{"id":640018,"date":"2024-08-19T00:00:00","date_gmt":"2024-08-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/19\/ahram-security-wants-to-become-the-latest-egyptian-firm-to-set-up-shop-in-saudi-arabia-plus-suez-canal-bank-el-sherif-markets-beltone-raya-olam-el-gouna\/"},"modified":"2024-08-19T00:00:00","modified_gmt":"2024-08-19T00:00:00","slug":"ahram-security-wants-to-become-the-latest-egyptian-firm-to-set-up-shop-in-saudi-arabia-plus-suez-canal-bank-el-sherif-markets-beltone-raya-olam-el-gouna","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/19\/ahram-security-wants-to-become-the-latest-egyptian-firm-to-set-up-shop-in-saudi-arabia-plus-suez-canal-bank-el-sherif-markets-beltone-raya-olam-el-gouna\/","title":{"rendered":"Ahram Security wants to become the latest Egyptian firm to set up shop in Saudi Arabia. PLUS: Suez Canal Bank + El Sherif Markets, Beltone + Raya, Olam, El Gouna"},"content":{"rendered":"

MANUFACTURING-<\/p>\n

Ahram Security eyes Saudi expansion:<\/strong> Local security systems manufacturer Ahram Security<\/a>Group<\/a> is looking to establish a new factory in Riyadh by 2025, with the company currently consulting with contracting firms to take care of the necessary studies ahead of launching the project, Al Arabiya<\/a> quotes Chairman Samir Aref as saying. The company may partner up with a Saudi investor for the project, Aref said, adding that he expects the factory to begin operations in 2026.<\/p>\n

M&A-<\/p>\n

Suez Canal Bank exits El Sherif Markets:<\/strong> Suez Canal Bank has sold its entire 39.7% stake in El Sherif Markets to home appliances manufacturer Fresh in a EGP 95.2 mn transaction, the bank said in an EGX disclosure (pdf)<\/a>. The transaction will be carried out across two phases \u2014 the first has already been completed. <\/p>\n

This isn\u2019t Fresh\u2019s only recent acquisition: <\/strong>The company in May acquired<\/a> an 80% stake in air compressor manufacturer Misr Compressor for an undisclosed sum.<\/p>\n

TECH-<\/p>\n

Beltone to use Raya\u2019s cloud and data hosting services: <\/strong>Beltone Holding will have access to Raya IT subsidiary Raya Data Center\u2019s cloud hosting and outsourcing services and IT solutions under a partnership agreement between the two, the company said in a press release (pdf)<\/a>. The partnership will enable Beltone to provide its clients with \u201cimproved flexibility, scalability, efficiency, and security,\u201d and will allow the company to \u201ckeep pace with rapid market developments and evolving technical requirements,\u201d according to the press release.<\/p>\n

INVESTMENT-<\/p>\n

Singapore\u2019s <\/strong>Olam <\/strong>wants to increase its investments in Egypt:<\/strong> Singaporean food and agri-business company Olam<\/a> wants to invest an additional USD 22 mn in the Egyptian market, which would put its total investments in the market at USD 55 mn, according to an Investment Ministry statement<\/a>. This came during an investment-centered meeting between Investment Minister Hassan El Khatib, Singapore's ambassador to Cairo, and Olam\u2019s managing director. <\/p>\n

REAL ESTATE-<\/p>\n

#1- The \u201cnew heart\u201d of El Gouna is in the works:<\/strong> Orascom Development Egypt\u2019s El Gouna is set to launch Tuban, one of its largest real estate projects in recent years, next month, El Gouna CEO Mohamed Amer told Asharq Business (watch<\/a>, runtime: 4:30<\/a>). The project, which Amer describes as \u201cthe new heart of El Gouna,\u201d will include residential and commercial developments as well as hotels. It will offer nearly 1k units, including villas and apartments.<\/p>\n

The targets: <\/strong>The project targets EGP 45 bn in sales over a five-year period, with 40% of these revenues projected to come from outside the country. Tuban will target foreigners and Egyptian expats, with a focus on countries that have direct flights to Hurghada, such as England, Germany, Switzerland, and Gulf nations.<\/p>\n

\n

#2- Government to fix prices of its land offerings:<\/strong> Housing Minister Sherif El Sherbiny has approved a fixed pricing system for land offerings, doing away with the previous competitive bidding process that resulted in pricing controversies, Al Arabiya<\/a> reports, citing Federation of Egyptian Industries Real Estate Development Chamber head Tarek Shoukry. The news outlet did not specify when the new system would come into effect. The decision is part of a new package of measures aimed at supporting the real estate sector.<\/p>\n

Remember:<\/strong> Under the current system, land prices start at a base rate set by the New Urban Communities Authority and then go up as investors submit competitive bids, becoming final only at the contract signing phase. This practice poses significant investment risks for real estate developers, as the fluctuating land costs impede accurate feasibility studies.<\/p>\n","protected":false},"excerpt":{"rendered":"

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