{"id":641842,"date":"2024-09-03T00:00:00","date_gmt":"2024-09-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/03\/auto-distributors-push-for-more-locally-assembled-vehicles-to-make-up-for-import-restrictions-plus-somabay-redcon-sodic-tmg-mass-developments-efg-hermes-kima\/"},"modified":"2024-09-03T00:00:00","modified_gmt":"2024-09-03T00:00:00","slug":"auto-distributors-push-for-more-locally-assembled-vehicles-to-make-up-for-import-restrictions-plus-somabay-redcon-sodic-tmg-mass-developments-efg-hermes-kima","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/03\/auto-distributors-push-for-more-locally-assembled-vehicles-to-make-up-for-import-restrictions-plus-somabay-redcon-sodic-tmg-mass-developments-efg-hermes-kima\/","title":{"rendered":"Auto distributors push for more locally-assembled vehicles to make up for import restrictions. PLUS: Somabay + Redcon, SODIC, TMG, Mass Developments, EFG Hermes, Kima"},"content":{"rendered":"

AUTOMOTIVE-<\/p>\n

Auto distributors call for more locally-assembled vehicles: <\/strong>Authorized distributors of Hyundai, Chery, Chevrolet, Nissan, and BYD vehicles have requested that the automakers increase the amount of locally-assembled vehicles allotted to them to make up for import restrictions, Al Mal<\/a> reports, citing unnamed sources. One of Egypt\u2019s largest car distributors is reportedly holding negotiations with automakers that assemble their vehicles locally to increase their allocation by 40-50%. <\/p>\n

There movement already: <\/strong>A group of companies that assemble vehicles led by GB Auto have agreed to increase their allocations to accredited distributors, while others have postponed their decision until shipments of production components arrive from abroad.<\/p>\n

Remember:<\/strong> Major car dealerships have faced significant delays in getting their cars released from local ports \u2014 delays that have threatened contracts and future investments from car manufacturers and exacerbated the severe shortage of new cars on the market, sources in the automotive market previously told us<\/a>. <\/p>\n

ON THE SAME WAVELENGTH- <\/strong>Stellantis Egypt is looking into exporting locally-made Citroen models to Libya and Algeria, among a number of other Arab nations, Al Mal<\/a> reports, citing an unnamed Industry Ministry official. This comes as Stellantis looks to partake<\/a> in the Egyptian Automotive Industry Development Program, which will offer incentives to auto players o encourage the localization of the industry.<\/p>\n

The first of many: <\/strong>A number of other automakers are also looking to export a percentage of their locally-produced vehicles, including General Motors, the source said, adding that it\u2019s all in early stages. <\/p>\n

REAL ESTATE-<\/p>\n

#1- New projects in the Red Sea: <\/strong>Somabay and Redcon Construction will set up a number of projects in the Red Sea with EGP 1.7 bn in investments under a newly-signed MoU, according to statement<\/a>. The two companies will set up a number of residential and commercial projects in Somabay, inlduing 2k residential units and multiple luxury hotels. <\/p>\n

More to come? <\/strong>\u201cThis partnership is also poised to extend into subsequent years, contingent upon the successful execution and satisfactory performance by Redcon Construction,\u201d the statement read. <\/p>\n

\n

#2- SO<\/strong>DIC launches new Japan-inspired project on the North Coast:<\/strong> SODIC is breaking ground on its 440-acre Ogami development in Ras El Hekma, the company said in a press release (pdf)<\/a>. The hospitality project was planned by the DLR Group and includes a Nobu hotel, restaurant, and residences, alongside 800 m of pristine beachfront. <\/p>\n

\n

#3- TMG expects to double its FX revenues by 2028:<\/strong> Talaat Moustafa Group (TMG) expects to see its USD revenues double to USD 856 mn by 2028 on the back of its acquisition of a majority stake<\/a> in a group of seven historic hotels, it said in an EGX disclosure (pdf)<\/a>. <\/p>\n

\n

#4- Mass Developments launches EGP 22 bn multi-use project:<\/strong> Real estate developer Mass Developments has begun development of its new 30.6k sq m multi-use project in New Cairo with investments of over EGP 22 bn, Al Borsa<\/a> reports. <\/p>\n

