Transport

ENERGY- The Madbouly government has fully resumed gas supplies to fertilizer players as of yesterday, a government official told Asharq Business. The move comes shortly after we boosted our regasification capacity with two new floating storage regasification units (FSRUs) beginning operations. (Tap or click the headline above to read this story with all of the links to our background as well as external sources.)REMEMBER- Authorities earlier this summer temporarily reduced gas supplies to several energy-intensive sectors — including iron, fertilizers, petrochemicals, and aluminum — to prioritize power generation, following the dip in Israeli natural gas imports.EDUCATION-FAB’s Lime launches in Egypt: First Abu Dhabi Bank (FAB) launched its education-focused fintech Lime in the local market with an initial investment of USD 9.4 mn, the lender announced in a press release (pdf). The FRA-licensed platform offers 6-12-month installment plans for amounts of up to EGP 1 mn, with digital onboarding and approvals provided within minutes. At the moment, Lime is all about the education sector — partnering with nurseries, schools, and universities — but plans to expand into other essential sectors.DIPLOMACY- Military talks with the US: President Abdel Fattah El Sisi yesterday met with US Centcom Chief Michael Kurilla and discussed ways to develop Egyptian-US cooperation across fields — namely military and security, according to an Ittihadiya statement. Talks also touched on Gaza, Syria, Libya, Sudan and the Horn of Africa, as well as concerns over Nile water security.REGULATION-The Financial Regulatory Authority (FRA) has approved five companies’ requests across various fintech and outsourcing-related activities in the NBFS sector, it said in a statement yesterday. The approvals cover license renewals, fintech expansions, and new company formations.Who got the nod? Fintech startup Digified was cleared to expand its scope to include e-contracting for non-banking financial products and digital record-keeping, allowing it to operate across all fintech domains. Insurtech startup Nice Deer, microfinance startup Dayrah, and pharma distribution startup iSupply were granted approval to launch as fintech-enabled startups. Meanwhile, outsourcing services firm VLens had its registration renewed in the FRA’s outsourcing providers registry.TRANSPORT-Cool comfort coming to high-speed rail: Johnson Controls-Hitachi Air Conditioning and Elsewedy Machinery will supply over 3k cooling units for our 660 km high-speed rail project, according to a press release. The consortium secured the heating, ventilation, and air conditioning contract for the project. DEBT-Canal Sugar is looking to secure a USD 150 mn loan from a National Bank of Egypt-led consortium, unnamed sources told Asharq Business. The loan would support plans to triple daily beet production at the company’s Minya facility to 36k tons by 2026. The loan, set to be signed this month, would help fund equipment purchases needed to reach that target.

The gov’t is pressing ahead with the plan to develop the river transport sector. In a strategic move to bolster logistics and economic growth, the Transport Ministry has launched an updated and comprehensive plan to facilitate the increased movement of goods and passengers along the Nile River. Egypt is calling in private sector players to invest in new river units for the transport of goods across several sectors, including — but not limited to — petroleum materials and mineral resources. An update? The new strategy is an update to the ministry's previous comprehensive strategy launched back in 2023. The strategy aimed to outline several areas of development, including the building of a network of river ports, expanding the use of waterways to transport cargo and individuals, and setting up a digital river information services database to guide and manage inland transport. The bigger picture: The transport sector is projected to garner EGP 560.2 bn in total investments this fiscal year — EGP 401.4 bn in public investments and EGP 158.8 bn in private investments.Where is the money going? The government is looking to boost river transport freight capacity to 8 mn tons per annum in the fiscal year 2025-2026, Planning and International Cooperation Minister Rania Al Mashat said in April. The government is looking to bring four new and developed river quays and four new river units online this fiscal year, according to a document seen by EnterpriseAM.REMEMBER- The Transport Ministry’s plan entails creating a network of river ports for the movement of cargo and containers; providing passenger and cargo transport services along the Nile, with ports spread across all governorates; constructing new canal navigation locks that meet modern engineering standards to increase the capacity of the lock system; and clearing, dredging, and maintaining navigational channels to ensure a safe navigation path to facilitate navigation for Nile cruises, tourist ships, and commercial traffic.It also aims to boost riverways’ share of cargo movements to 10% by 2038, National Nile Company for River Transport advisor Ahmed El Shamy told EnterpriseAM. The target is ambitious yet attainable if Egypt doubles down on upgrading the sector’s infrastructure and modifying the waterways to deepen riverbeds and address other traffic chokeholds.To sweeten the pot for investors: The River Transport Act — which aims to attract more investment into the country’s inland waterways — was signed into law in 2022 after receiving approval from the House of Representatives. The law opened up the river transport sector to private investment and put the River Transport Authority (RTA) in charge of licensing river boats, Nile cruises and floating units.Why it matters: Egypt is looking to clamp down the volume of trucks on the road, with a single river unit replacing around 40 land transport trucks. The move would slash the cost of road maintenance as well as cut down on trucking related emissions and road accidents.REFRESHER- Egypt’s river transport network consists of four primary waterways — Cairo-Damietta, Cairo-Alexandria, Cairo-Aswan, and Cairo-Wadi Halfa. Altogether, the four waterways span 1,770 km. Additionally, there are several secondary waterways in the country’s overall river transport network, which together span another 1.7k km. The majority of the network (3,136 km) can be used for inland water transport, but a smaller proportion (2,192 km) is classified as first-class navigable waterways.Steering the course: The RTA has tapped an undisclosed Austrian firm to deploy the Nile River Information Services. The system will deploy electronic mapping services for the safe passage for river units, allowing for increased exchange of information between river units and the waterway’s authority. AD Ports was rumoured to be interested. UAE-based port operation AD Port was reportedly eyeing investing some EUR 500 mn to develop Egypt’s river transport infrastructure. The capital spend would have funded new fuel stations for barges, developing river boats, and bringing amphibious buses to Egypt.We’re expecting a berth for handling grains in Qena: The RTA is planning to build an EGP 350 mn berth for grain and crop trading at Dandara River Port in Qena. The RTA reportedly tapped homegrown Modern Engineering Consultant Office to consult on and oversee the development of the project, government sources told Al Borsa in January.Aswan, Sudan river-link could be back on the table: Egypt and Sudan agreed to explore ways to boost cooperation in bilateral river transportation during a meeting between Transport Minister Kamel El Wazir and his Sudanese counterpart Salah Hamed Ismail last month. The government tapped Gharably Integrated Engineering Company (GIEC) and 3A International back in 2023 for a planned river transport line for cargo between Aswan and Sudan, sources told EnterpriseAM at the time.Looking forward: The government is looking to complete four Nile crossings this fiscal year — Darawi in Aswan, Dairut in Assiut, Al Fashn in Beni Suef, and a new bridge near the Aswan Dam, Al Mashat said.

