MANUFACTURING-

Egypt’s Pyramids Tires break ground on tire manufacturing hub in Saudi: Egyptian tire manufacturing company Pyramids Tires has begun construction work on a cargo and passenger vehicle tire manufacturing hub in Saudi Arabia, Al Mal quotes the company’s Chairman Ibrahim Gouda as saying. The hub — which is expected to begin operations in early 2025 — will produce 300k tires per month, with plans to eventually produce 5.5 mn tires annually by 2026, Gouda said. Markets earmarked for export include Egypt, Europe and Africa, he added.

BANKING-

Bahrain’s Shura Council approves Bahrain’s access to GCC unified payments system: Legislation approving Bahrain’s access to a payment system linking GCC countries just got the greenlight from the country’s Shura Council, after MPs gave it their thumbs up last month, Gulf Daily News reports. The unified system establishes a regional infrastructure for real-time cross-border payments carried out in GCC countries’ local currencies, as well as financial settlement processes between central banks within the region. The draft law is now awaiting ratification by King Hamad bin Isa Al Khalifa.

STARTUP WATCH-

Tunisian e-commerce startup Drest.tn closed USD 336k in fundraising from 216 CapitalVentures, Wamda reports. The round will allow the lifestyle e-commerce startup to grow and expand into the African market. “We plan to invest in technological tools, recruit experts in each field, and invest in marketing to become the top of mind brand for the general public,” Omane and Malek Mzabi, the company’s founders, said.

About Drest.tn: The website, which launched in June 2020, offers lifestyle products, including ready-to-wear clothing, shoes, beauty products, as well as accessories for women, men, and children.

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