{"id":661590,"date":"2025-03-02T00:00:00","date_gmt":"2025-03-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/02\/organi-group-to-kickstart-stalled-eur-1-bn-tire-factory-plans-with-50-stake-acquisition-in-rolling-plus\/"},"modified":"2025-03-02T00:00:00","modified_gmt":"2025-03-02T00:00:00","slug":"organi-group-to-kickstart-stalled-eur-1-bn-tire-factory-plans-with-50-stake-acquisition-in-rolling-plus","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/02\/organi-group-to-kickstart-stalled-eur-1-bn-tire-factory-plans-with-50-stake-acquisition-in-rolling-plus\/","title":{"rendered":"Organi Group to kickstart stalled EUR 1 bn tire factory plans with 50% stake acquisition in Rolling Plus"},"content":{"rendered":"

Good afternoon all you wonderful people, and Ramadan kareem to those celebrating. <\/strong>We have another busy issue for you today, with all the latest on the revival of a planned EUR 1 bn tire factory, the end of the Skype era, and a deep dive into Elsewedy Cables.<\/p>\n

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THE BIG STORY TODAY<\/p>\n

Organi Group acquires 50% of Rolling Plus in bid to restart EUR 1 bn tire factory project: <\/strong>Organi Group has acquired 50% of Rolling Plus Chemical Industries in partnership with Concrete Plus \u2014 which previously held a 70% stake in the company \u2014 to advance a EUR 1 bn tire factory project<\/a> in the Suez Canal Economic Zone, an unnamed Rolling Plus official told Asharq Business<\/a>.<\/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

The why: <\/strong>Rolling Plus \u2014 reportedly a joint project between Concrete Plus and Gulf investors \u2014 signed a contract in September 2023 to establish a EUR 1 bn tire factory in the Ain Sokhna industrial zone to produce some 7 mn tires, but limited progress on implementation in the years since prompted the company to reach an agreement with Organi Group earlier this year to contribute half of Rolling Plus\u2019 capital, according to the official.<\/p>\n

What we know:<\/strong> The project is expected to be rolled out in three phases, beginning with a EUR 400-450 mn initial investment that will see the factory produce 3 mn tires annually. The second phase is expected to expand production to 4 mn tires, while the third will push output to 8 mn, adding heavy-duty and bus tires. Half of the factory\u2019s production has been earmarked for export.<\/p>\n

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THE BIG STORY ABROAD<\/p>\n

Israel has blocked the entry of all h<\/strong>umanitarian aid into Gaza after Hamas rejected a <\/strong>revised proposal to extend the ceasefire<\/strong>, calling it \u201cmanipulation,\u201d the Financial Times<\/a> reports. The initial 42-day ceasefire \u2014 mediated by Egypt, the US, and Qatar \u2014 expired on Sunday, with both sides accusing each other of violations. <\/p>\n

The breakdown:<\/strong> Israeli Prime Minister Benjamin Netanyahu announced that Israel had accepted<\/a> a US-drafted proposal to extend the ceasefire by six weeks, during which Hamas would release half of its remaining hostages while negotiations for a permanent ceasefire took place. However, Hamas spokesperson Mahmoud Mardawi rejected the plan, accusing Israel of refusing to honor previous agreements. Mardawi insisted on a full Israeli withdrawal and a commitment to the reconstruction of Gaza before further hostage releases could take place in the second phase. <\/p>\n

In response,<\/strong> the Israeli PM\u2019s office issued a statement<\/a> declaring that \u201call entry of goods and supplies into the Gaza Strip will cease,\u201d emphasizing that Israel will not permit a ceasefire without the release of hostages. (Reuters<\/a> I CNN<\/a> I BBC<\/a> I AP<\/a>) <\/p>\n

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