{"id":654610,"date":"2024-11-05T00:00:00","date_gmt":"2024-11-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/05\/kouchouk-lays-out-plan-for-ensuring-economic-stability-plus-news-from-fincart-ci-capital-sport-ministry\/"},"modified":"2024-11-05T00:00:00","modified_gmt":"2024-11-05T00:00:00","slug":"kouchouk-lays-out-plan-for-ensuring-economic-stability-plus-news-from-fincart-ci-capital-sport-ministry","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/05\/kouchouk-lays-out-plan-for-ensuring-economic-stability-plus-news-from-fincart-ci-capital-sport-ministry\/","title":{"rendered":"Kouchouk lays out plan for ensuring economic stability. PLUS: News from Fincart, CI Capital, Sport Ministry"},"content":{"rendered":"

\n

POLICY-<\/p>\n

Finance Minister Ahmed Kouchouk laid out three near-term priorities to ensure <\/strong>economic stability and stimulate private sector growth<\/strong> in a video conference organized by EFG Hermes and attended by over 60 foreign institutional investors, according to a Finance Ministry statement<\/a>. Kouchouk pointed specifically to strengthening trust between the Tax Authority and the business community, leveraging diverse fiscal policy tools to expand the private sector's role in driving economic activity, and implementing a targeted strategy to reduce the debt-to-GDP ratio. <\/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

DATA POINT- <\/strong>Egypt\u2019s debt-to-GDP ratio dropped to 89.6% in June 2024, down from 96% in June 2023, while the primary surplus reached EGP 90 bn in 1Q FY 2024-25, Kouchouk said during the meeting. <\/p>\n

\n

EDUCATION-<\/p>\n

A plan to add 1k schools nationwide: <\/strong>The General Authority for Investment (GAFI) and Educational Buildings Authority aim to attract investments to establish 1k schools by offering fresh facilities, according to a statement<\/a>. Educational projects can now apply for golden licenses and investors can check out the designated land for educational projects through Egypt\u2019s investment map. The Madbouly government has also lowered the required area of schools to 1.2k sqm.<\/p>\n

** We ran a <\/strong>Blackboard<\/a><\/strong> over the summer<\/strong> about the obstacles facing private investment in the education sector and how the government is working to address them.<\/p>\n

\n

LOGISTICS-<\/p>\n

#1- Egypt to establish three shipyards:<\/strong> Egypt is set to establish three new shipyards in partnership with the private sector in the Suez and Red Sea governorates, with investments exceeding USD 100 mn, head of the Federation of Egyptian Industries\u2019 maritime transport division Ibrahim El Dessouky told Al Borsa<\/a>. Each shipyard will cover between 200k and 500k sqm and will cost between USD 30 mn and USD 50 mn, with plans to complete all three during 1H 2027. <\/p>\n

We could see even more shipyards soon: <\/strong>Three Gulf-based companies are currently in the early stages of negotiations with the government and private sector companies about establishing more shipyards, El Dessouky told the outlet, adding that Egypt has the potential to become a regional center for shipbuilding and repair in the future.<\/p>\n

\n

\n

#2- Fincart wants to ship internationally:<\/strong> Local shipping services provider Fincart<\/a> plans to add international shipping to its local services by the end of the year, co-founder and CEO Mostafa Masry told Al Borsa<\/a>. The startup also plans to expand its shipping service to the Gulf in the near-term, with plans to expand all of its offerings to Gulf countries after that. Once Fincart has successfully established itself in the Gulf, Masry said that the company will move into north and west African markets, penciling in this broader expansion for 2025. Fincart is also looking to expand its number of shipping partners to 25 in the coming period. <\/p>\n

\n

M&A-<\/p>\n

Agro New Vision ups stake in Misr Beni Suef Cement: <\/strong>Agro New Vision Distribution has increased its stake in Misr Beni Suef Cement to 12.03% in an EGP 174.9 mn transaction, according to an EGX disclosure (pdf)<\/a>. Agro New Vision initially held 5.9% of the company. Agro appears to have bought some of the National Investment Bank\u2019s in the cement manufacturer, which sold 3.65 mn shares in the company in an EGP 171.6 mn transaction that reduced its stake in the company to 9.99%, according to a disclosure (pdf)<\/a>. <\/p>\n

\n

TELECOM-<\/p>\n

Introducing the first Saudi subsea cable linking KSA and Egypt: <\/strong>Saudi Arabia\u2019s telecom giant Mobily and Telecom Egypt have signed a cooperation agreement to lay a Mobily-owned submarine cable passing through the Red Sea, connecting Egypt and Saudi Arabia, according to a joint press release (pdf)<\/a>. The new subsea cable will link Sharm El Sheikh and Duba, creating a Gulf-to-Egypt digital corridor and plugging into Egypt\u2019s vast subsea network for enhanced regional connectivity.<\/p>\n

