{"id":617787,"date":"2024-03-27T00:00:00","date_gmt":"2024-03-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/27\/this-evening-egypt-signs-three-industrial-investment-agreements-nuca-is-taking-its-first-sukuk-issuance-to-market\/"},"modified":"2024-03-27T00:00:00","modified_gmt":"2024-03-27T00:00:00","slug":"this-evening-egypt-signs-three-industrial-investment-agreements-nuca-is-taking-its-first-sukuk-issuance-to-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/27\/this-evening-egypt-signs-three-industrial-investment-agreements-nuca-is-taking-its-first-sukuk-issuance-to-market\/","title":{"rendered":"THIS EVENING: Egypt signs three industrial investment agreements + NUCA is taking its first sukuk issuance to market"},"content":{"rendered":"

Good afternoon, wonderful people.<\/strong> We have a mixed bag of news on the local front as the week begins to wind down.<\/p>\n

** A QUICK PROGRAMMING NOTE-<\/strong> EnterprisePM is taking a publication holiday and will be back in your inboxes at the usual time Sunday afternoon. We\u2019ll be publishing the Weekend Edition as usual on Friday. <\/p>\n

So, when do we eat? <\/strong>Maghrib prayers are at 6:11 pm in the capital city, and you\u2019ll have until 4:21 am tomorrow to hydrate and caffeinate ahead of fajr.<\/p>\n

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THE BIG STORIES TODAY<\/p>\n

#1- Egypt signed three separate industrial investment agreements<\/strong>, according to Cabinet statements (here<\/a>, here<\/a>, and here<\/a>). The agreements include: <\/p>\n

Silo design + manufacturing:<\/strong> An agreement between East Port Said Development and Feerum Egypt allocating land for an EGP 1.6 bn factory in the East Port Said zone to design, manufacture, and establish silos and their components. <\/p>\n

EUR 160 mn glass factory:<\/strong> The Suez Canal Economic Zone also signed an agreement with Saint-Gobain Glass Egypt to establish a EUR 160 mn glass factory in the Ain Sokhna industrial zone. <\/p>\n

Ductile Iron Pipes factory:<\/strong> China\u2019s Xinxing Ductile Iron Pipes Company also signed an agreement with the SCZone that will grant the Chinese company the right to use a 270k sqm plot of land in the TEDA industrial park to set up a ductile iron pipe factory. The project includes manufacturing 250k tonnes of cast iron pipes per year, with USD 146 mn in investments.<\/p>\n

#2- The New Urban Communities Authority (NUCA) is planning to take a <\/strong>EGP 260 bn sukuk issuance to market in 2024<\/strong>, in what would be the first ever issuance of sukuk from a government institution, Asharq Business<\/a> reports, citing four sources in the know. The issuance, which is expected to be completed within a month, will help the authority pay settle debts owed to state-owned banks Banque Misr and the National Bank of Egypt, and will be backed by the Finance Ministry, the sources added.<\/p>\n

NUCA maintains its spot as biggest player in the securitization market:<\/strong> NUCA has been setting records in the securitization market in recent years, issuing a total of EGP 70 bn of securities since 2019. The authority last closed a EGP 15 bn securitized bond issuance in November<\/a>, in what was the second and final issuance in a EGP 30 bn program. It also set new records in 2020 with a EGP 10 bn issuance, and 2022 after closing a EGP 20 bn transaction.<\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

The international press is closely following updates from the Baltimore bridge collapse, <\/strong>as six workers on the cargo ship that crashed a major bridge yesterday<\/a> in Baltimore have still not been found. News of a previous collision in Antwerp in 2016 involving the same Singapore-flagged ship has also emerged. It\u2019s hoped that federal investigators will be able to glean more insight into how yesterday\u2019s crash occurred, as the rescue team has recovered the vessel\u2019s black box from the water.<\/p>\n

The story is across the front pages this afternoon:<\/strong>Reuters<\/a> | Bloomberg<\/a> | Associated Press<\/a> | CNBC<\/a> <\/p>\n

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** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM:<\/strong><\/p>\n