{"id":647038,"date":"2024-10-07T00:00:00","date_gmt":"2024-10-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/egypts-first-micro-ins-company-plus-news-from-gafi-nbe-dopay-intro-group\/"},"modified":"2024-10-07T00:00:00","modified_gmt":"2024-10-07T00:00:00","slug":"egypts-first-micro-ins-company-plus-news-from-gafi-nbe-dopay-intro-group","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/egypts-first-micro-ins-company-plus-news-from-gafi-nbe-dopay-intro-group\/","title":{"rendered":"Egypt\u2019s first micro ins. company. PLUS: News from GAFI, NBE, Dopay, Intro Group"},"content":{"rendered":"

NBFS- <\/p>\n

Egypt\u2019s first micro ins. company: <\/strong>Post for Investment and private ins. provider AXA Egypt inked a strategic partnership agreement to launch Egypt\u2019s first micro ins. company in line with the Unified Ins. Law, according to a CIT Ministry statement<\/a>. The agreement, which targets over 12 mn low-income Egyptians, will see micro ins. added to the range of financial services provided by the Egypt Post. The services will also be available through microfinance companies and selected digital platforms. <\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Who owns what? <\/strong>Post for Investments owns 51% of the company, while AXA owns the remaining 49%, Post for Investment CEO and Managing Director Ahmed Ali Abdelrahman told Enterprise. The new company has an issued and paid-up capital of EGP 30 mn. <\/p>\n

Remember: <\/strong>AXA has been working on setting up a micro ins. company since at least 2022<\/a>, when the project was reported to be in the feasibility study stage. At the time, the final decision on the new company was expected to be decided following the final version of the Unified Ins. Act, which President Abdel Fattah El Sisi ratified this past July<\/a>. <\/p>\n

ENERGY-<\/p>\n

Hydrogen cooperation with Bavaria? <\/strong>Egypt and Bavaria will work to boost cooperation in the field of hydrogen under a newly-inked declaration of intent, according to a statement<\/a>. The two sides will exchange knowledge regarding production capabilities, hydrogen technologies, market development, and R&D. They will also work to build relationships between Egyptian producers and German buyers. <\/p>\n

Remember: <\/strong>Germany, through its H2Global hydrogen initiative, was awarded a 20-year<\/a>, EUR 397 mn green ammonia offtake agreement with UAE-based renewables player Fertiglobe. Fertiglobe\u2019s green hydrogen partnership with Orascom Construction, Scatec, the Sovereign Fund of Egypt (SFE), and the Egyptian Electricity Transmission Company \u2014 dubbed Egypt Green Hydrogen \u2014 will provide the green hydrogen needed for Fertiglobe to produce green ammonia at its ammonia plants. <\/p>\n

And more cooperation:<\/strong> Prime Minister Moustafa Madbouly and Bavarian Premier Markus S\u00f6der held talks on collaboration between Egyptian and Bavarian companies in renewable energy, automotive manufacturing, and AI, according to a separate statement<\/a>. The discussions, which included high level officials on both sides, focused on expanding investment, particularly in the Suez Canal Economic Zone. S\u00f6der also discussed the potential of training Egyptian workers to meet Bavaria's labor needs. <\/p>\n

MANUFACTURING-<\/p>\n

Peru\u2019s AJE to invest USD 10 mn on two new production lines:<\/strong> Peruvian beverage manufacturer AJE \u2014 the world\u2019s fourth largest beverage producer \u2014 is set to invest some USD 10 mn to add two production lines at its juice, soft drink, and energy drink factory in Sixth of October this fiscal year, according to a statement<\/a>. <\/p>\n

INVESTMENT- <\/p>\n

#1- GAFI, Business France <\/strong>ink<\/strong> MoU to boost investment ties:<\/strong> General Authority for Investment and Freezones boss Hossam Heiba signed an MoU with Business France at the Egypt Business Forum<\/a> to boost investment ties between Egypt and France, according to a statement<\/a> from the authority. The MoU includes comprehensive investment support, closer ties between business communities, and data sharing on key sectors and regulations. It also includes plans for investment seminars and business delegations to explore potential investments in both markets.<\/p>\n

\n

#2- Swiss chocolatier eyes USD 30 mn investment in Egypt:<\/strong> Swiss chocolate manufacturer Barry Callebaut<\/a> is looking to enter the local market with a USD 30 mn chocolate production facility, according to a statement<\/a>. The factory will aim to fulfill domestic demand and become a regional export hub. The statement didn\u2019t provide any details on the location or timeline of the project. <\/p>\n

EXPANSION-<\/p>\n

#1- NBE to open its first Saudi branch before year end:<\/strong> The National Bank of Egypt (NBE) plans to open its inaugural branch in Riyadh before the end of the year, CEO Mohamed El Etreby told Al Mal<\/a>. The branch opening, originally scheduled for the first half of this year, was reportedly delayed because of issues related to establishing the appropriate technological infrastructure. The Saudi government granted NBE a license<\/a> to operate in the Saudi market in 2021.<\/p>\n

