{"id":655559,"date":"2024-11-20T00:00:00","date_gmt":"2024-11-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/20\/chinese-automaker-faw-to-return-to-the-market-with-new-local-agent-plus-arab-contractors-orascom-investment-icon-wadi-degla-developments-mg-development-egypt-castings\/"},"modified":"2024-11-20T00:00:00","modified_gmt":"2024-11-20T00:00:00","slug":"chinese-automaker-faw-to-return-to-the-market-with-new-local-agent-plus-arab-contractors-orascom-investment-icon-wadi-degla-developments-mg-development-egypt-castings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/20\/chinese-automaker-faw-to-return-to-the-market-with-new-local-agent-plus-arab-contractors-orascom-investment-icon-wadi-degla-developments-mg-development-egypt-castings\/","title":{"rendered":"Chinese automaker FAW to return to the market with new local agent. PLUS: Arab Contractors, Orascom Investment, ICON,  Wadi Degla Developments, MG Development, Egypt Castings"},"content":{"rendered":"<p class=\"tag-border-left\">AUTOMOTIVE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- FAW autos to make their return to Egyptian streets: <\/strong>Chinese state-owned auto manufacturer FAW Group is re-entering the Egyptian market in 1Q 2025 under a partnership with an unnamed new agent, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d9%81%d8%a7%d9%88-%d8%a7%d9%84%d8%b5%d9%8a%d9%86%d9%8a%d8%a9-%d8%aa%d8%b9%d9%88%d8%af-%d9%84%d8%b3%d9%88%d9%82-%d8%a7%d9%84%d8%b3%d9%8a%d8%a7%d8%b1%d8%a7%d8%aa-%d8%aa%d8%ad%d8%aa-%d9%85\/\" style=\"\" rel=\"noopener\">Al<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d9%81%d8%a7%d9%88-%d8%a7%d9%84%d8%b5%d9%8a%d9%86%d9%8a%d8%a9-%d8%aa%d8%b9%d9%88%d8%af-%d9%84%d8%b3%d9%88%d9%82-%d8%a7%d9%84%d8%b3%d9%8a%d8%a7%d8%b1%d8%a7%d8%aa-%d8%aa%d8%ad%d8%aa-%d9%85\/\" style=\"\" rel=\"noopener\">Mal<\/a> reports, citing informed sources. Geyushi Motors was Egypt's agent for China's FAW Group up until four years ago when their partnership expired.<\/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- Are Chinese automakers Omoda and Jaecoo about to enter the Egyptian market?<\/strong> Chery International subsidiaries Omoda and Jaecoo are in talks to enter the Egyptian market through a partnership with an unnamed local agent, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/%d8%a3%d9%85%d9%88%d8%af%d8%a7-%d9%88%d8%ac%d8%a7%d9%83%d9%88-%d8%aa%d9%81%d8%a7%d9%88%d8%b6%d8%a7%d9%86-%d8%b1%d8%ac%d9%84-%d8%a3%d8%b9%d9%85%d8%a7%d9%84-%d9%85%d8%b5%d8%b1\/\" style=\"\" rel=\"noopener\">Al Mal<\/a> reports, citing informed sources. <\/p>\n<p class=\"tag-border-left\">DIPLOMACY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abdelatty, Blinken talk conflict in the region: <\/strong>Foreign Minister Badr Abdelatty met US Secretary of State Antony Blinken on the sidelines of the G20 Summit in Rio de Janeiro for discussions centered around the ongoing wars on Gaza and Lebanon, according to a State Department <a target=\"_blank\" href=\"https:\/\/www.state.gov\/secretary-blinkens-meeting-with-egyptian-foreign-minister-abdelatty-2\/\" style=\"\" rel=\"noopener\">statement<\/a>. The talks saw Blinken highlighting the urgency of releasing hostages and increasing and sustaining the delivery of humanitarian assistance in Gaza and deescalating the conflict in Lebanon. The duo also touched on the importance of establishing a post-conflict period in Gaza that provides governance, security, and reconstruction.<\/p>\n<p class=\"tag-border-left\">CONSTRUCTION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>State-owned construction firm Arab Contractors is setting up three towers in Ca<\/strong><strong>iro with <\/strong><strong>investments of EGP 22 bn<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/11\/19\/1845186\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports, citing unnamed sources. Two of the towers will be set up in Maadi and the third will be set up in Nasr City \u2014 one of the Maadi projects will house residential and hotel units to be offered next March and the Nasr City project will house a wide range of units, residential, administrative, and commercial set to hit the market in January. The construction firm also has plans to set up a fourth project, the sources said without elaborating further. Arab Contractors has contracted <a target=\"_blank\" href=\"https:\/\/www.kelmaagency.com\/\" style=\"\" rel=\"noopener\">Kelma Business Consulting<\/a> to implement the projects.