Menoufia’s regional road once again dominated the airwaves after another tragic crash claimed the lives of nine and injured 10 others. President Abdel Fattah El Sisi has ordered the government to close parts of the regional ring road currently undergoing maintenance to ensure public safety and accelerate upgrade works. El Sisi also directed the Interior Ministry to take legal action against violators and intensify enforcement of speed and weight limits nationwide.Adib backs El Sisi’s decision: El Hekaya’s Amr Adib (watch, runtime: 02:18) supported El Sisi’s order, saying “I know Egyptian officials are used to ignoring public calls, but what the president did today protects the country.” ICYMI- Another deadly crash in Menoufia last week claimed the lives of 19 young girls, triggering public anger over road conditions.MPs should summon officials: Adib questioned why no officials have been called to stand before the parliament despite repeated accidents on the road, noting that “this would reassure Egyptians.” (watch, runtime: 01:39).

The Menoufia accident continued to dominate the airwaves last night with El Hekaya (watch, runtime: 3:20) and Al Hayah Al Youm (watch, runtime: 8:49) both giving it screentime. El Hekaya’s correspondent revealed five other accidents occurred on the same road where last week’s fatal crash took place yesterday morning alone. Meanwhile, cabinet spokesperson Mohamed El Homsani told Al Hayah Al Youm’s Lobna Assal that the Transport Ministry would “accelerate timelines and secure the needed resources to finish road maintenance as soon as possible.” (Tap or click the headline above to read this story with all of the links to our background as well as external sources.)El Wazir promises rapid fixes: Transport Minister Kamel El Wazir pledged urgent action to overhaul the regional ring road where the accident occurred, according to a ministry statement. El Wazir ordered his deputy to oversee a full upgrade of the entire 400 km route and instructed the Roads and Bridges Authority to increase safety measures day and night and coordinate with the Interior Ministry to drug test truck and microbus drivers nationwide.ALSO ON THE AIRWAVES- Regional diplomacy in focus: Foreign Minister Badr Abdelatty discussed regional developments with Kelma Akhira’s Lamees El Hadidi (watch, runtime: 2:01), noting that the conditions for reaching a ceasefire agreement in Gaza are “more favorable now” as international actors, especially the US, increasingly recognize Egypt’s view that all regional issues are interconnected and that true security requires solving the Israeli-Palestinian conflict. Abdelaaty said the current agreement under discussion includes a first phase featuring a 60-day ceasefire in exchange for the release of some hostages and the entry of humanitarian and medical aid into Gaza, with hopes this will pave the way to implementing the second phase of the January agreement and a sustained ceasefire.

It was a sombre night on the airwaves last night, with the nation’s talking heads covering the deadly accident in Menoufia on Friday — a truck crashed into a microbus — which resulted in 19 deaths.Pointing fingers: The accident raised questions regarding road safety in Egypt, with El Hekaya’s Amr Adib putting Transport Minister Kamel El Wazir under the spotlight (watch, runtime: 1:24 | 3:23). He also addressed (watch, runtime: 1:26) Prime Minister Moustafa Madbouly — “Dear Prime Minister, I hope the next time a tragic incident occurs, we find you standing by the people instead of investors … I don’t know how you slept last night or how you will sleep tonight.” Lamees El Hadidi pointed to the need to hold someone accountable — “being a leading figure is about more than just cutting the red tape or celebrating achievements … you need to be held accountable when a mistake is made,” she said (watch, runtime: 0:37). She also criticized how the government handled the situation (watch, runtime:0:45) — “Madbouly didn’t offer a single word of condolence during his public appearances [yesterday] … where did the government disappear off to?” Compensation for victims’ families increased: Labor Minister Mohamed Gobran told Kelma Akhira that President Abdel Fattah El Sisi has ordered an increase in compensation for each of the victims’ families to EGP 500k from EGP 100k and EGP 70k for each injured person (watch, runtime: 7:28).