\n

#2- Dopay to expand across MENA in 2025: <\/strong>Local fintech startup Dopay is planning to expand across MENA markets in 2025, with a particular focus on Morocco, Saudi Arabia, and the UAE, Al Borsa<\/a> reports. The platform is also reportedly set to link with the central bank\u2019s digital payment platform Instapay in 1Q 2025 and has plans to close another<\/a> financing round next year.<\/p>\n

\n

#3- Intro Group has acquired a USD 20 mn waste recycling plant in Jeddah<\/strong>, Managing Partner Ayman Abbas told Asharq Business<\/a>. The group is also investing EGP 80 bn in two real estate projects in east and west Cairo.<\/p>\n

HOSPITALITY-<\/p>\n

Somabay developer Abu Soma Development Company (ASDC) plans to invest <\/strong>EGP 3-4 bn in 2025 to develop the hotel sector in Egypt<\/strong>, CEO Ibrahim El Missiri told Al Arabiya<\/a>. The company aims to increase its hotel room capacity to 3k from 1.4k within the coming three years, with three hotels currently under construction. The three hotels are expected to open in 2025, 2026, and 2027.<\/p>\n","protected":false},"excerpt":{"rendered":"

Post for Investments owns 51% of the company<\/p>\n","protected":false},"author":1,"featured_media":647039,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[111,429,3298,72,183,461,181,3372,131,248,595,6818,83,1443,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-647038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-axa-egypt","tag-dopay","tag-enterpriseam","tag-fintech","tag-gafi","tag-insurance","tag-intro-group","tag-manufacturing","tag-national-bank-of-egypt","tag-non-banking-financial-services","tag-post-for-investment","tag-real-estate","tag-somabay","tag-startups","wpautop","entry"],"acf":{"mongo_id":"1063306d-a6cf-44f8-9eea-958a85fb78bd","order":"12","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/433.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s first micro ins. company","related_issue":[647018],"teaser":"Post for Investments owns 51% of the company","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.a5a40e6f-858b-431c-ae7b-08b403cff6c1.mp3"},"yoast_head":"\nEgypt\u2019s first micro ins. company. 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Jordan said last weekthat it would move to impose pre-clearance fees for Egyptian imports and require the use of letters of credit\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":692634,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/04\/09\/axa-life-ins-egypt-taps-waleed-samy-as-new-md\/","url_meta":{"origin":647038,"position":1},"title":"Axa Life Ins. Egypt taps Waleed Samy as new MD","author":"enterpriseam admin","date":"9 April 2026","format":false,"excerpt":"Axa Life Ins. Egypt appointed Waleed Samy (LinkedIn) as managing director, following official approval from the Financial Regulatory Authority, according to a company statement(pdf). Samy is a long-time veteran of the Axa ecosystem, having served as the company's managing director of services and CEO of retail.","rel":"","context":"In "Moves"","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2026\/4\/445.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558443,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/10\/egypt-based-payroll-platform-dopay-is-now-bank-abc-egypts-banking-agent\/","url_meta":{"origin":647038,"position":2},"title":"Egypt-based payroll platform Dopay is now Bank ABC Egypt\u2019s banking agent","author":"enterpriseam admin","date":"10 August 2021","format":false,"excerpt":"Egypt-based fintech startup Dopay will offer its digital payroll solutions to Bank ABC corporate clients after obtaining an agent banking license from the Central Bank of Egypt (CBE) through Bank ABC, according to a press release yesterday. The license enables Dopay to offer corporate banking services via its digital payroll\u2026","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/135.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544909,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/27\/africa-energy-transition-plan-to-launch-at-cop-27\/","url_meta":{"origin":647038,"position":3},"title":"Africa energy transition plan to launch at COP 27","author":"enterpriseam admin","date":"27 March 2022","format":false,"excerpt":"Egypt is working on an energy transition plan for Africa alongside the African Union which will be launched during the COP 27 climate summit in November, Oil Minister Tarek El Molla said last week. The minister was speaking during the International Energy Agency\u2019s 2022 ministerial meeting which took place on\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568332,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/27\/axa-gets-in-on-universal-healthcare-scheme\/","url_meta":{"origin":647038,"position":4},"title":"Axa gets in on universal healthcare scheme","author":"enterpriseam admin","date":"27 December 2020","format":false,"excerpt":"Health ins. provider Axa will provide its services under Egypt\u2019s new universal healthcare system after signing an agreement with the General Healthcare Authority, according to a Health Ministry statement. Axa will initially roll out in Port Said and Luxor, where the new healthcare system is being piloted. The partnership comes\u2026","rel":"","context":"In "Healthcare"","block_context":{"text":"Healthcare","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/healthcare\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577616,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/29\/social-ins-contributions-and-payouts-to-rise-in-the-new-year\/","url_meta":{"origin":647038,"position":5},"title":"Social ins contributions and payouts to rise in the new year","author":"enterpriseam admin","date":"29 November 2022","format":false,"excerpt":"Among the other stories we\u2019re paying attention to this morning:ECONOMY-Employees will pay more towards social ins. starting in January: The subscription wage used to calculate national ins. contributions for public and private sector workers will be raised to a minimum of EGP 1.7k and a maximum of EGP 10.9k as\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/477.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/647038","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=647038"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/647038\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/647018"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/647039"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=647038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=647038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=647038"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=647038"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=647038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}