{"id":590461,"date":"2023-07-19T00:00:00","date_gmt":"2023-07-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/19\/medcom-signs-egp-1-bn-mou-to-develop-infrastructure-at-madinet-masrs-taj-city-plus-new-mining-exploration-tender-shanghai-shengda\/"},"modified":"2023-07-19T00:00:00","modified_gmt":"2023-07-19T00:00:00","slug":"medcom-signs-egp-1-bn-mou-to-develop-infrastructure-at-madinet-masrs-taj-city-plus-new-mining-exploration-tender-shanghai-shengda","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/19\/medcom-signs-egp-1-bn-mou-to-develop-infrastructure-at-madinet-masrs-taj-city-plus-new-mining-exploration-tender-shanghai-shengda\/","title":{"rendered":"MEDCOM signs EGP 1 bn MoU to develop infrastructure at Madinet Masr\u2019s Taj City. PLUS: New mining exploration tender, Shanghai Shengda"},"content":{"rendered":"

REAL ESTATE- <\/strong><\/p>\n

MEDCOM to develop infrastructure at Madinet Masr\u2019s Taj City project: <\/strong>EGX-listed real estate developer Madinet Masr has inked a EGP 1 bn MoU with Misr Engineering Development Company (MEDCOM) to carry out infrastructure works in its Taj City development, it said in a statement<\/a> (pdf)<\/a> yesterday. Under the memorandum, the contractor will develop the water networks, roads, lighting and utilities at Taj Ville, Shalya, Lake Park, Taj Gardens, and the northern road to Park Residence, all located in Taj City. The work is expected to be completed within 15 months. <\/p>\n

MINING-<\/strong><\/p>\n

Gov\u2019t is cooking up an international bid for mineral exploration:<\/strong> The government plans to launch an international tender for the exploration of minerals in the eastern and western deserts before the end of the year, Asharq<\/a> Business<\/a> reports, citing sources with knowledge of the matter. The tender is part of the state\u2019s plans to draw USD 1 bn of fresh investment in the mining sector. It will see companies bidding for ores and other minerals \u2014 such as iron, phosphate, copper, and white sand \u2014 in over 200 blocks of at least 16 sq-km each. <\/p>\n

Remember:<\/strong> The Oil Ministry is expected to award seven gold exploration licenses<\/a> to LSE-listed gold miner Centamin and Canadian firm Barrick Gold this week. <\/p>\n

MANUFACTURING- <\/strong><\/p>\n

Shanghai Shengda to set up shop in SCZone:<\/strong> Chinese textile manufacturer Shanghai<\/a> Shengda<\/a> will establish a USD 40 mn ready-made garments factory at the Abo Khalifa Industrial Zone, under an agreement inked with the Suez Canal Economic Zone (SCZone), according to a statement<\/a>. The factory is expected to produce 43 mn items each year, all of which would be exported to the US. It is also expected to create 1.2k jobs. <\/p>\n

Remember:<\/strong> The company signed an MoU<\/a> for the project during the SCZone\u2019s recent roadshow<\/a> in China and Hong Kong , where CEO Walid Gamal El Din and his accompanying delegation met with a number of Chinese business leaders and investors in efforts to drum up interest in Egypt. <\/p>\n

FINTECH-<\/strong><\/p>\n

Egyptian startups join Fintech Galaxy: <\/strong>Over 10 Egyptian startups \u2014 including BNPL platform Sympl<\/a>, AI startup Synapse Analytics<\/a>, and regtech company Valify Solutions<\/a> \u2014 have joined the Dubai-based open finance platform, Fintech Galaxy<\/a>, taking advantage of its application programming interface (API) FINX, according to a press release<\/a>. The companies will be able to access financial data, allowing them to offer personalized services, expand their customer base, and accelerate operations. <\/p>\n

FINX? <\/strong>The API allows firms to offer \u201c flexible BNPL schemes, personalized, AI-driven financial services, accurate credit scoring, risk assessment, and predictive financial management tools,\u201d the statement reads. The API was developed by Fintech Galaxy, an open banking platform operating in Egypt, the UAE, Bahrain, Saudi Arabia, Lebanon, and Moldova. <\/p>\n","protected":false},"excerpt":{"rendered":"

The contractor will develop the water system, lighting, road networks and utilities in several areas of the development<\/p>\n","protected":false},"author":1,"featured_media":590462,"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":[111,975,72,7111,7203,131,10801,373,83,10802],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-590461","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-egypt-china-relations","tag-enterpriseam","tag-infrastructure","tag-madinet-masr","tag-manufacturing","tag-medcom","tag-mining","tag-real-estate","tag-shanghai-shengda","wpautop","entry"],"acf":{"mongo_id":"37cb49d0-1913-4c96-8e64-b9fc6cd4d403","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/781.jpg","photo_position":"above","homepage_title":"","full_issue_title":"MEDCOM signs EGP 1 bn MoU to develop infrastructure at Madinet Masr\u2019s Taj City. 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The plot is in\u2026","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569757,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/05\/mnhd-obtains-land-plot-adjacent-to-taj-city-in-a-land-swap-agreement\/","url_meta":{"origin":590461,"position":2},"title":"MNHD obtains land plot adjacent to Taj City in a land swap agreement","author":"enterpriseam admin","date":"5 March 2020","format":false,"excerpt":"Madinet Nasr Housing and Development (MNHD) reached an agreement with the Armed Forces Land Projects Agency to swap 93.5k sqm it owns in Nasr City for another plot 53k sqm plot adjacent to the company\u2019s Taj City project, according to a regulatory filing (pdf). 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