion gets thumbs up from House committee - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/09\/east-port-said-expansion-gets-thumbs-up-from-house-committee\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"East Port Said expansion gets thumbs up from House committee\" \/>\n<meta property=\"og:description\" content=\"The East Port Said redevelopment is worth some USD 565 mn\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/09\/east-port-said-expansion-gets-thumbs-up-from-house-committee\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-09T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/264.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/09\/east-port-said-expansion-gets-thumbs-up-from-house-committee\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/09\/east-port-said-expansion-gets-thumbs-up-from-house-committee\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"East Port Said expansion gets thumbs up from House committee\",\"datePublished\":\"2023-07-09T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/09\/east-port-said-expansion-gets-thumbs-up-from-house-committee\/\"},\"wordCount\":621,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/09\/east-port-said-expansion-gets-thumbs-up-from-house-committee\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/7\/264.jpg?fit=%2C&ssl=1\",\"keywords\":[\"ALSO ON OUR RADAR\",\"cybersecurity\",\"debt\",\"earnings watch\",\"East Ports Said\",\"Egypt-Turkey relations\",\"Egyptera\",\"electricity\",\"EnterpriseAM\",\"Ezz Steel\",\"GB Corp\",\"Gorilla Technology\",\"Hayat\",\"House of Representatives\",\"industry\",\"infrastructure energy\",\"investment watch\",\"Karm Solar\",\"legislation\",\"Sky Logistics\",\"Suez Canal Economic Zone\"],\"articleSection\":[\"Also on our Radar\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/09\/east-port-said-expansion-gets-thumbs-up-from-house-committee\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/09\/east-port-said-expansion-gets-thumbs-up-from-house-committee\/\",\"name\":\"East Port Said expansion gets thumbs up from House committee - 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