{"id":644058,"date":"2024-09-19T00:00:00","date_gmt":"2024-09-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/turkeys-beko-has-officially-set-up-shop-in-egypt-with-new-usd-100-mn-factory-plus-seic-abu-qir-fertilizers-beko-egyptalum-zilla-capital-city-lab-cairo-clinical-lab\/"},"modified":"2024-09-19T00:00:00","modified_gmt":"2024-09-19T00:00:00","slug":"turkeys-beko-has-officially-set-up-shop-in-egypt-with-new-usd-100-mn-factory-plus-seic-abu-qir-fertilizers-beko-egyptalum-zilla-capital-city-lab-cairo-clinical-lab","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/turkeys-beko-has-officially-set-up-shop-in-egypt-with-new-usd-100-mn-factory-plus-seic-abu-qir-fertilizers-beko-egyptalum-zilla-capital-city-lab-cairo-clinical-lab\/","title":{"rendered":"Turkey\u2019s Beko has officially set up shop in Egypt with new USD 100 mn factory. PLUS: SEIC + Abu Qir Fertilizers, Beko, EgyptAlum, Zilla Capital, City Lab + Cairo Clinical Lab"},"content":{"rendered":"<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>#1- Turkish manufacturer Beko has officially set up shop in Egypt:<\/strong> Turkish home appliance manufacturer Beko has opened its first Egyptian home appliance factory in Tenth of Ramadan city at a cost of USD 100 mn, in what Prime Minister Moustafa Madbouly described as a success for the government\u2019s strategy to attract major companies to Egypt, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/share\/p\/o4KNeVGjmRtDkTsr\/?mibextid=WC7FNe\" style=\"\" rel=\"noopener\">statement<\/a>. The factory was built by Hassan Allam Construction.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Beko is one of three big international companies that government wanted to attract<\/strong>, with the other two being China\u2019s Haier \u2014 which <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7cf64e09-d946-4480-a14f-11c860716cc3\" style=\"\" rel=\"noopener\">inaugurated<\/a> its eco-industrial park in Tenth of Ramadan City in May \u2014 and subsidiary of Germany\u2019s Bosch, BSH Home Appliances, which will soon open its EUR 30 mn oven factory in Tenth of Ramadan City soon, according to Madbouly.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The golden license bears fruit: <\/strong>Beko is among a number of companies \u2014 including also BSH and Haier \u2014 that have received <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/49e94fca-e544-45f3-90bd-06a9a43cb6c2\/egypt-to-ease-payment-terms-for-industrial-land-purchases.-plus:-bosch-subsidiary-%2B-turkey%25e2%2580%2599s-beko-get-golden-licenses\" style=\"\" rel=\"noopener\">golden licenses<\/a> to operate in Egypt, with Madbouly adding that the land for Beko\u2019s complex was provided by direct allocation, allowing their factories to be completed faster.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>All part of a plan to become a regional hub for home appliances:<\/strong> International companies have <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/38b5c5b6-12da-4675-8d04-d24da127f663\/international-investment-heats-up-egypt%25e2%2580%2599s-home-appliances-sector\" style=\"\" rel=\"noopener\">lately turned to Egypt<\/a> to manufacture and export home appliances, with several companies moving in the past few months to set up factories in the country. Although there are no official figures, market studies suggest the electronic appliance market in Egypt reached EGP 126.7 bn in 2021, growing 24.5% y-o-y. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- EgyptAlum has four new projects in the works:<\/strong> EGX-listed Egypt Aluminum (EgyptAlum) is looking into setting up four new projects with some USD 6 bn, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1442.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1442.pdf\" style=\"\" rel=\"noopener\">pdf<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1442.pdf\" style=\"\" rel=\"noopener\">)<\/a>. The company is in talks with banks and local and foreign investment over potential partnerships for the new projects, CEO Mahmoud Agour told <a target=\"_blank\" href=\"https:\/\/x.com\/CNBCArabia\/status\/1836012561940029781?