TRANSPORT-Newly-launched Rehla Rides secured its operating license to start offering ride-hailing services through its app Arrw, according to a Transport Ministry statement. The firm will invest EGP 400 mn in the first year of operation. It aims to have 425k active users and employ 10k drivers by the end of the second year of operation, as well as expand its current fleet of 600 cars to 100k within the coming three years.The company will kick off operations with a three-month trial period in Alexandria and the North Coast before expanding operations to encompass Cairo, the Delta region, Upper Egypt, and other tourist hotspots in the following 18 months.Want to give it a go? Download Arrw — Rehla’s integrated transport services application — from the App Store or Google Play. CAPITAL MARKETS-Four companies have applied to receive licenses to establish real estate investment funds (REIFs), which are now expected to go live in 3Q 2025, Financial Regulatory Authority (FRA) head Mohamed Farid told Asharq Business. The regulator has “simplified procedures” for issuing real estate fund licenses to speed up their launch, he said.The groundwork for REIFs has already been laid, with Azimut and MNT-Halan receiving the green light earlier this year to set up a EGP 250 mn REIF, with plans to expand it to EGP 2 bn over two years. Similarly, Misr Real Estate Assets Management CEO Maha Abdel Razek told EnterpriseAM in February that the company is preparing to launch its first real estate fund soon. Meanwhile, the FRA and Finance Ministry have been weighing amendments to REIF regulations that could make the funds more attractive — including scrapping the 22.5% capital gains tax on property sold to REIFs and loosening a rule requiring funds to invest at least 80% of their portfolios in real estate assets or shares in real estate companies.EXPANSION-Egyptian fintech Nowpay launched a KSA-based payroll administration company Now Access with Saudi’s United International Holding Company — owner and operator of the Tas’heel brand name — according to a disclosure to the Tadawul. United inked an MoU with Nowpay in January to form the company with a total planned investment of SAR 75 mn, which the Saudi partner player has a majority stake in under a three-to-one split.

Ala Masouleety dedicated the full night yesterday to a tour of Egypt’s transport and logistics infrastructure, with host Ahmed Moussa being led around the country’s ongoing projects by Transport and Industry Minister Kamel El Wazir (watch, runtime: 2:25:28). The minister showcased new and under-construction projects over the 2.5 hours televised tour — from BRT bus lanes in Greater Cairo to cargo railways and African trade routes — which he described as Egypt’s vision for integrated, export-led development.

The long-awaited Alexandria Raml Tram rehabilitation project is one step closer to getting off the ground with the infrastructure works for the project awarded to a JV between local infrastructure and construction leader Hassan Allam Construction and the state-owned Arab Contractors by the National Authority for Tunnels, the Hassan Allam Holding subsidiary said in a statement (pdf). No details about the value of the project or when construction will begin were given.(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)The 13.2 km line will get a full overhaul, including the construction of a modern maintenance depot, elevated viaducts at busy intersections, and upgrades to 24 stations. The route will span at-grade, elevated, and underground sections, connecting Victoria Station to El Raml and integrating with the planned Alexandria Metro at Victoria and Sidi Gaber stations, according to a separate statement by the Transport Ministry. The wide-ranging project will nearly double the tram’s new operational speed to 21 km/h, and headways will drop from nine minutes to three, allowing the line to handle up to 13.8k passengers per hour per direction — nearly triple its current capacity of 4.7k. The project also aims to reduce congestion, ease traffic flows, and cut emissions in Egypt’s second-most populous city.What they said: “This project represents a significant milestone in the modernization of Egypt’s public transportation infrastructure. Revitalizing the historic Raml Tram will not only improve urban mobility in Alexandria but also preserve a vital piece of the city’s cultural identity. We are proud to play a role in delivering sustainable infrastructure that supports national development goal,” said Hassan Allam Holding CEO Hassan Allam.

