{"id":644175,"date":"2024-09-22T00:00:00","date_gmt":"2024-09-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/22\/astrazeneca-to-nearly-double-local-pill-production-by-2028-as-part-of-usd-50-mn-plan-plus-baic-group-fiat-dynamic-distribution-capricorn-jaz-hotel-group-ferrum-egypt-nextera-makanak-melee\/"},"modified":"2024-09-22T00:00:00","modified_gmt":"2024-09-22T00:00:00","slug":"astrazeneca-to-nearly-double-local-pill-production-by-2028-as-part-of-usd-50-mn-plan-plus-baic-group-fiat-dynamic-distribution-capricorn-jaz-hotel-group-ferrum-egypt-nextera-makanak-melee","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/22\/astrazeneca-to-nearly-double-local-pill-production-by-2028-as-part-of-usd-50-mn-plan-plus-baic-group-fiat-dynamic-distribution-capricorn-jaz-hotel-group-ferrum-egypt-nextera-makanak-melee\/","title":{"rendered":"AstraZeneca to nearly double local pill production by 2028 as part of USD 50 mn plan. PLUS: BAIC Group, Fiat + Dynamic Distribution, Capricorn, Jaz Hotel Group, Ferrum Egypt, NextEra, Makanak, Melee, City Lab"},"content":{"rendered":"

PHARMA-<\/p>\n

AstraZeneca expanding capacity, to inject USD 50 mn in new investments by 2028:<\/strong> AstraZeneca Egypt is currently expanding its Sixth of October factory to nearly double its production by 1.3 bn tablets to 2.2 bn tablets by 2028, country president Hatem Werdany said, according to a ministry statement<\/a>. The move comes as the company seeks to inject USD 50 mn into new investments in Egypt, and as the company studies the prospect of localizing 80% of units produced at the Egypt plant by 2028, according to Werdany.<\/p>\n

\n

AUTOMOTIVE-<\/p>\n

#1- Yet another Ch<\/strong>inese automaker eyes assembling cars in Egypt:<\/strong> China\u2019s state-owned BAIC Group is reportedly negotiating with the government to establish a local car assembly factory in partnership with its local agent Alkan Auto by the end of 2025, Al Mal<\/a> reports, citing an unnamed source from the Chinese auto giant. The two sides are currently in talks over what kinds of models the factory would assemble, the source added.<\/p>\n

\n

\n

#2- Fiat EVs on Egyptian streets? <\/strong>Egypt\u2019s Fiat distributor Dynamic Distribution has plans to distribute new Fiat models \u2014 including EVs \u2014 in Egypt next year, chairman Emad Helmy told Al Mal<\/a>. Helmy believes that the auto market will stabilize as imports resume and the new models enter the market.<\/p>\n

\n

ENERGY- <\/p>\n

Capricorn ups Egypt operations after arrears payment: <\/strong>\u201cFollowing material cash collections in Egypt, we have resumed investing,\u201d US energy company Capricorn said in its 1H 2024 results<\/a>. The government paid USD 93 mn worth areas during the first half of the year, nearly double the USD 50 mn paid in the same period last year. The company announced in its accompanying presentation<\/a> that it would commit to additional drilling and that its \u201cdevelopment activity resumed in July following constructive discussions with the Egyptian General Petroleum Company on payments.\u201d<\/p>\n

Capricorn isn\u2019t the first company to up its investments after the payment of dues: <\/strong>Earlier this year, Italian energy giant Eni announced<\/a> that it would be drilling two new wells in its Zohr field shortly after the government cleared up USD 1.3 bn in arrears owed to foreign energy companies.<\/p>\n

HOSPITALITY-<\/p>\n

Jaz to manage luxury hotel <\/strong>in front of Sphinx Airport: <\/strong>Travco subsidiary Jaz Hotel Group will manage a luxury hotel \u2014 dubbed Ranches \u2014 in front of Sphinx International Airport under an agreement inked with real estate developer Dorra, the company said in a statement<\/a>.<\/p>\n

This isn\u2019t Jaz\u2019s only Giza hotel project in the works: <\/strong>We heard<\/a> in December that the company had purchased Cataract Pyramids \u2014 to be rebranded to Jaz Palmira Pyramids \u2014 and Oasis hotels \u2014 rebranding to Jaz Oasis Pyramids. Jaz Palmira will add 400 hotel rooms to the group\u2019s portfolio, while Jaz Oasis Pyramids will add 300 rooms. Further afield, the company also plans to set up six new hotels on the North Coast, in Hurghada, and in Marsa Alam, scheduled to open their doors next year, under a USD 215 mn investment plan announced<\/a> earlier this month.<\/p>\n

