{"id":633933,"date":"2024-07-23T00:00:00","date_gmt":"2024-07-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/23\/marriott-to-open-new-downtown-hotel-plus-news-from-infinity-azimut-arco-madinet-masr\/"},"modified":"2024-07-23T00:00:00","modified_gmt":"2024-07-23T00:00:00","slug":"marriott-to-open-new-downtown-hotel-plus-news-from-infinity-azimut-arco-madinet-masr","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/23\/marriott-to-open-new-downtown-hotel-plus-news-from-infinity-azimut-arco-madinet-masr\/","title":{"rendered":"Marriott to open new Downtown hotel. PLUS: News from Infinity, Azimut, Arco, Madinet Masr"},"content":{"rendered":"

HOSPITALITY-<\/p>\n

Marriott to set up new Downtown hotel: <\/strong>Hotel brand Marriott and Reliance Egypt\u2019s<\/a> hospitality arm Reliance Ventures are partnering up to repurpose part of downtown\u2019s Lazoghly complex \u2014 formerly the offices of the Interior Ministry \u2014 into a Moxy Hotel<\/a>, according to a press release (pdf)<\/a>. The hotel, set to open in 2029, will be within close proximity to Tahrir Square, the Egyptian Museum, and the Cairo Opera House. <\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Remember: <\/strong>The Sovereign Fund of Egypt (SFE) signed an agreement<\/a> last March with A Developments to redevelop the Interior Ministry\u2019s former HQ into a mixed-use complex that will include \u201coffice and co-working spaces, retail outlets and restaurants, as well as edutainment facilities.\u201d<\/p>\n

\n

ENERGY-<\/p>\n

#1- US oil giant Apache has plans t<\/strong>o expand its operations in Egypt<\/strong>, this came during a meeting between President Abdel Fattah El Sisi and Apache\u2019s CEO John Christmann and other company higher ups to discuss the firm\u2019s ongoing activities in Egypt, according to an Ittihadiya statement<\/a>. The CEO also mentioned the company\u2019s goal of boosting production over the coming period, \u201cgiven the availability of ample opportunities for new discoveries.\u201d <\/p>\n

Remember:<\/strong> Apache, the country\u2019s largest oil producer, had plans<\/a> to invest USD 1.4 bn on exploration and production in Egypt this year as part of a wider plan to spend USD 3.5 bn here by 2027. <\/p>\n

Sounds familiar? <\/strong>This comes shortly after news that Italian Energy giant Eni plans to drill two new wells<\/a> in the Zohr field in 2H 2025 with investments of USD 160 mn. This coincided with news that the government had cleared USD 1.3 bn worth of arrears<\/a> to foreign oil and gas companies operating in the country at the end of June, The government plans to clear USD 3.2 bn worth of arrears<\/a> during the current fiscal year. <\/p>\n

\n

\n

#2-<\/strong> Infinity steps foot into Sierra Leone:<\/strong> Our friends at renewables firm Infinity Power have inked an MoU with Sierra Leone\u2019s Energy Ministry to develop 1 GW-worth of renewable energy projects by 2033, according to a press release (pdf)<\/a>. The projects will likely include \u201csolar PV, floating PV solar, hydro, battery storage, and wind,\u201d according to the statement. <\/p>\n

Infinity has been taking an interest in African markets:<\/strong> The renewables firm also inked an MoU with the Cameroon West Regional Council last week<\/a> to develop 4 GW-worth of renewable energy projects by 2035. <\/p>\n

\n

CAPITAL MARKETS-<\/p>\n

Azimut launches its Furas Al Shariah fund: <\/strong>Asset manager Azimut has launched<\/a> its shariah-compliant investment fund, dubbed in Arabic the Furas Al Shariah AZ fund, which will invest in stocks listed on the newly-launched sharia-compliant EGX33 index. The fund will not be tied to how the EGX33 weighs each company, Azimut Managing Director Ahmed Abou El Saad previously told<\/a> Al Mal.<\/p>\n

Customers can invest in the fund using Azimut\u2019s trading app,<\/strong> azInvest. You can download the application from the App Store<\/a> or Google Play<\/a>. <\/p>\n

\n

IPO WATCH- <\/p>\n

Progress on the Gogreen IPO: <\/strong>Agriculture, construction, and mining machinery manufacturer Gogreen for Agricultural Investment and Development has appointed Professionals For Investment Banking as independent financial advisor to prepare the fair value study of the company ahead of its IPO, Al Borsa<\/a> quotes Odin Investments Chairman Hashem El Sayed as saying. Offering manager Odin Investments is looking to finalize the offering procedures to complete the IPO within the next three months, El Sayed added. <\/p>\n

ICYMI:<\/strong> Gogreen is set to offer no less than 20% of its shares<\/a> on the bourse. The company is temporarily listing 1.4 bn shares \u2014 spread across five phases \u2014 at a nominal value of EGP 0.10 ahead of its IPO.<\/p>\n