ECONOMY- Core inflation bounces back up: Annual core inflation — which excludes volatile items like food and fuel — increased 1 percentage point in April from the month before to 10.4% y-o-y — up from March’s 9.4%, according to data from the central bank. On a monthly basis, core inflation stood at 1.2% last month, up from 0.9% the month before.(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)ICYMI- Annual headline urban inflation rose for the second month running in April to hit 13.9%, marking 0.3 percentage point increase from the 13.6% recorded in March. On a monthly basis, inflation eased by 0.3 percentage points to 1.3%.LEGISLATION-House gives final nod to fatwa regulation bill: The House of Representatives has given the final approval for a draft law designating the entities that are authorized to issue fatwas (religious edicts), according to a statement. The legislation sets a legal framework to ensure fatwas are consistent with Islamic law and the country’s existing legal system. The bill mandates that fatwas shared by the press must come from licensed specialists. The draft law received the green light from the cabinet in March.REAL ESTATE-Madinet Masr will earmark a share of its annual investments to support real estate development startups, without reliance on external investors for funding, according to a disclosure (pdf) to the EGX. “This move comes as part of the company's previously announced strategic direction since the launch of its innovation arm, Innovation Labs, which focuses on fostering innovation in the real estate development sector,” the disclosure read. The move also supports the company's “vision to keep pace with technological advancements and meet the evolving needs of new generations for innovative real estate products.” The exact amount and timeline for the investment was not disclosed.AVIATION-Gulf carriers land in Alamein: Saudia, Flynas, and Etihad will launch 17 weekly flights to El Alamein International Airport starting in June — their first direct routes to the North Coast city, Asharq Business reports, citing a government official. Saudia will operate six weekly flights from Riyadh and Jeddah, Flynas will run nine, and Etihad will fly twice weekly from July through mid-September. Flydubai will also ramp up its flights to Alamien to seven a week starting 21 June, up from just one last summer.EDUCATION-The Social Solidary Ministry is looking to increase nursery coverage for pre-school children in the country to 30% from 8%, Social Solidarity Minister Maya Morsy told Kelma Akhira’s Lamees El Hadidi (watch, runtime: 2:34). The ministry will offer state-owned spaces for the private sector and associations to establish nurseries, Morsy said. It also plans to simplify licensing requirements for nurseries, helping those unlicensed legalize their status. and will soon be out with the executive regulations for nurseries licensing.EXPANSION-Tabarak Holding is in talks with Saudi Arabia’s National Housing Company to acquire a 50-feddan land plot — either via purchase or partnership — for a new real estate project, Chairman Ali Al Shorbany told Al Arabiya. The company is also expanding its footprint in the Gulf with new offices to diversify its portfolio and tap into FX inflows, he added.Back home, Tabarak plans to deliver some 500 hotel rooms this year in Greater Cairo, the North Coast, and Sinai, with investments exceeding USD 40 mn, he said. We knew this was coming: Tabarak Holding signaled back in December that it was eyeing expansion into Europe and Saudi Arabia as part of a wider growth push.TRANSPORT-Homegrown ride-hailing platform Zed’s launched its services in Alexandria, with plans to expand nationwide within nine months, it said in a statement (pdf). The company aims to create 200k driver jobs and reach 2 mn users by the end of 2025, offering low commission rates, safety features like live trip monitoring and “Pink Mode” for female passengers, and flexible payment options including BNPL.

Neric to manufacture 21 Alexandria Metro trains: The National Egyptian Railway Industries Company (Neric) will locally manufacture 21 trains — comprising of 189 train cars — for the Alexandria Metro under a EUR 275 mn 38-month contract signed yesterday between the company and the National Authority for Tunnels (NAT), according to a cabinet statement. The agreement covers spare parts and equipment supplies, as well as 10 years of maintenance, including one major overhaul. (Tap or click the headline above to read this story with all of the links to our background as well as external sources.)The contract is the latest in a string of agreements between the Transport Ministry and Neric to localize rail manufacturing as part of a broader strategy to turn the country into a regional industrial hub. Neric was tapped in 2022 to produce 40 metro trains for lines 2 and 3 of the Cairo Metro in partnership with South Korean railway equipment manufacturer Hyundai Rotem under a USD 656 mn contract. More on the way: Neric is also in talks with the Transport Ministry and a global transport firm to locally manufacture 500 train wagons, the statement read without providing any details. A WHOLE LOTTA NEW PROJECTS IN WEST PORT SAID PORT-#1- A dry bulk wheat terminal: Prime Minister Moustafa Madbouly inaugurated a EGP 1 bn dry bulk wheat terminal in East Port Said Port, according to a separate statement. The terminal includes eight silos with a 100k tons storage capacity and can handle up to 36 ships annually. Part of the gov’t silo expansion strategy: The project broke ground in 2021 as part of the state’s ongoing efforts to expand its wheat storage capacity and reduce waste. It was designed to ease pressure on existing port silos in Damietta, Dekheila, Alexandria, and Safaga and was backed by USD 538 mn in food security funding from the UAE, the Saudi Fund for Development, France, and multilateral lenders.Behind the silos: The silos were set up by Elsewedy Electric subsidiary Rowad Modern Engineering, with the aim of strengthening Egypt’s food security. The project will increase the country’s annual wheat handling capacity by up to 2 mn tons, reduce wheat losses, and speed up ship unloading and storage times, Rowad said in a press release.East Port Said project up next: Rowad CEO Mohamed Mahlab said the company is building another grain silo project in East Port Said with a capacity of 120k tons. He added that Rowad is looking into setting up similar projects across the Middle East and Africa.#2- Abbas Berth reopened following upgrade: Madbouly yesterday inaugurated the upgraded Abbas Berth at West Port Said Port after it underwent a EGP 1.8 bn overhaul, according to a statement. The 670-meter-long revamped berth can now receive vessels at a depth of up to 14 meters — enhancing the port’s operational efficiency. It also comes with a new 18k sqm back area with an 8-ton/sqm load capacity.#3- A new liquid bulk terminal: Madbouly also inaugurated a EGP 1.6 bn liquid bulk terminal — operated by local chemicals storage player New Horizon Tank Terminal — at West Port Said Port, according to a statement. The details: The terminal — which spans 15.7k sqm — includes 27 tanks with a total storage capacity of 51.2k cbm. The facility is designed to accommodate liquid bulk vessels with capacities of over 20k tons, and is expected to handle 310k tons annually. The terminal is projected to receive between 48 to 70 vessels each year.