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1836012561940029781%7Ctwgr%5E7b406d23b197263209062a4e8632e142243a86f9%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.cnbcarabia.com%2F128256%2F2024%2F18%2F09%2FD8AAD8A3D983D98AD8AFD8A7D98B-D984D980CNBC-D8B9D8B1D8A8D98AD8A9%3A-D985D8B5D8B1-D984D984D8A3D984D988D985D986D98AD988D985-D8AAD8B9D8AAD8B2D985-D8A5D8B7D984D8A7D982-4-D985D8B4D8B1D988D8B9D8A7D8AA-D8ACD8AFD98AD8AFD8A9-D8A8D8A7D8B3D8AAD8ABD985D8A7D8B1D8A7D8AA-6-D985D984D98AD8A7D8B1D8A7D8AA-D8AFD988D984D8A7D8B1\" style=\"\" rel=\"noopener\">CNBC Arabia<\/a>. <\/p>\n<p class=\"tag-border-left\">M&amp;A-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#1- SEIC sells 1% stake in Abu Qir Fertilizers: <\/strong>The Saudi Egyptian Investment Company (SEIC) \u2014 a wholly-owned subsidiary of Saudi Arabia\u2019s Public Investment Fund \u2014 has sold a 1.0% stake in Abu Qir Fertilizers for nearly EGP 556 mn, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1482.pdf\" style=\"\" rel=\"noopener\">company disclosure (pdf)<\/a>. After the transaction, SEIC and its related group now own 20.9% of the company.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- That\u2019s a wrap on City Lab\u2019s acquisition of Cairo Clinical Lab: <\/strong>City Lab and Cairo Clinical have inked a final investment agreement that will see the City Lab acquire Cairo Clinical Lab in a long-awaited agreement, according to a company <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1494.pdf\" style=\"\" rel=\"noopener\">press disclosure (pdf)<\/a>. Following Financial Advice Corporate Transactions\u2019 (FACT) appointment as an independent financial advisor to provide a second opinion on Cairo Clinical Labs\u2019 value, the two sides <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fbd40929-6504-4a20-b946-3069b3e96d54\/city-lab-is-set-to-finalize-its-acquisition-of%253cmark%253e-cairo-clinical-labs%253c%2Fmark%253e-tomorrow.-plus:-mb-engineering,-educalty,-nextera-education,-egyptalum\" style=\"\" rel=\"noopener\">agreed<\/a> on a price tag of EGP 59 mn.<\/p>\n<p class=\"tag-border-left\">EXPANSION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zilla Capital is stepping into the Saudi market: <\/strong>Investment bank Zilla Capital plans to launch its first project in the Saudi market, an asset management company, by the end of November, Chairman Wael Ziada told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/financial-markets\/53918\/%D8%B2%D9%8A%D9%84%D8%A7-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D8%AA%D8%B7%D9%84%D9%82-%D8%B4%D8%B1%D9%83%D8%A9-%D9%84%D8%A5%D8%AF%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D8%B5%D9%86%D8%A7%D8%AF%D9%8A%D9%82-%D8%A8%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D8%AE%D9%84%D8%A7%D9%84-%D8%A3%D8%B3%D8%A7%D8%A8%D9%8A%D8%B9\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The firm is looking into launching an investment fund in Egypt next year, with the final decision expected to be taken in less than a month. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Beko is among a number of companies that have received golden licenses to operate in Egypt<\/p>\n","protected":false},"author":1,"featured_media":644059,"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":[111,2431,1008,72,99,8553,131,219,1474],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-644058","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-beko","tag-egypt-aluminum","tag-enterpriseam","tag-fertilizers","tag-hassan-allam-construction","tag-manufacturing","tag-saudi-arabia","tag-zilla-capital","wpautop","entry"],"acf":{"mongo_id":"7ab1bb44-eba0-432c-b2cb-422fe8888369","order":"13","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/1517.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Turkey\u2019s Beko has officially set up shop in Egypt with new USD 100 mn factory. PLUS: SEIC + Abu Qir Fertilizers, Beko, EgyptAlum, Zilla Capital, City Lab + Cairo Clinical Lab","related_issue":[644036],"teaser":"Beko is among a number of companies that have received golden licenses to operate in Egypt","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.d249bb85-6f1f-4545-9966-914a9565203f.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>Turkey\u2019s Beko has officially set up shop in Egypt with new USD 100 mn factory. PLUS: SEIC + Abu Qir Fertilizers, Beko, EgyptAlum, Zilla Capital, City Lab + Cairo Clinical Lab - 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\/09\/19\/turkeys-beko-has-officially-set-up-shop-in-egypt-with-new-usd-100-mn-factory-plus-seic-abu-qir-fertilizers-beko-egyptalum-zilla-capital-city-lab-cairo-clinical-lab\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Turkey\u2019s Beko has officially set up shop in Egypt with new USD 100 mn factory. 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