\n

REAL ESTATE-<\/p>\n

#1- Real estate developer Madinet <\/strong>Masr<\/strong> will develop an integrated residential <\/strong>project <\/strong>in the fourth phase of Mostakbal City under a partnership agreement with Midar for Investment and Urban Development, according to a press<\/a>release<\/a>(pdf)<\/a>. The 238-acre project will include apartments, villas, commercial spaces, and green areas and will be carried out under a revenue-sharing basis. <\/p>\n

The price tag: <\/strong>\u201cUpon signing the contract, an initial payment of EGP 1.07 bn was made, from a total future asset value that could reach approximately EGP 21.4 bn to be paid by 2032. The current project land\u2019s investment value is estimated at around EGP 7.6 bn. Additionally, the agreed partnership ratio between the two parties is 62% in favor of Madinet Masr and 38% in favor of Midar,\u201d the release said.<\/p>\n

\n

\n

#2- Arco inks agreements to develop a tourist and a residential project:<\/strong> Real estate developer Arco inked two separate agreements with Middle East for Investment & Touristic Development and Palm Hills, Asharq Business<\/a> reports, citing three sources with knowledge of the matter.Middle East for Investment & Touristic Development will develop a 743-feddan Arco-owned plot on the North Coast, earning 65% of the projected EGP 200 bn revenue over 12 years. Meanwhile, Palm Hills will develop a 56-feddan residential project on a plot owned by Arco, earning 65% of the projected revenues.<\/p>\n

\n

EDUCATION-<\/p>\n

Al Ahly CIRA\u2019s Saxony Egypt University receives presidential approval:<\/strong> Al Ahly CIRA \u2014 an education investment company set up by CIRA Education and Al Ahly Capital Holding in 2021 \u2014 has received the greenlight from President Abdel Fattah El Sisi to commence operations at the Saxony Egypt University of Applied Sciences and Technology (SEU), the company said in a press release (pdf)<\/a>. SEU will launch four programs during its first year, before eventually offering over 60 different programs, under 10 faculties. <\/p>\n

When does it kick off operations? <\/strong>The launch date will \u201cdepend on the completion of the required operational approvals and the completion of the first phase of construction.\u201d<\/p>\n

\n

INVESTMENT-<\/p>\n

#1- More investments from the SEII ahead?<\/strong> Saudi Egyptian Industrial Investment (SEII) plans to invest some USD 20 mn over the coming period, CEO Ahmed Ata told Al Borsa<\/a>. The company is eyeing investments in a glass and a textile company to be carried out via capital increases. <\/p>\n

Remember:<\/strong> Last month, Ata said that SEII is considering reviving its bid to acquire<\/a> a majority stake in state-owned El Nasr Glass and Crystal. <\/p>\n

\n

\n

#2- ECDC allocates land to Nile Sugar: <\/strong>The Egyptian Countryside Development Company (ECDC) inked an agreement with Nile Sugar to allocate 14k feddans of land to set up an integrated industrial-agricultural project for sugar production, according to a press release (pdf)<\/a>. Nile Sugar aims to complete the reclamation and cultivation of the new land within three years, starting with engineering and well-drilling. <\/p>\n

Background: <\/strong>The 14k feddan allotment is part of a 1.5 mn feddan land reclamation project<\/a> announced by President Abdel Fattah El Sisi in 2015 as one of several national mega projects. The project involves tendering a vast expanse of land in the Western Desert to qualified investors and aims to increase the size of Egypt\u2019s arable land by 20%. <\/p>\n

\n

STARTUPS-<\/p>\n

Kemitt enters the Saudi market:<\/strong> Egypt-based e-commerce startup Kemitt has stepped foot into the Saudi market shortly after closing an undisclosed funding round, the company said in a press release (pdf)<\/a>. <\/p>\n

**We sat down with Adham Elbedewy, Kemitt\u2019s head of commercial and founding team <\/strong>member, for our <\/strong>My Morning Routine<\/a><\/strong> column back in January.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The hotel, set to open in 2029, will be within close proximity to Tahrir Square, the Egyptian Museum, and the Cairo Opera House<\/p>\n","protected":false},"author":1,"featured_media":633934,"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":[97,111,3305,93,72,4952,125,7203,8644,354,83,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-633933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-agriculture","tag-also-on-our-radar","tag-azimut-egypt-asset-management","tag-energy","tag-enterpriseam","tag-infinity-power","tag-investment-watch","tag-madinet-masr","tag-marriott","tag-palm-hills-developments","tag-real-estate","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"bf750051-eae1-4fe4-9af7-3171c7c1d73a","order":"10","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1779.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Marriott to open new Downtown hotel","related_issue":[633917],"teaser":"The hotel, set to open in 2029, will be within close proximity to Tahrir Square, the Egyptian Museum, and the Cairo Opera House","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.74a7b573-28e1-46b3-92f4-36cbfb4727d4.mp3"},"yoast_head":"\nMarriott to open new Downtown hotel. 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