\n

DEBT-<\/p>\n

Ferrum Egypt looking to secure EGP 1.8 bn in financing for East Port Said silo factory:<\/strong> Ferrum Egypt<\/a> is in talks with Commercial International Bank, Banque Misr, the National Bank of Egypt, and First Abu Dhabi Bank to secure an EGP 1.8 bn loan to help fund its EGP 2.3 bn silo factory in East Port Said, Al Borsa<\/a> reports.<\/p>\n

Signoff still needed on advance purchasing agreement:<\/strong> Sources speaking to Al Borsa added that the cabinet is being asked to sign off on an advance purchase agreement that will see the Supply Ministry purchase 1.4 mn tons of storage space prior to completing bank financing procedures and beginning work on the site.<\/p>\n

Remember: <\/strong>Ferrum Egypt and East Port Said Development signed the land allocation agreement for the silo design and manufacturing factory in May<\/a>. The factory aims to produce for the domestic market during its first three years of operation, before moving to export silos to European and African markets thereafter, according to Al Borsa.<\/p>\n

\n

EDUCATION- <\/p>\n

NextEra to launch four tech-focused private universities outside of Cairo:<\/strong> NextEra Education aims to launch four branches of foreign universities in Egypt in the coming years in partnership with the Higher Education Ministry, according to a ministry statement<\/a>. NextEra inked agreements with the University of Minnesota, Drake University, Illinois Institute of Technology, and Paris International College<\/p>\n

The goal: <\/strong>NextEra plans to capitalize on the wealth of talented students in Egypt to prepare qualified candidates for the tech-heavy jobs that will be available in the coming period, founder Mohamed Farouk told Asharq Business<\/a>. The first university will be established in Helwan, Farouk said in the interview, with plans to establish further universities in Upper Egypt according to Al Borsa<\/a>. The initiative is also considering expansion beyond Egypt in a later phase, Farouk told Asharq Business.<\/p>\n

NextEra? <\/strong>NextEra was launched last week as an EGP 2 bn collaborative initiative<\/a> between edtech platform EYouth and a number of business figures \u2014 including Ahmed Tarek \u2014 to leverage AI-powered learning and global partnerships to deliver accredited programs and bachelor\u2019s degrees in fields such as programming, cybersecurity, AI, business administration, data science, and analytics.<\/p>\n

SPEAKING OF- Businessman Ahmed Tarek plans to add an<\/strong> additional 80 schools to his portfolio<\/strong> over the next five years, which currently has seven schools, he told Al Borsa<\/a>. Two of the schools will be acquired before the end of the year, Tarek added. <\/p>\n

\n

EXPANSION-<\/p>\n

#1- Makanak is planni<\/strong>ng a move into the Saudi market by the end of this year:<\/strong> Integrated workspace provider Makanak is planning to open five branches in Saudi Arabia \u2014 three in Riyadh and two in Jeddah \u2014 by the end of 2024, CEO Moheb Zaki told Al Mal<\/a>. <\/p>\n

The how:<\/strong> The company has recently established a subsidiary in the Saudi market with a Saudi partner who owns 40% of the company, Zaki explained, adding that the company has allocated EGP 30 mn to investments in the Saudi market in the coming year. <\/p>\n

The company is also expanding domestically and further afield: <\/strong>Makanak is also planning to add four new branches of its entrepreneur-targeted office space to its existing 15 branches in Cairo, with the company also planning an expansion into the Bahraini, Omani, and Qatari markets in the future, with the rest of Africa on the table as a final step.<\/p>\n

\n

\n

#2- Melee ups price tag on Saudi sports club developments: <\/strong>Local real estate developer Melee is planning to invest around SAR 4.5 bn in three sports clubs in the Saudi cities of Khobar, Jeddah, and Riyadh, Melee chairman Gasser Bahgat told Asharq Business<\/a>. When we first heard<\/a> about the project with Adeer in July, we heard that the three projects would cost only SAR 1 bn. Bahgat added that the Khobar club should be completed by the end of the year.<\/p>\n

\n

M&A-<\/p>\n

City Lab already has another acquisition target in its sights: <\/strong>The board of City Lab has okayed a non-binding MoU to acquire a hospital services management company, following a fair value study and the completion of due diligence, according to a disclosure<\/a> to the EGX. The board also approved the appointment of Osoul Arabia for Investment as the independent financial advisor tasked with determining the targeted company\u2019s fair share price.<\/p>\n

ICYMI: <\/strong>City Lab finalized<\/a> the acquisition of Cairo Clinical last week that saw City Lab pay EGP 59 mn for the company.<\/p>\n","protected":false},"excerpt":{"rendered":"

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