COMMODITIES- Agriculture Ministry has pledged to resolve the issue of delayed payments to cotton farmers within 14 days at most, a source who attended a meeting of the House Agriculture Committee told EnterpriseAM. The Finance Ministry will step in to cover the overdue payments starting next week in case state-owned companies that bought the cotton — including subsidiaries of the Public Enterprises Ministry — are unable to do so, the source told us.Farmers are still waiting to be paid for some 480k qintars purchased at the end of the last marketing season in March by the state-owned Cotton & Textile Industries Holding Company. The company made partial advance payments to cover 1.1 mn qintars, but still owes nearly EGP 3 bn due to a liquidity crunch, the source told us. Though the government typically pays farmers within 48 hours of delivery, farmers were recently told that payments could be delayed until the FY 2025-2026 budget is in place in July due to funding shortfalls.REMEMBER- A high guaranteed price of EGP 10-12k per quintar for the season — up 112% on the previous season — put prices out of step with global rates, which pushed private sector buyers out of the market. Private companies ended up skipping five out of eight state-held auctions this season, leaving the government on the hook for large volumes it hadn’t budgeted for.TRANSPORT- The National Authority of Tunnels is looking to bring the Cairo Metro and other electric traction lines under its wings through a draft law that has reportedly received the greenlight from the cabinet, Asharq Business reported, citing an unspecified government document. It’s still unclear which other electric traction lines will be included, with the law potentially applying to the Cairo Light Rail Transit, Alexandria tram, the Cairo monorail, and the entirety of the cross-country high-speed rail network under construction. The proposed legislation would also let the authority exploit the assets for financial gain, which could then be used to help pay its debts, fund the development of Metro lines, and launch new projects.M&A-Restructuring at Macro: Cosmetics pharma giant Macro Group (Macro Capital) saw its major shareholders, who had held their stakes through the special purpose investment vehicle Leo1, become direct shareholders in the company following a restructuring of the group's  ownership and shareholding structure, according to an EGX disclosure (pdf). Our friends at EFG Hermes International Securities Brokerage executed the transaction.** The story has been amended to better reflect the Macro restructuring news.  

TRANSPORT- Egyptian National Railways signed three contracts worth over USD 235 mn with US-based Progress Rail to upgrade and maintain parts of the country’s locomotive fleet, according to a statement from the Transport Ministry, another from the US Embassy in Cairo, and a statement from Progress Rail. The agreement with the Caterpillar subsidiary covers the refurbishment of 100 diesel-electric locomotives at a cost of USD 185 mn, a USD 42 mn contract to supply spare parts for 141 units over 15 years, and a USD 5 mn technical support agreement for the same units over five years, with an option to extend for another five.We knew this was coming: The cabinet approved the transaction during one of its weekly meetings late last month.LOGISTICS- French shipping giant CMA CGM secured a 35% stake in the October Dry Port under a strategic partnership it signed with the port, according to a Transport Ministry statement. The partnership aims to boost the port’s operations, improve cargo flow, and provide integrated logistics services.BACKGROUND- The October Dry Port Company (ODP) is setting up the USD 60 mn Sixth of October dry port under a build-operate-transfer structure. ODP is a JV that is 70% owned by Elsewedy Electric, 20% held by SLP for Logistic Properties, and 10% by DB Schenker Egypt — it remains unclear whose stake CMA CGM took over.What they said: “The arrival of CMA CGM as a partner represents a major step towards consolidating the October Dry Port's position as a national and regional logistics hub,” said Elsewedy Electric CEO Ahmed Elsewedy. “This agreement strengthens Egypt's position as a regional logistics hub and supports national goals to promote industrial growth, sustainable development, and its integration into global trade.”ENERGY-Emarat Misr plans to roll out ten fueling and service stations across the country, according to an Oil Ministry statement. The new stations will add to the company’s portfolio of 17 stations nationwide. DIPLOMACY- Egypt and Hungary signed an agreement to expand cooperation across 26 sectors over the weekend during the Egyptian-Hungarian Joint Committee, according to a statement from the Planning and International Cooperation Ministry. The sectors include trade, investment, military production, and customs. Both nations also signed an MoU to reduce industrial pollution, protect the environment, and exchange knowledge. The Hungarian side highlighted potential partnerships between the two countries in the fields of green hydrogen, food security, ICT, and AI.

Some 29 French companies discussed plans to invest in the local manufacturing and transport sectors during a meeting with Industry and Transport Minister Kamel El Wazir yesterday, according to a statement. The meeting focused on potential collaborations across a far-ranging slew of industrial sectors as part of the state’s plan to transform Egypt into a regional industrial and logistics hub.ICYMI- Egypt and France inked a strategic partnership agreement earlier this week during French President Emmanuel Macron’s official visit to Cairo which kicked off earlier this week. The two countries also signed nine agreements with the EU for soft loans and grants worth a combined EUR 262.3 mn for infrastructure projects in Egypt, in addition to numerous other agreements with the French private sector.A handful of major French players chimed in, presenting their investment and expansion plans for the local market:Planemaker Airbus outlined plans to expand its local helicopter manufacturing and maintenance operations, including a feasibility study for producing specialized aircraft for tourism and medical transport;Pharma giant Servier wants to expand its Sixth of October factory in a bid to double its production as well as to manufacture cancer drugs;Building and engineering group Artelia voiced its interest in participating in transportation projects funded by the French government, including the Alexandria tram as well as airport and metro initiatives;Railway signalling specialist CDS explored a potential partnership with Italy’s Mermec to develop railway signalling systems, with all required components to be manufactured locally;IT consulting firm Capgemini wants to develop Egypt’s IT infrastructure;Banking giant Societe Generale discussed financing for upcoming transport projects. The discussions focused on four key cooperation mechanisms — localizing different industries, resolving challenges facing French companies operating in the country, eliminating obstacles to investment, and boosting investment volumes in the transportation and manufacturing sectors.