\n

STARTUPS-<\/p>\n

Introducing Invest IT: <\/strong>Flat6Labs, ITIDA\u2019s Technology Innovation and Entrepreneurship Center (TIEC) have launched a new program \u2014 dubbed Invest IT<\/a> \u2014 that aims to support 12 seed and early-stage tech startups by providing them with guidance and connecting them with potential investors, according to a statement<\/a>. The 6-8 week program will be carried out over two phases, with the first providing participating startups with training and coaching and the second connecting the startups with a network of investors.<\/p>\n

Who can apply?<\/strong> ICT-enabled startups that are at the seed or pre-Series A funding stage can apply to participate. Companies need to have a defined product or service and two or more founders, and must have been registered for at least two years from the program\u2019s start date. Interested applicants can apply online<\/a>.<\/p>\n

\n

MANUFACTURING-<\/p>\n

Sports Ministry mulls over a freezone for sports gear:<\/strong> The Sports Ministry \u2014 in cooperation with the ministries of trade and investment \u2014 is reportedly preparing a feasibility study to set up a freezone dedicated to sports equipment and products, Al Borsa<\/a> writes citing unnamed sources. The freezone \u2014 which will be allocated a plot by 2025 \u2014 aims to reduce the country\u2019s USD 700 mn sports gear import bill.<\/p>\n

We already have interested partners:<\/strong> The ministry has pitched the project to several sports equipment manufacturers and brands, which have expressed interest in setting up manufacturing facilities in the planned freezone, the sources added.<\/p>\n

\n

CAPITAL MARKETS-<\/p>\n

CI Capital\u2019s CI Sector Fund has lift-off: <\/strong>CI Capital Asset Management received the regulatory greenlight to open the subscription door for its CI Sector Fund, a diversified investment fund, starting 11 November and for a two-month period, the company said in a message seen by EnterpriseAM. The fund will invest in real estate and construction, technology and communications, export sectors, consumer sectors, and digital payments. <\/p>\n

\n

AVIATION-<\/p>\n

Alamein, Sohag airports just became internationally licensed:<\/strong> The Alamein International Airport and Sohag International Airport secured international licenses from the Egyptian Civil Aviation Authority \u2014 making them recognized as international airports for the first time since their inauguration, according to a statement<\/a>. The license ensures that the airports meet the standards required by the UN\u2019s International Civil Aviation Organization.<\/p>\n

\n

TECH-<\/p>\n

Dell and Hassan Allam to enhance technological efficiency:<\/strong> Dell Technologies and Hassan Allam Holding signed an MoU to enhance technological capabilities in Egypt, according to a statement<\/a>(pdf)<\/a>. The agreement will see Dell provide services in the servers and storage areas, with potential to extend collaboration to include client, backup, and recovery services.<\/p>\n

\n

DEBT-<\/p>\n

Social Housing Fund taps 11 banks for a EGP 50 bn loan:<\/strong> The Housing Ministry\u2019s Social Housing and Mortgage Finance Fund has secured a EGP 50 bn syndicated loan from a mix of state-owned and private banks, to finance mid- and low-income housing projects, according to a statement (pdf)<\/a>.<\/p>\n

The lenders include <\/strong>Banque Misr. the National Bank of Egypt, Banque du Caire, Housing and Development Bank, CIB, QNB Alahli, Arab African International Bank, Bank NXT, Midbank, Industrial Development Bank, and United Bank.<\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS- Egypt\u2019s debt-to-GDP ratio dropped to 89.6% in June 2024<\/p>\n","protected":false},"author":1,"featured_media":654611,"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":[111,576,73,72,890,7111,145,248,585,5580,212,843],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-654610","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-banque-misr","tag-education","tag-enterpriseam","tag-hassan-allam-holding","tag-infrastructure","tag-logistics","tag-national-bank-of-egypt","tag-national-investment-bank","tag-social-housing-and-mortgage-finance-fund","tag-telecom-egypt","tag-telecoms","wpautop","entry"],"acf":{"mongo_id":"e04d51a9-5730-4f61-bc7f-d474cd7b257b","order":"10","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/304.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s Kouchouk lays out plan for ensuring economic stability","related_issue":[654593],"teaser":"PLUS- Egypt\u2019s debt-to-GDP ratio dropped to 89.6% in June 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.000b1b5b-8a80-4043-9b40-5c638b03e90b.mp3"},"yoast_head":"\nKouchouk lays out plan for ensuring economic stability. 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