{"id":629623,"date":"2024-07-04T00:00:00","date_gmt":"2024-07-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/04\/japans-saraya-mulls-another-two-sczone-projects-plus-yacht-tourism-city-lab-cairo-clinical-labs-afreximbank-instapay-mermec-kima-exits-eagles-fert-sky-abu-dhabi-azimut\/"},"modified":"2024-07-04T00:00:00","modified_gmt":"2024-07-04T00:00:00","slug":"japans-saraya-mulls-another-two-sczone-projects-plus-yacht-tourism-city-lab-cairo-clinical-labs-afreximbank-instapay-mermec-kima-exits-eagles-fert-sky-abu-dhabi-azimut","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/04\/japans-saraya-mulls-another-two-sczone-projects-plus-yacht-tourism-city-lab-cairo-clinical-labs-afreximbank-instapay-mermec-kima-exits-eagles-fert-sky-abu-dhabi-azimut\/","title":{"rendered":"Japan\u2019s Saraya mulls another two SCZone projects. PLUS: Yacht tourism, City Lab + Cairo Clinical Labs, Afreximbank, Instapay, Mermec, Kima, Exits, Eagles Fert, Sky Abu Dhabi, Azimut"},"content":{"rendered":"

INVESTMENT WATCH-<\/p>\n

Saraya mulls establishing two new projects in the SCZone:<\/strong> Japanese hygiene and health food products company Saraya<\/a> is looking into setting up two projects in the Suez Canal Economic Zone (SCZone) \u2014 one for the production of dried tomatoes and the other for the production of frozen fish \u2014 Al Mal<\/a> reports, citing Middle East COO Omar El Mougy. The projects would come as part of the second phase of the company\u2019s USD 25 mn investment plan in Egypt.<\/p>\n

Saraya inaugurated three plants in the SCZone <\/strong>last week<\/a><\/strong>, including a plant for producing jojoba oil for export to European and Asian cosmetic companies, a factory for manufacturing natural cosmetics, and a factory for producing zero-calorie natural sweeteners.<\/p>\n

HOSPITALITY-<\/p>\n

Transport Ministry inks agreement for Galala Marina management:<\/strong> The Transport Ministry will ink a MoU today with Nile Taxi Group\u2019s owner Magdi Ghali to develop, manage, and operate the Galala Marina, Al Borsa<\/a> reported, citing a source it says is close to the matter. The marina, under the Red Sea Ports Authority, is set to be transformed into a premier tourist destination.<\/p>\n

The details so far<\/strong>: The MoU grants Nile Taxi a 15-year renewable contract for managing the marina, with a USD 10 mn investment planned over the next decade. The Transport Ministry will receive 60% of income after two years, with the contract stipulating the final agreement be signed within a month to begin development.<\/p>\n

Remember: <\/strong>The initiative is part of Egypt's broader strategy to become a global yacht tourism destination that involves establishing 11 new marinas<\/a> along the Red Sea and Mediterranean coasts.<\/p>\n

HEALTHCARE-<\/p>\n

#1- <\/strong>The Health Ministry<\/strong> is on the hunt for a private player to help set up a hospital in New<\/strong> Alamein<\/strong>, having offered the project to the private sector to be carried out via a public-private partnership, reports Al Mal<\/a>. The partnership will see the government provide 11 feddans of land for the private sector to set up the hospital on. <\/p>\n

A medical tourism hub? <\/strong>The hospital, intended to serve 15k people on the North Coast, is part of a broader plan<\/a> to transform Egypt into a medical tourism hub. The plan will attract FDI and open fresh FX revenue streams from patients from Africa, the Middle East, and Europe coming here for treatment on the back of our talented and well-trained medical staff and the competitive price point Egyptian hospitals can offer.<\/p>\n

More to come: <\/strong>The Health Ministry in May kicked off talks with local and foreign private players<\/a> to build ten hospitals across ten of the country\u2019s governorates within the next two years. This came shortly after the House greenlit a bill allowing<\/a> the private sector to manage and operate public hospitals and healthcare facilities in Egypt.<\/p>\n

\n

#2- City Lab took a steep closer to acquiring Cairo Clinical Labs <\/strong>after its board approved the due diligence conducted and appointed Financial Advice Corporate Transactions (FACT) as an independent financial advisor to provide a second opinion on the company\u2019s value, according to an EGX disclosure (pdf)<\/a>. The board stipulated that the fair value study should be completed by the end of July in order so that the transaction happens according to schedule. <\/p>\n

Remember: <\/strong>Premium Diagnostics UAE<\/a> upped its ownership<\/a> in City Lab last month to 25.0%.<\/p>\n

