{"id":633252,"date":"2024-07-10T00:00:00","date_gmt":"2024-07-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/10\/emirati-egyptian-partnership-to-launch-usd-500-mn-nile-side-development-plus-talaat-moustafa-group-acwa-power-amea-power-elsewedy-admaius-concrete-puma\/"},"modified":"2024-07-10T00:00:00","modified_gmt":"2024-07-10T00:00:00","slug":"emirati-egyptian-partnership-to-launch-usd-500-mn-nile-side-development-plus-talaat-moustafa-group-acwa-power-amea-power-elsewedy-admaius-concrete-puma","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/10\/emirati-egyptian-partnership-to-launch-usd-500-mn-nile-side-development-plus-talaat-moustafa-group-acwa-power-amea-power-elsewedy-admaius-concrete-puma\/","title":{"rendered":"Emirati-Egyptian partnership to launch USD 500 mn Nile-side development. PLUS: Talaat Moustafa Group, ACWA Power + AMEA Power, Elsewedy, Admaius, Concrete, Puma"},"content":{"rendered":"

REAL ESTATE -<\/p>\n

#1- Emirati-Egyptian partnership to set up a USD 500 mn project overlooking El Warraq: <\/strong>UAE-based KSH \u2014 affiliated with the Private Department of Sheikh Mohammed Bin Khalid Al Nahyan<\/a> \u2014 and the local Safwat Kaliouby Group<\/a> (SKG) will develop a 20k sqm plot in Giza\u2019s Tanash area overlooking El Warraq Island with EGP 24 bn (c. USD 500 mn) in investments, under a strategic partnership inked between the two sides according to a press release (pdf)<\/a>. The project will see the construction of three mixed-use towers and a five-star hotel over a four-year period. <\/p>\n

The international press also took interest in the story: <\/strong>Reuters<\/a>.<\/p>\n

\n

#2- TMG\u2019s North Coast debut breaks records:<\/strong> Talaat Moustafa Group Holding\u2019s (TMG) North Coast project \u2014 dubbed SouthMed \u2014 garnered reservations worth EGP 200 bn (USD 4.2 bn) in the six working days since its launch, according to an EGX disclosure (pdf)<\/a>. This made TMG \u201cthe fastest and top selling company of a single project launch in the MENA region.\u201d TMG kicked off reservations<\/a> for SouthMed last week, with the project garnering EGP 60 bn (c. USD 1.3 bn) in reservations in the first 12 hours post-launch. The 23 mn sqm project is slated to see investments to the tune of EGP 1 tn.<\/p>\n

The bigger picture: <\/strong>The real estate developer raked in EGP 340 bn in total sales across its developments since the beginning of the year, more than seven times the figure achieved during the same period last year.<\/p>\n

ENERGY -<\/p>\n

National grid to get 700 MW solar boost:<\/strong> Two solar power projects will begin feeding the national grid with 700 MW of power by the end of August, Al Arabiya<\/a> reports, citing unnamed Electricity Ministry sources. The two solar projects in question are ACWA Power\u2019s 200 MW Kom Ombo solar farm<\/a> and AMEA Powers\u2019 500 MW Abydos plant<\/a> \u2014 both which collectively cost USD 700 mn in investments, according to the sources.The Egyptian Electricity Transmission Company will purchase the energy generated by the two solar plants for 25 years as per a previously-inked offtake agreement.<\/p>\n

More to come:<\/strong> Another 1 GW of energy will feed into the national grid as wind power projects implemented by AMEA parent company Al Nowais and Orascom Construction come online in 1Q 2025, the sources added.<\/p>\n

M&A WATCH-<\/p>\n

It turns out that Elsewedy\u2019s newest shareholder is an arm of the Middle East\u2019s second<\/strong> biggest company:<\/strong> Abu Dhabi-based electrical equipment manufacturer Electra Investment Holding, which snapped up<\/a> 20% of Elsewedy Electric earlier this week, appears to be a subsidiary of 2PointZero Group, which is in turn a subsidiary of the International Holding Company (IHC), according to an ADX disclosure (pdf)<\/a>. The disclosure adds that near 20% of Elsewedy\u2019s shares will be transferred to 2PointZero today and settled no later than Monday, 15 July.<\/p>\n

2PointZero? <\/strong>The newly set up<\/a> holding company was established at the start of the year and is expected to hold the equivalent of USD 27 bn in assets \u2014 including Beltone Financial Holding, Chimera, and Lunate, according to a statement (pdf)<\/a> announcing the launch from parent company IHC.<\/p>\n

INVESTMENT WATCH-<\/p>\n

Admaius eyes more local investments: <\/strong>Rwanda-based private equity firm Admaius Capital Partners is looking into potential investments in the Egyptian market, namely in the healthcare, medicine, food, and fintech sectors, Managing Director Ahmed Rady told Al<\/a>Ma<\/a>l<\/a>. He expects one transaction to wrap up this year and another to conclude next year. The firm wants to launch a new USD 600-700 mn investment fund before the end of the year. <\/p>\n

Remember: <\/strong>Admaius entered the Egyptian market earlier this year through acquiring a stake in<\/a><\/a>Parkville<\/a>. <\/p>\n

RETAIL -<\/p>\n

Concrete expands across the Gulf:<\/strong> Concrete Fashion Group launched a number of online stores in KSA, Qatar, Kuwait, and the UAE last month, Al Borsa<\/a> reports, citing Vice Chairman and Managing Director Alaa Arafa. The move comes ahead of opening up retail stores in those countries starting next year, Arafa said. <\/p>\n

MANUFACTURING-<\/p>\n

Made-in-Egypt Puma:<\/strong> Sportswear manufacturer Puma is looking into manufacturing its products in Egypt to meet local demand and export across the region, Puma Managing Director Johan Kuhlo said during a meeting<\/a> with Prime Minister Moustafa Madbouly. The company is also looking to expand locally and pour more investments into the local market.<\/p>\n","protected":false},"excerpt":{"rendered":"

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