INVESTMENT El Marakby Steel is partaking in a USD 30 mn, three-year plan to ramp up global exports, Chairman Hassan Elmarakby told Al Arabiya. The strategy kicked off in 2024 and will see the company expand its product range and upgrade its steel grades through a USD 10 mn investment, in addition to building a solar power station to feed its factory at an estimated cost of USD 20 mn. The steel maker aims to record USD 120 mn in exports this year, up 10-15% y-o-y, the chairman said. MANUFACTURINGHomegrown TBS Holding plans to carry out a EGP 250 mn local expansion plan over the coming three years, which will include a new factory aimed at tripling its production capacity, CIO and co-founder Sameh El Sadat told Al Mal. The new factory is expected to be completed in early 2026 and is part of a wider plan for the F&B player to expand its local market presence. ICYMI- The company plans to invest USD 40 mn in the Saudi market over the next three years. F&B player had announced that it will open a commercial-scale bakery in Saudi Arabia in partnership with Saudi food and beverage player Shahia Investments under a strategic partnership inked between the two sides.CAPITAL MARKETS-FRA expands settlement fund trading capacity: The Settlement Guarantee Fund (SGF) can now allow members to settle trades worth up to 6x their capital contributions for transactions with shorter-than-usual settlement periods, according to a statement by the Financial Regulatory Authority (FRA). The move — mandated under a FRA decision issued last year — is expected to boost market liquidity by enabling faster settlements and reducing counterparty clearing risk. Fund members may also raise their capital contributions to increase their trading limits. SGF? The fund is a safety net managed by Misr for Central Clearing, Depository, and Registry, which ensures all trades on the EGX are settled on time — even if one party defaults. It covers both cash and securities shortfalls, helping to reduce counterparty risk, boost market stability, and build investor confidence. EXPANSION-Madinet Masr plans to expand its non-residential portfolio, with a focus on commercial and administrative developments, Hapi Journal reports, citing CEO Abdallah Sallam. The property developer sees this segment as its future backbone, with long-term revenue potential to support growth, Sallam said.And expanding into the hospitality sector: Sallam also revealed that Madinet Masr is set to launch a hospitality arm this year to handle hotel operations and room management. Another subsidiary is also in the pipeline, with details to be announced soon.FINTECH-MNT-Halan receives regulatory green light to implement e-KYC: Local fintech player MNT-Halan secured approval from the Financial Regulatory Authority to add electronic Know Your Customer (e-KYC) to its services and allowing for a “fully digital onboarding experience,” according to a company statement (pdf). The move will allow users to open and activate their accounts instantly. MEDIA-Google tapped Aleph’s Mediam Group to be its official media sales partner in Egypt, a press release reads. The partnership will see Mediam offer businesses on-the-ground support through a team of certified specialists, while Google will continue to manage select clients directly.

Elsewedy Electric will build a USD 500 mn subsea cable factory in the newly-announced zone in Dameitta Port, according to a statement. The factory will be the first of its kind in the region and only the sixth in the world. The factory will span 500k sqm and include a 180 meter cable manufacturing tower. (Tap or click the headline above to read this story with all of the links to our background as well as external sources.)Exports are the name of the game: All of the factory’s production will be earmarked for export. Elsewedy Electric’s cable-focused arm Elsewedy Cables ships 70-80% of its production abroad, generating over USD 1 bn in export revenues annually, General Manager Amr El Sawaf recently told EnterpriseAM. Its products reach over 100 countries, with European nations being its biggest market, followed by those in North America, Asia, and Africa.If you didn’t know already, wires and cables make up the lion’s share of Elsewedy Electric’s revenues, with the segment making up 61% of its total revenues during the last quarter results were available for. What Dameitta Port zone? Elsewedy Electric and the Transport Ministry’s Holding Company for Maritime and Land Transport signed an MoU to set up and operate a 6 mn sqm industrial and logistics zone that will be situated in the Dameitta Port. Under the agreement, the zone will be planned and built by Elsewedy Electric subsidiary Elsewedy Industrial Development in partnership with a newly-formed JV that will take over the management and operation of the zone.The partners are already eyeing other industries to join the zone, including food manufacturing, automotive, and petrochemicals, which the statement says there is a demand for.** We recently sat down with El Sawaf to explore the company’s journey, market leadership, and how it’s navigating an increasingly competitive global industry. Check out our interview here.

