{"id":640581,"date":"2024-08-28T00:00:00","date_gmt":"2024-08-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/stellantis-in-talks-with-govt-to-start-assembling-fiat-citroen-and-opel-models-locally-plus-sodic-cib-chemicals-fertilizers-export-council-misr-ins-eaton-msmeda\/"},"modified":"2024-08-28T00:00:00","modified_gmt":"2024-08-28T00:00:00","slug":"stellantis-in-talks-with-govt-to-start-assembling-fiat-citroen-and-opel-models-locally-plus-sodic-cib-chemicals-fertilizers-export-council-misr-ins-eaton-msmeda","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/stellantis-in-talks-with-govt-to-start-assembling-fiat-citroen-and-opel-models-locally-plus-sodic-cib-chemicals-fertilizers-export-council-misr-ins-eaton-msmeda\/","title":{"rendered":"Stellantis in talks with gov\u2019t to start assembling Fiat, Citroen, and Opel models locally. PLUS: SODIC, CIB + Chemicals & Fertilizers Export Council, Misr Ins., Eaton, MSMEDA"},"content":{"rendered":"

AUTOMOTIVE-<\/p>\n

We could soon see Fiat, Citroen, and Opel models assembled in Egypt: <\/strong>Automotive player Stellantis is in talks with the Trade and Industry Ministry over locally assembling its Citroen, Fiat and Opel brands in the coming period, A<\/a>l M<\/a>al<\/a> reports citing a government source. Stellantis was one of several car makers<\/a> that expressed interest in the Egyptian Automotive Industry Development Program (AIDP), which will offer incentives to auto players with the aim of localizing the industry.<\/p>\n

ENERGY-<\/p>\n

EGAS offers up 12 new exploration blocks:<\/strong> Egyptian Natural Gas Holding Company (EGAS) is inviting bids for 12 new oil and gas exploration blocks in the Mediterranean and Nile Delta. The offering includes 10 offshore and two onshore areas, with details available on the Egypt Upstream Gateway (EUG)<\/a> platform.<\/p>\n

REAL ESTATE-<\/p>\n

SODIC unveils its latest North Coast developments: <\/strong>Real estate developer SODIC has unveiled Matcha, its latest commercial project at its North Coast Caesar development<\/a>, and Good Days, a boutique compound housing a collection of hotel apartments within Matcha, according to a statement<\/a>(pdf)<\/a> from the company. <\/p>\n

TRADE-<\/p>\n

CIB lends its backing to support chemical exporters: <\/strong>CIB has inked an agreement with the Chemicals &<\/a>Fertilizers<\/a>Export Council (CEC)<\/a> that will see it provide financial and strategic support to local chemical exporters in a bid to boost the competitiveness of the sector\u2019s exports, according to a statement (pdf)<\/a>.<\/p>\n

The details:<\/strong> The bank will offer a range of financial solutions, including short- and medium-term credit facilities, letters of credit, and letters of guarantee. It will also assist companies in expanding their operations overseas, especially into African markets, by leveraging its international financial relationships and its direct presence in Kenya. Additionally, it will link up exporters with a range of service providers across different fields \u2014 including export, logistics, legal and tax consulting, marketing, and training \u2014 under its Business Solutions<\/a> program. <\/p>\n

CAPITAL MARKETS-<\/p>\n

Misr Ins. wants to enter the carbon market:<\/strong> Misr Ins. has inked a preliminary agreement with VNV Advisory that will see it make its entry into our newly-launched carbon market, VNV\u2019s Omar El Nemr told A<\/a>l M<\/a>al<\/a>. VNV is no stranger to our carbon market, having helped local agriculture firm Daltex<\/a> purchase 1.5k carbon credits from an agroforestry project in India\u2019s Punjab during the first day of trading. <\/p>\n

UTILITIES-<\/p>\n

Eaton expands its footprint in the local market: <\/strong>NYSE-listed power management company Eaton<\/a> has opened up a new office in Cairo, according to a press release<\/a> from the conglomerate. The new office will house Eaton's second customer care center in the Middle East. Eaton will work with local manufacturing partners for low voltage and medium voltage systems that includes Egyptian Manufacturing and Advance Systems, Madkour Industries, 2M Electric Group, Technical Projects Company, and Lectro El Habashy for Works.<\/p>\n

TOURISM-<\/p>\n

Egypt and Bahrain could launch a joint tourism marketing program targeting East Asia<\/strong>, as part of wider efforts to enhance tourism cooperation, according to a Tourism Ministry statement<\/a>. The program will aim to take advantage of the growing tourist movement in Egypt and Bahrain's flight connections to the region.<\/p>\n

DEBT-<\/p>\n

MSMEDA could partner up with the World Bank for another VC fund: <\/strong>The Micro, Small and Medium Enterprise Development Agency (MSMEDA) is in talks with the World Bank over launching the second phase of their joint VC fund, MSMEDA\u2019s venture capital head Hany Emad told Al Borsa<\/a>. The agency aims to secure the funds before the end of the year, he told Al Arabiya<\/a>, without disclosing the value. <\/p>\n

Remember<\/strong>:<\/strong> MSMEDA launched<\/a> a World Bank-backed USD 50 mn VC fund in early 2022. The agency deployed the funds in about 15 venture capital funds. <\/p>\n

LOGISTICS-<\/p>\n

East Qantara Dry Port to kick off operations mid 2025:<\/strong> New Suez Canal for Dry Ports and Logistics Services plans to start operating the East Qantara Dry Port by mid 2025, with 70% of the port\u2019s superstructure having already been completed, the company\u2019s vice chairman Mohamed El Banna told Al M<\/a>al<\/a>.<\/p>\n

Remember:<\/strong> The company is reportedly in talks<\/a> with entities over financing the superstructure of the port. The company has reportedly already fully completed the infrastructure of the port at a cost of EGP 500 mn, and had been looking to secure an additional EGP 500 mn for further development.<\/p>\n","protected":false},"excerpt":{"rendered":"

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