<\/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- Orascom Investment Holding is set to acquire Misr for Entertainment Investments<\/strong> with its non-executive expert directors and independent directors approving the acquisition in principle, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/1878.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/1878.pdf\" style=\"\" rel=\"noopener\">pdf<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/1878.pdf\" style=\"\" rel=\"noopener\">)<\/a>. The company will appoint an independent financial advisor to conduct the fair value study 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- UAE\u2019s AIF Holding no<\/strong><strong>w owns 62.2% of local building materials manufacturer<\/strong> <strong>Industrial Engineering for Construction and Development (ICON) <\/strong>after the completion of a EGP 1.6 bn transaction that saw it snap up 90.52 mn from a number of individual investors at EGP 17.94 a piece, <a target=\"_blank\" href=\"https:\/\/www.mubasher.info\/news\/4370974\/-AIF-Holding-%D8%AA%D8%B3%D8%AA%D8%AD%D9%88%D8%B0-%D8%B9%D9%84%D9%89-62-2-%D9%85%D9%86-%D8%B1%D8%A3%D8%B3%D9%85%D8%A7%D9%84-%D8%A3%D9%8A%D9%83%D9%88%D9%86-%D8%A8%D9%82%D9%8A%D9%85%D8%A9-1-6-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AC%D9%86%D9%8A%D9%87\/#:~:text=%D9%88%D8%A8%D8%AD%D8%B3%D8%A8%20%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A9%20%D8%A7%D9%84%D9%85%D9%86%D9%81%D8%B0%D8%A9%20%D8%A5%D9%8A%20%D8%A5%D9%81,%D8%A8%D9%85%D8%AA%D9%88%D8%B3%D8%B7%20%D8%B3%D8%B9%D8%B1%2017.94%20%D8%AC%D9%86%D9%8A%D9%87%20%D9%84%D9%84%D8%B3%D9%87%D9%85.\" style=\"\" rel=\"noopener\">Mubasher<\/a> reports. <\/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>#1- Wadi Degla to expand into Saudi Arabia:<\/strong> Local real estate developer Wadi Degla Developments inked an MoU with Saudi developer <a target=\"_blank\" href=\"https:\/\/www.miskan.com.sa\/\" style=\"\" rel=\"noopener\">Miskan<\/a> to develop Wadi Degla\u2019s Club Town project in the kingdom, according to a <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/miskan-co_we-are-proud-to-announce-the-signing-of-a-activity-7263295823931711488-wJCX\" style=\"\" rel=\"noopener\">statement<\/a>. The project is the first step in Wadi Degla\u2019s regional growth strategy. <\/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- MG Developments expands into Saudi market with new EGP 3 bn company: <\/strong>Local real estate company <a target=\"_blank\" href=\"https:\/\/mg.com.eg\/ar\/\" style=\"\" rel=\"noopener\">MG Developments<\/a> has established an EGP 3 bn company in Saudi Arabia \u2014 in partnership with Egyptian and Saudi investors \u2014 that will develop projects in both countries, company CEO Mohamed Metawee told <a target=\"_blank\" href=\"https:\/\/www.google.com\/url?q=https:\/\/www.alborsaanews.com\/2024\/11\/19\/1845113&amp;sa=D&amp;source=editors&amp;ust=1732039098866109&amp;usg=AOvVaw0sa0pqkCmpohETKV9uxoDf\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. The new Saudi-based firm\u2019s first project in the Kingdom is also currently being scouted, with the company currently looking at 50-100 acre plots in Riyadh for another mixed-use development. <\/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>#3- <\/strong><strong>Egypt Casting<\/strong><strong>s to invest EGP 120 mn in Riyadh factory: <\/strong>Egypt Castings will invest EGP 120 mn to establish a castings factory in Riyadh in partnership with a private Saudi company, Egypt Castings head Omar Abdel Aziz told <a target=\"_blank\" href=\"https:\/\/x.com\/AsharqbEGY\/status\/1858887963259634069\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The company, which currently holds a 35% share of the castings market in Egypt, expects the factory to begin production in June 2025.