FINTECH- E-finance backs the country’s first PIPE fund: State-owned fintech giant E-finance contributed EGP 250 mn to the country’s first onshore private investment in public equity (PIPE) fund that was officially launched this week by CI Capital and Compass Capital — dubbed the C3 Capital Fund 1 — it said in a statement (pdf). The fund completed its first close after securing a total of EGP 1.8 bn in commitments — more than half of its EGP 3 bn target it is expected to reach by the final close — from institutional investors, family offices, and high-net-worth individuals. Backers also include Banque Misr, CIB, Suez Canal Bank, Misr Life Ins., and Midbank. (Tap or click the headline above to read this story with all of the links to our background as well as external sources.)REMEMBER- The fund is targeting 10-33% stakes in undervalued EGX-listed firms to secure board seats and drive short- to medium-term growth. The fund plans to invest some EGP 1-1.5 bn in 4-6 EGX-listed companies this year, fund CEO Ahmed Hussein told Zaywa. M&A-FRA extends AXA’s deadline for Delta Ins. takeover offer: The Financial Regulatory Authority (FRA) has granted AXA Egypt a 60-day extension to submit a mandatory offer for its planned takeover of Delta Ins., according to an FRA disclosure (pdf). The original offer period was due to expire yesterday. REMEMBER- In December of last year, the company registered its interest to buy up to 100% of the Egypt Kuwait Holding (EKH) subsidiary at an estimated EGP 5 bn valuation with plans to merge Delta Ins. into its Egypt operations. Meanwhile, Delta received a competing bid from Morocco’s Wafa Assurance proposing to acquire up to 100% of the company at the same estimated valuation.MANUFACTURING-Hyundai Rotem, NERIC to roll out new metro trains soon: South Korean railway equipment manufacturer Hyundai Rotem and the National Egyptian Railway Industries Company (NERIC) will kick off the production of 40 metro trains for lines 2 and 3 of the Cairo Metro by mid-2025, Asharq Business reports, citing sources it says are in the know. The consortium plans to deliver the first seven trains in 2026, with a two-year warranty and eight years of maintenance for the trains.We knew this was coming: Hyundai Rotem and NERIC signed a USD 656 mn agreement back in 2022 to locally produce 40 trains with 320 carriages for Cairo’s metro lines, with an initial MoU signed a year prior, as part of the government’s plan to localize the railcar manufacturing industry. EVS-Local manufacturer Engineering Industrial Group (INDE) plans to begin producing electric cargo tricycles this year, a company official told Al Mal. The company aims to produce at least 2k tricycles — with a local component ratio of over 65% — annually for the local market and export, before doubling production at a later stage. INDE has reportedly already begun promoting the model in African markets and is set to upgrade its production lines to accommodate its manufacture, expanding beyond its current production of fuel-powered tricycles.SMEs-EBRD launches SME support program with the central bank, EBank: The European Bank for Reconstruction and Development (EBRD) introduced the SME National Champions Program in collaboration with the Central Bank of Egypt, Export Development Bank (EBank), and other local financial institutions, according to a statement from the lender. The program has the stated aim to “accelerate the growth of high-potential SMEs” by offering training, mentoring, and networking. The initiative will also lean on EBank’s Export Club program to help the companies expand into new markets.

M&A WATCH- Fintech giant Fawry has acquired a 56% stake in Virtual CFO, a financial services and accounting firm catering to SMEs and startups, Virtual CFO CEO Ahmed Farouk said during a presser. Fawry will not take over management despite its controlling stake, Farouk said. (Tap or click the headline above to read this story with all of the links to our background as well as external sources.)Remember- The move is part of Fawry’s wider push to snap up stakes in startups that offer complementary services. Earlier this month, CEO Ashraf Sabry announced that the fintech player acquired a majority stake in local hospital and medical institutions manager Code Zone.EDUCATION-Twelve new national universities incoming: The Supreme Council of National Universities approved establishing 12 new national universities named Cairo, Kafr El Sheikh, Sohag, Damanhour, Suez, Damietta, Ain Shams, New Valley, Fayoum, Tanta, Luxor, and Sadat City National University, according to a statement. The new universities will open their doors for the 2025-2026 academic year. TRANSPORT-Uber eyes monorail integration: Uber Egypt is in talks with the government to integrate the monorail network into its platform to allow users to check and book monorail rides through the Uber app, General Manager of Uber Egypt Youssef Abouseif told Al Mal. The initiative aims to enhance public transportation options in the new capital and its surrounding areas.

REAL ESTATE- #1- Emaar to invest EGP 100 bn in New Mivida: Emaar Misr Properties inked a strategic partnership agreement with Midar Investment and to set up the EGP 100 bn New Mivida residential project in New Cairo, according to a statement (pdf). The project will include 2.9k apartments and villas, a school, and a sports club. Emaar has already invested an initial USD 80 mn in the project, founder Mohamed Ali Alabbar told Asharq Business. Midar is expected to complete the construction on half of the project within three years, CEO Ayman Elkousey said. (Tap or click the headline above to read this story with all of the links to our background as well as external sources.)#2- Concrete Plus to develop commercial project in 6th of October: Local construction company Concrete Plus will develop a commercial, medical, and administrative project in 6th of October on land owned by Mena Touristic and Real Estate Investment near its Mena Garden City project, Hapi Journal reports. The developer will fully finance the project, which is expected to generate EGP 7 bn in sales — Mena will take 36% of the total project sales in exchange for its land plot. The project should be completed within a 36-month period once Concrete Plus settles on a consultant to design the project. And more: The two sides are mulling further cooperation to utilize Mena’s assets. SPORTS-Al Qalaa Al Hamraa to begin construction on Al Ahly Stadium: Al Qalaa Al Hamraa got the green light from the New Urban Communities Authority to begin construction on Al Ahly Club’s stadium in Sheikh Zayed, according to a statement (pdf).ICYMI: Beltone Leasing and Factoring and Al Qalaa Al Hamraa inked an EGP 4 bn syndicated leasing term sheet to finance the construction of Al Ahly’s stadium and sports city in Sheikh Zayed. The project will feature a 42k-seat stadium, a sports hospital, a museum, a university, a specialized sports school, and a hotel.HEALTHCARE-#1- London’s King’s College Hospital discussed setting up a medical complex in Cairo International Airport’s investment zone to cater to medical tourism and travelers through the airport during a meeting with the Civil Aviation Ministry, according to a ministry statement. The world-leading teaching hospital agreed to prepare a feasibility study for the project ahead of inking an MoU. The UK government-owned hospital has previously partnered with private investors to set up similar projects in Dubai, Jeddah, and Abuja.#2- Wadi El Nile Stio Life Sciences will open a EGP 150 mn dialysis equipment factory in April, Chairman Amr Abdel Razek said during a presser. The locally manufactured product will be 80% cheaper than its imported alternative, with exports also in the cards after meeting domestic demand, he added.

