STARTUP WATCH-

Shipping startup Turbo is tapping investors to fund expansion abroad: Egypt-based shipping and logistics startup Turbo is in talks with external investors for a series A round to fund its growth strategy, with plans to close it in the next six months, CCO Mohamed Green (LinkedIn) told Enterprise Logistics. The company is eyeing expansion to Saudi Arabia, he confirmed. Turbo has relied on bootstrapping to finance its operations over the past five years, without turning to VCs and other investors, Green said, without disclosing the exact amount of funding it’s looking to secure in its series A round. The round is proceeding well and Turbo is conducting due diligence with a range of prospective investors, he told us.

Looking ahead: Secondary plans see the company moving into North African markets, Green said. Much like Egypt, North African markets exhibit a large gap between growth in e-commerce demand, and companies meeting that demand, making them good prospects for expansion, Green mentioned. Morocco, Tunisia, and Algeria are all potential targets as the company tries to determine where barriers to entry are lowest. Turbo has already taken its first steps into the North African market via partnerships with actors in Libya, Green said.

Singapore-based e-commerce and logistics software as a service (Saas) company Anchanto is expanding into the Middle East through the UAE and Saudi Arabia, after signing agreements with local retail and logistics firms including Jeebly, Between, and Digitalstores, according to a press release. These companies will be able to leverage Anchanto’s solutions to digitize their operations and to enable them to transition to omnichannel selling, according to the statement.

TRADE-

KSA’s ZATCA + Korea ink MoU to speed up customs procedures + boost trade: Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) Governor Suhail bin Mohammed Abanmi and Korea Customs Service Commissioner Kwanghyo Ko inked an agreement for the authorized economic operator (AEO) program, which aims to tighten supply chain security between the countries, Saudi news agency SPA reported. The agreement aims to speed up customs and solidify trade relations between both countries, SPA said.

TRANSPORT-

International shippers discuss port safety concerns with Tunisia’s transport minister: Representatives of international shipping companies met with Tunisian Transport Minister Rabie Majidi to discuss safety concerns at Halq El Wadi and Rades ports, according to a statement. The representatives spoke to the minister about issues faced by the trucks when navigating the port, including being damaged due to the presence of “people not affiliated with the port.” Majidi said his ministry is ready to take the necessary measures to maintain facilities and improve services at the port.

ZONES-

Egypt will establish a EUR 1 bn tire factory in the Suez Canal Economic Zone(SCZone), according to a cabinet statement. Egypt’s cabinet inked a contract with Rolling Plus to establish a 400k square meter facility with a yearly capacity of 7 mn tires. The project — located in Ain Sokhna — will be implemented over three phases and will see manufacturing of tires for passenger cars as well as light and heavy transport vehicles, the statement said.

Egypt’s SCZone in talks with Shell on a green fuels partnership: The head of Egypt’s Suez Canal Economic Zone (SCZone) Walid Gamal El Din met with executives from Shell to discuss potential partnership agreements to accelerate the port’s green fuel storage and production capacity, according to a statement. Egypt is looking to capitalize on progress made last month in the green hydrogen logistics sector, after Dutch-based chemicals producer OCI Global completed a six-hour refueling operation in East Port Said for the world’s first green methanol-powered ship. The SCZone has also begun talks with an unnamed Dutch developer to upscale its carbon capture capacity as part of its decarbonization targets, the statement notes. Earlier this month, Gamal El Din signed a letter of intent with Dutch-based developer Soluforce to establish a corridor facilitating the export of green fuels from Egypt to the Netherlands.

ALSO WORTH KNOWING-

  • Talks with AD Ports Group subsidiary Marsa Zayed for a marina, tourism, and leisure project at Aqaba Port are in their final leg, with work slated to kick off in 2024, Aqaba Development Corporation CEO Hussein Al Safadi said. (Ad-Dustour)
  • Egypt has implemented a three month ban on onion exports in a bid to regulate increased costs in local markets. (Ahram Online)
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