{"id":643634,"date":"2024-09-11T00:00:00","date_gmt":"2024-09-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/11\/palm-hills-to-embark-on-usd-300-mn-project-to-set-up-15-saudi-schools-plus-contact-financial-brotinni-isis-organic-efg-hermes-ayadi-vacsera\/"},"modified":"2024-09-11T00:00:00","modified_gmt":"2024-09-11T00:00:00","slug":"palm-hills-to-embark-on-usd-300-mn-project-to-set-up-15-saudi-schools-plus-contact-financial-brotinni-isis-organic-efg-hermes-ayadi-vacsera","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/11\/palm-hills-to-embark-on-usd-300-mn-project-to-set-up-15-saudi-schools-plus-contact-financial-brotinni-isis-organic-efg-hermes-ayadi-vacsera\/","title":{"rendered":"Palm Hills to embark on USD 300 mn project to set up 15 Saudi schools. PLUS: Contact Financial, Brotinni, ISIS Organic, EFG Hermes, Ayadi, Vacsera"},"content":{"rendered":"

EXPANSION-<\/p>\n

#1- Palm Hills has big education plans for Saudi Arabia: <\/strong>Egyptian real estate developer Palm Hills Developments is looking to develop up to 15 new schools in Saudi Arabia in partnership with Dallah Albaraka with combined investments of USD 300 mn, Chairman Yasseen Mansour told Al Arabiya<\/a>. The developer also has plans to set up ten schools in the Egyptian market. <\/p>\n

Remember: <\/strong>Badya University, a joint venture between Palm Hills Developments and higher education outfit Taaleem, was inaugurated earlier this week<\/a>. The first phase of the project saw total investments of some EGP 1.8 bn<\/a> \u2014 EGP 500 mn were spent on the land, while the remaining EGP 1.3 bn were spent on construction and infrastructure. <\/p>\n

\n

#2- Contact Financial heads to Dubai:<\/strong> Non-banking financial services firm Contact Financial Holding opened its first branch in Dubai yesterday, according to a statement (pdf)<\/a>. The expansion aims to cater to Egyptian expats in the UAE by giving them access to a suite of financing and ins. services in Egypt without the need to travel. Expats can pay for services in Egypt such as mortgages, club memberships, car installments, green finance, and much more.<\/p>\n

The company has its eyes on other overseas markets: <\/strong>Contact Financial plans to expand into other Arab countries, especially within the GCC, and is also looking into stepping foot into Europe.<\/p>\n

\n

#3- Brotinni eyes KSA, UAE expansions: <\/strong>Local food solutions provider startup Brotinni<\/a> is looking to expand into the Saudi and Emirati markets in 3Q 2025, Al<\/a>Mal<\/a> reports, citing co-founder and CEO Dalia Abou Omar. The news comes hot on the heels of Cairo-based startup accelerator and consulting firm Entlaq Holding\u2019s acquisition of a minority stake<\/a> in Brotinni, a move which will help the startup carry out its expansion plans. <\/p>\n

\n

#4- Isis Organic to expand into Saudi Arabia and Algeria by mid-2025:<\/strong> SEKEM subsidiary Isis Organic has announced that it will be building two new factories in Saudi Arabia and Algeria with a total of EGP 80 mn in investments, Al Borsa<\/a> reported, citing General Manager Mohamed Anwer. The factories will see EGP 40 mn in investments each, with the Saudi factory to open in 4Q 2024 and the Algerian factory to open in 1H 2025. <\/p>\n

CAPITAL MARKETS-<\/p>\n

#1- Ayadi for Investment & Development is mulling an IPO: <\/strong>State-owned Ayadi for Investment & Development is considering offering shares on the EGX within two years, Chairman Osama Saleh told Al Borsa<\/a>. The company currently has 12 companies in its portfolio, according to Saleh, with plans to exit one of its service sector companies in the near future.<\/p>\n

\n

#2- EFG Hermes is working on six IPOs in Saudi Arabia over the next few months<\/strong>, with four scheduled to take place before the end of the year and two others taking place during 1Q 2025, investment banking co-CEO Mohamed Ebeid told Asharq Business<\/a>. Earlier this year, EFG Holding announced plans<\/a> to increase its staff in Saudi Arabia by 30% as its investment bank arm gears up to be involved in a number of IPOs in the kingdom. <\/p>\n

There are also some IPOs in the pipeline here in Egypt:<\/strong> EFG Hermes is currently working on two EGX offerings for private firms, Ebeid said.<\/p>\n

ENERGY-<\/p>\n

Could we be in for more Israeli gas?<\/strong> Chevron\u2019s Tamar gas field in Israel is set to undergo developments starting the second half of October to increase the amount of gas supplied to Egypt starting next June to 1.3 bn cf\/d, CNN Business Arabic<\/a> reports citing an unnamed source it says has knowledge of the matter. The move will eventually bring the field\u2019s production capacity up to 1.6 bn cf\/d, up from 1 bn currently. <\/p>\n

Remember:<\/strong> The Oil Ministry is reportedly looking to increase<\/a> its Israeli gas imports by the equivalent of 150 mn cf\/d to reach 1.1 bn by October. The Israeli Energy Ministry also greenlit an agreement in February to increase its gas exports to Egypt from the Tamar field three-fold starting July 2025 and carrying on for the next 11 years.<\/p>\n

HEALTHCARE-<\/p>\n

#1- Qasr El Ainy Hospital set for a revample:<\/strong> The state is embarking on a plan to redevelop Cairo\u2019s historic Qasr El Ainy Hospital in a bid to restore its aging infrastructure and upgrade its capabilities, according to a cabinet statement<\/a>. The three-phase project will expand the hospital's size to around 280k sqm to increase its annual patient capacity from over 2 mn currently. Outdated buildings will be demolished to create more efficient spaces and accommodate new services. The project is supposed to enable the hospital to double the number of surgeries performed from a current 100k per year.<\/p>\n

\n

#2- Vacsera in talks with Bavarian Nordic on <\/strong>mpox<\/strong> vaccine production: <\/strong>State-owned vaccine maker Vacsera is currently negotiating with Denmark\u2019s Bavarian Nordic to produce a mpox vaccine that could be exported throughout Africa, Managing Director Sherif Elfeel told CNN<\/a>. El Feel told the outlet that he expects Egypt would produce between 3 and 5 mn doses if the negotiations \u2014 which are set to wrap up by 27 September \u2014 end with an agreement.<\/p>\n","protected":false},"excerpt":{"rendered":"

The developer also has plans to set up ten schools in the Egyptian market<\/p>\n","protected":false},"author":1,"featured_media":643635,"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":[111,102,780,933,73,84,93,72,7115,125,91,354,2981,7114],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-643634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-capital-markets","tag-chevron","tag-contact-financial","tag-education","tag-efg-hermes","tag-energy","tag-enterpriseam","tag-healthcare","tag-investment-watch","tag-oil-and-gas","tag-palm-hills-developments","tag-sekem","tag-tamar","wpautop","entry"],"acf":{"mongo_id":"13c8fe0f-1cbd-43e6-8c83-262051a5b263","order":"12","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/2388.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Palm Hills to embark on USD 300 mn project to set up 15 Saudi schools. 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