REMITTANCES-<\/p>\n

Egyptian expats should be able to send back remittances via InstaPay by September:<\/strong> The Central Bank of Egypt is reportedly gearing up to allow Egyptian expats to transfer their remittances using payment platform InstaPay, sources told Al Borsa<\/a>. The CBE is also working with other fintech companies to activate the service and make it easier for users.<\/p>\n

Remember:<\/strong> A source close with the matter told us in November<\/a> that the CBE has agreed with UAE, Jordan \u2014and is in advanced talks with Saudi Arabia\u2019s central bank \u2014 to onboard banks in these countries on the CBE-run payments app and roll out the remittance services in 1H 2024<\/p>\n

DEVELOPMENT FINANCE-<\/p>\n

Afreximbank set to increase authorized capital 400%:<\/strong> The Cairo-headquartered African Export-Import Bank is set to increase its authorized capital to USD 25 bn, up from USD 5 bn, after the lender\u2019s shareholders greenlit the move, according to a statement<\/a> from the bank. The move comes in response to \u201cchallenges facing the African continent\u201d and to \u201csupport the growth and development envisaged for the African continent.\u201d according to the statement.<\/p>\n

INFRASTRUCTURE-<\/p>\n

Italy\u2019s Mermec scores contract for Egypt railway link: <\/strong>Egyptian National Railways (ENR) has awarded Italy\u2019s Mermec<\/a> a EUR 130 mn contract to supply a European Train Control System (ETCS) for a portion of the railway line linking Sinai to the Suez Canal, according to a press release<\/a> from Mermec and report<\/a> from the International Railway Journal. Mermec will work on the project alongside local contractor El Hazek Construction.<\/p>\n

ENERGY-<\/p>\n

Kima to restart its fertilizer plants:<\/strong> State-controlled Egyptian Chemical Industries\u2019 (Kima) fertilizer factories will be operational within days, following a partial resumption of gas supplies, Al Borsa<\/a> reports. The news comes as other factories, including those of Abu Qir Fertilizers and Mopco<\/a>, have come back online after gas supplies returned.<\/p>\n

ALSO FROM KIMA- Kima sees income, revenues dip in 9M FY 2023-24: <\/strong>Kima saw its net income dip 90.7% y-o-y in the first nine months of the fiscal year 2023-2024 to EGP 102.3 mn, while its topline fell 10.2% y-o-y to EGP 4.6 bn, according to the company\u2019s financial statement (pdf)<\/a>.<\/p>\n

EXPANSION TO THE GCC-<\/p>\n

Exits announces Saudi JV:<\/strong> Local fintech investment platform Exits<\/a> has established a new joint venture alongside a number of Saudi investors, including Gorath Ventures founder Ammar Shata, who has also been tapped as the JV\u2019s new non-executive chairman, the startup said in a press release (pdf)<\/a>. The move will allow Exits to establish an \u201con-ground presence\u201d in the kingdom.<\/p>\n

MANUFACTURING-<\/p>\n

Fertilizer producer <\/strong>Eagles Fer<\/strong>t wants to increase its production capacity by over 150% in<\/strong> the next three years <\/strong>through an EGP 200 mn expansion that will see it build a four-factory industrial complex in New Sixth of October City, Al Borsa<\/a> reports, citing company chairman Yasser Mostafa. The company is also looking to up its exports, aiming to allocate 60% of its output for exports. <\/p>\n

What\u2019s next? <\/strong>The company has plans to set up an export-specialized company as part of its efforts to expand into new markets. It is also looking to set up shop in Saudi Arabia and the UAE. <\/p>\n

REAL ESTATE-<\/p>\n

Sky Abu Dhabi wants a piece of the North Coast:<\/strong> Emirati real estate developer Sky Abu<\/a>Dhabi<\/a> is in talks with the government over a 200-600 acres plot of land in the North Coast, Mubasher<\/a> reports, citing COO Mostafa Salah<\/a>.<\/p>\n

The developer also broke ground yesterday on construction of its Golden Square project<\/strong> in New Cairo, which comes at an investment cost of EGP 8 bn and will span 50 acres.<\/p>\n

FINTECH-<\/p>\n

An investment funds e-platform from Azimut is in the works:<\/strong> Asset manager Azimut is gearing up to launch an electronic platform for investment funds in the country \u201cwithin days, if not hours,\u201d CEO CEO Ahmed Abo El Saad told Asharq Business in an interview (watch, runtime: 2:53<\/a>). Dubbed AZ Invest, the platform will go live once Azimut receives a required license from the Financial Regulatory Authority, with approval just around the corner, El Saad explained, adding that the company has wrapped up all the platform\u2019s infrastructure.<\/p>\n

A big target for 2024:<\/strong> The investment firm is aiming to bolster its investments in a variety of assets to EGP 20 bn by the end of 2024, up from EGP 17 bn currently, according to Abo El Saad <\/p>\n","protected":false},"excerpt":{"rendered":"

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