<\/p>\n<p class=\"tag-border-left\">ENERGY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- A push to convert vehicles to run on natural gas: <\/strong>The Madbouly government wants to replace 250k gasoline-fired car engines to ones that run on natural gas, Prime Minister Moustafa Madbouly said during a meeting held to follow up on the initiative, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0RDgoKKE5tBS899Rh2DXdMeBFYUD7oS2zdMVgLi3mXhNusBkUBAaKVE8eEbnt8hKEl\" style=\"\" rel=\"noopener\">statement<\/a>. He also pointed out that the government will soon start converting its own fleet of vehicles to run on natural gas. <\/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- Egypt to shift LNG imports away from int\u2019l tenders and toward long-term deals:<\/strong> The Egyptian Natural Gas Holding Company (EGAS) is negotiating long-term agreements to import LNG, moving away from reliance on global tenders, an unnamed government source told <a target=\"_blank\" href=\"https:\/\/cnnbusinessarabic.com\/energy\/89203\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%AA%D9%81%D8%A7%D9%88%D8%B6-%D8%B9%D9%84%D9%89-%D8%A5%D8%A8%D8%B1%D8%A7%D9%85-%D8%A7%D8%AA%D9%81%D8%A7%D9%82%D9%8A%D8%A7%D8%AA-%D8%B7%D9%88%D9%8A%D9%84%D8%A9-%D8%A7%D9%84%D8%A3%D8%AC%D9%84-%D9%84%D8%A7%D8%B3%D8%AA%D9%8A%D8%B1%D8%A7%D8%AF-%D8%B4%D8%AD%D9%86%D8%A7%D8%AA-%D8%A7%D9%84%D8%BA%D8%A7%D8%B2-%D8%A7%D9%84%D9%85%D8%B3%D8%A7%D9%84\" style=\"\" rel=\"noopener\">CNN Business Arabic<\/a>. The move aims to secure gas supplies and protect Egypt from fluctuating spot market prices. Tenders will remain in use, but only for limited imports.<\/p>\n<p class=\"tag-border-left\">DEBT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Banking syndicate to provide EGP 2.8 bn for residential project in New Cairo:<\/strong> A Banque Misr-led consortium with EG Bank and the Suez Canal Bank has granted EGP 2.8 bn in joint financing to real estate firm Landmark Developments, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/1896.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. The funds will partially finance the firm\u2019s planned residential project \u2014 dubbed STEI8HT \u2014 in New Cairo.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Geyushi Motors was Egypt's agent for China's FAW Group up until four years ago when their partnership expired<\/p>\n","protected":false},"author":1,"featured_media":655560,"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":[111,1721,833,144,130,168,72,390,157,618,83,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-655559","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-antony-blinken","tag-arab-contractors","tag-automotive","tag-construction","tag-diplomacy","tag-enterpriseam","tag-foreign-ministry","tag-heliopolis-housing-and-development","tag-orascom-investment-holding","tag-real-estate","tag-uae","wpautop","entry"],"acf":{"mongo_id":"a2d0b689-e055-458e-a147-05585521e779","order":"11","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/610.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Chinese automaker FAW to return to the market with new local agent. PLUS: Arab Contractors, Orascom Investment, ICON,  Wadi Degla Developments, MG Development, Egypt Castings","related_issue":[655541],"teaser":"Geyushi Motors was Egypt's agent for China's FAW Group up until four years ago when their partnership expired","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.7538ef42-dee0-4f4a-8696-9675a401efb4.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>Chinese automaker FAW to return to the market with new local agent. PLUS: Arab Contractors, Orascom Investment, ICON, Wadi Degla Developments, MG Development, Egypt Castings - 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\/11\/20\/chinese-automaker-faw-to-return-to-the-market-with-new-local-agent-plus-arab-contractors-orascom-investment-icon-wadi-degla-developments-mg-development-egypt-castings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chinese automaker FAW to return to the market with new local agent. 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