{"id":636426,"date":"2024-07-31T00:00:00","date_gmt":"2024-07-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/31\/egypt-could-soon-welcome-its-first-spac-plus-news-from-nrea-raya-new-jersey-developments\/"},"modified":"2024-07-31T00:00:00","modified_gmt":"2024-07-31T00:00:00","slug":"egypt-could-soon-welcome-its-first-spac-plus-news-from-nrea-raya-new-jersey-developments","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/31\/egypt-could-soon-welcome-its-first-spac-plus-news-from-nrea-raya-new-jersey-developments\/","title":{"rendered":"Egypt could soon welcome its first SPAC. PLUS: News from NREA, Raya, New Jersey Developments"},"content":{"rendered":"<p class=\"tag-border-left\">CAPITAL MARKETS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>We could soon welcome our first SPAC:<\/strong> Impact investor Catalyst Partners has applied for a SPAC license, as it looks to set up its own special purpose acquisition company, dubbed Catalyst Partners Middle East (CPME), according to a <a target=\"_blank\" href=\"https:\/\/fra.gov.eg\/fra_news\/%D8%A7%D9%84%D8%B1%D9%82%D8%A7%D8%A8%D8%A9-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%AA%D8%AA%D9%84%D9%82%D9%89-%D8%A3%D9%88%D9%84-%D8%B7%D9%84%D8%A8-%D9%84%D8%AA%D8%A3%D8%B3%D9%8A%D8%B3-%D9%88\/?fbclid=IwY2xjawEVlSdleHRuA2FlbQIxMAABHcgZ1XXmbENP8kE2WTaa_LeP2HJn2ReAhVguXQeE7qhRfEB_CLfqneANkw_aem_t81uQfvJB6WcQOorwz90zQ\" style=\"\" rel=\"noopener\">statement<\/a> from the Financial Regulatory Authority (FRA). CPME will target fintech firms and NBFS players, with plans to acquire three firms upon receiving the license, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/07\/30\/1813560\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports, citing unnamed sources. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>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<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A first for Egypt: <\/strong>If the firm gets the greenlight, CPME will become Egypt\u2019s first SPAC. This comes shortly after the FRA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7946492b-f694-4575-aa6d-b101f64ed99e\/\" style=\"\" rel=\"noopener\">updated its rules<\/a> governing the listing and delisting of the acquisition vehicles on the Egyptian bourse earlier this week.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">RENEWABLES-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Land for renewables up for grabs:<\/strong> The New and Renewable Energy Authority (NREA) is set to allocate plots of land in the Gulf of Suez to investors to set up solar and wind energy projects, unnamed sources at the Electricity Ministry told <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d9%87%d9%8a%d8%a6%d8%a9-%d8%a7%d9%84%d8%b7%d8%a7%d9%82%d8%a9-%d8%a7%d9%84%d9%85%d8%aa%d8%ac%d8%af%d8%af%d8%a9-%d8%aa%d8%aa%d8%b3%d9%84%d9%85-910-%d8%a2%d9%84%d8%a7%d9%81-%d9%85%d8%aa%d8%b1-%d8%a3\/\" style=\"\" rel=\"noopener\">Al Mal<\/a>. The plots cover a total of 910k square meters between Zafarana and Gabal El Zeit and will be allocated to investors in exchange for a share of the generated energy. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also in the pipeline:<\/strong> The authority is currently looking into a number of requests for land allocation for green hydrogen production facilities.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">MANUFACTURING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Raya to locally manufacture LG ACs:<\/strong> Raya Holding\u2019s Raya Electric has inked an agreement with Korean home appliance giant LG to manufacture LG-branded residential air conditioners in Egypt, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/2525.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. The agreement will see Raya Electric produce units with over 60% locally sourced components, with production expected to reach 100k units annually within three years.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">REAL ESTATE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another North Coast project: <\/strong>Real estate developer <a target=\"_blank\" href=\"https:\/\/njdegypt.com\/\" style=\"\" rel=\"noopener\">New Jersey Developments<\/a> has launched a new residential project \u2014 dubbed Jamila \u2014 on the North Coast, with initial investments of EGP 50 bn, the company said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/2539.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. The project is scheduled to be completed in 2027.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">EARNINGS WATCH- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Delta Sugar saw its revenues dip 43% y-o-y to EGP 2.46 bn in 1H 2024<\/strong>, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/2514.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. The company saw its net income decline 14% y-o-y to EGP 940 mn during the six-month period.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Catalyst Partners has applied for a SPAC license<\/p>\n","protected":false},"author":1,"featured_media":636427,"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":[111,2198,72,76,8716,131,367,614,83,151,439],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-636426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-delta-sugar","tag-enterpriseam","tag-financial-regulatory-authority","tag-lg","tag-manufacturing","tag-new-and-renewable-energy-authority","tag-raya-holding","tag-real-estate","tag-renewables","tag-spacs","wpautop","entry"],"acf":{"mongo_id":"0ba2fa5a-4b7c-4884-ab6b-15221bf361a2","order":"11","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/242.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt could soon welcome its first SPAC","related_issue":[636407],"teaser":"Catalyst Partners has applied for a SPAC license","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.9abc956f-537a-415f-b333-a1a663d9f2aa.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Egypt could soon welcome its first SPAC. PLUS: News from NREA, Raya, New Jersey Developments - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/31\/egypt-could-soon-welcome-its-first-spac-plus-news-from-nrea-raya-new-jersey-developments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt could soon welcome its first SPAC. 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