FINANCIAL SERVICES-<\/p>\n

EFG Hermes launches asset servicing, custody arrangement services: <\/strong>Our friends at EFG Hermes have launched asset servicing arrangement and custody arrangement services, which aim to \u201caddress the unique challenges faced by high-net-worth individuals, family offices, and small- to mid-sized funds in accessing custody arrangement services,\u201d the firm said in a press release (pdf)<\/a>. The company will help facilitate the custody arrangement process for clients at \u201chighly competitive\u201d rates.<\/p>\n

What they said:<\/strong> \u201cIntroducing our asset servicing and custody arrangements is a testament to our commitment to expanding our offering by addressing the challenges that high-net-worth individuals and institutional and specialized investors face. By offering seamless access to over 40 markets and handling the complexities of custodial arrangements, we empower our clients to navigate global markets easily and confidently,\u201d EFG Hermes Global Head of Brokerage Ahmed Waly said.<\/p>\n

EARNINGS- <\/p>\n

Egyptian Chemical Industries (Kima) saw its net income dip 93.9% <\/strong>y-o-y to EGP 70 mn during the fiscal year 2023-2024 from EGP 1.2 bn the year before, it said in its latest earnings release (pdf)<\/a>. Revenues fell 1.2% y-o-y to EGP 6.5 bn during the year. The company attributed the dip in income to an EGP 80 mn decrease in sales revenues and a EGP 722 mn increase in operational costs.<\/p>\n

COMMODITIES-<\/p>\n

Gov\u2019t wants to increase its wheat reserves amid geopolitical concerns<\/strong>, Supply Minister Sherif Farouk told Al Mal<\/a>. \u201cWe are working to secure the largest amount of strategic wheat reserves to ensure we can meet the country\u2019s needs in light of current geopolitical tension,\u201d the minister said. The government will be able to up its strategic wheat reserves from six-months\u2019 supply to nine months if it secures the necessary funds. Farouk previously said<\/a> that the government will announce the purchase of 3.8 mn tons of wheat before the end of the year.<\/p>\n

Remember:<\/strong>President Abdel Fattah El Sisi reportedly gave the order<\/a> for last month\u2019s huge wheat buy following concerns over the country\u2019s food security. An intelligence briefing raised concerns over our food security in light of escalating regional tension. State grains buyer GASC last month purchased 280k tons of wheat<\/a> in a tender that aimed to secure some 3.8 mn tons<\/a>, locking in just c. 7% of its target. <\/p>\n

Speaking of: <\/strong>The government is looking into increasing the storage capacity of silos by 76% to 6 mn tons of grains, legumes, and other strategic goods by 2030, Asharq Business reported<\/a> citing the deputy supply minister. The project will be carried out over two phases at a total cost of EGP 34 bn. <\/p>\n

EXPANSION-<\/p>\n

#1- Intercap Capital to expand into Saudi Arabia by 2025:<\/strong> Investment banking firm Intercap Capital is looking to expand into Saudi Arabia early next year, managing partner Rafik Dalala told Al Borsa<\/a>. <\/p>\n

\n

#2- Coca Coffee wants to set up shop in the UAE: <\/strong>Local coffee company Coca Coffee<\/a> is planning to set up a factory in the UAE next year, Al Borsa<\/a> reported, citing the company chairman. The company is still studying the project and is yet to determine its cost, <\/p>\n

Coca Coffee?<\/strong> Established in 2023, Coca Coffee produces high quality coffee beans from its EGP 12 mn factory. It currently serves the local market and exports its products to the UAE and Saudi Arabia. <\/p>\n

FINTECH-<\/p>\n

MID Takseet links up Al Ahly Momkn: <\/strong>Fintech player MID Takseet customers now have access to e-payment company Al Ahly Momkn\u2019s \u2014 a subsidiary of the National Bank of Egypt\u2019s investment arm Al Ahly Capital Holding \u2014 90k points of sale, according to a press release<\/a>. <\/p>\n

EDUCATION-<\/p>\n

A new branch of a Greek university may be coming to Alexandria: <\/strong>The Higher Education Ministry and Greek authorities are exploring establishing a branch of the University of Patras in Alexandria, alongside plans to create a joint curriculum and establish an exchange program, according to a ministry statement<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

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