M&As- #1- Budget supermarket chain Kazyon is set to fully acquire Minya’s Upper Egypt for Concentrates — the company behind condiment, paste, sauce maker Giardano — pending approval from the Egyptian Competition Authority, unnamed sources told Al Borsa. The acquisition will be financed via a capital increase of an unspecified size, with EFG Holding advising on the transaction.This isn’t Kazyon’s only expansion in the works, with the company — founded in 2014 by our friend Hassan Heikal, the former EFG Hermes CEO — planning to expand its portfolio to 5k stores across Egypt, Morocco, and Saudi Arabia within the next five years. This involves a USD 144 mn Morocco expansion over the next four years in addition to its entrance into through its 50% stake purchase in Saudi Arabia’s sole discount retailer Dukan in a SAR 250 mn (c. USD 66.7 mn) transaction. #2- Tanmiya Capital Ventures is set to acquire a 21% stake in Vital Pharma in a transaction expected to close within the next two months, Tanmiya Managing Partner Mohamed Mahgoub told Al Borsa. The acquisition, which has already received approval from the Egyptian Competition Authority, will include a convertible loan provided by Tanmiya to Vital Pharma. INVESTMENT-Dairy products producer Bel Egypt is set to inject EUR 5 mn this year to add new production lines and upgrade its machinery, boosting production capacity by 12%, Regional Director Hani Aram said, Al Borsa reports. Bel’s new target is a considerable jump from the EGP 150 mn it was said to be targeting in October over a two-year period. ENERGY-The General Petroleum Company plans to drill 41 new oil and gas wells and repair or recomplete 39 others as part of its FY 2025-2026 investment budget, according to an Oil Ministry statement. HOSPITALITY-Pickalbatros Hotels & Resorts plans to add 2k hotel rooms to its local portfolio this year, which would increase the company’s total stock of rooms to 16k, CEO Kamel Abou Aly told Al Arabiya. Some 900 rooms will open their doors next month and the remaining 1.1k will go online before the end of the year, he said, adding that the rooms will be added to its hotels in Sharm El Sheikh, Makadi Bay, and Hurghada. Abou Aly previously mentioned plans to invest EGP 5 bn in the local market throughout 2025. The hospitality player also plans to inaugurate two new hotels in Morocco in the coming months as it continues its expansion drive in the country.TRANSPORT-#1- Three European firms are eyeing the contract to manage and operate Egypt’s high-speed electric rail network, Al Mal reports, citing what it says are sources with knowledge of the matter. The companies — one Italian, one Spanish, and one French — put in their offers before the tender went live — the tender was set to launch later this month. The offers are being reviewed and the three firms are expected to submit their technical and financial offers before 2H 2025 and the selected firm will be announced late 2025 or early 2026. We have an idea who the Italian company might be, as Italian state-owned Italian State Railways last month discussed submitting an offer to manage and operate the network with Transport Minister Kamel El Wazir. This came as the ministry awaits Deutsche Bahn’s — initially tapped for the role in 2022 — financial offer.#2- Estonia-headquartered ride hailing app Bolt will invest EUR 15-20 mn in the local market over the coming three years as it works towards a nationwide expansion, country manager for Egypt and Saudi Arabia Haitham Mansour told Al Mal. Bolt launched in Cairo last March and plans to expand its services to Alexandria by the end of the year and to the rest of the country within three years. It also plans to expand its Cairo customer base of 700-800k to 2-3 mn by the end of the year. MINING-UK-based Akh Gold will invest some USD 5 mn in its Eastern Desert concession this year, the business development offer of the Naguib Sawiris-backed parent company In2Metals, Ahmed Khairy, told Hapi Journal. The investment will focus on completing exploration efforts, Khairy said, ruling out the possibility of acquiring any new mines in Egypt.MSMEs-The Micro, Small, and Medium Enterprises Development Agency has signed an EGP 60 mn contract with Erada Microfinance to provide technical and financial support to microenterprises, according to an agency statement. The agreement will finance 1.7k new and existing microfinance projects with a focus on production and agricultural projects and each project eligible for up to EGP 242k.EDUCATION-A campus for the UK’s Exeter University will be built in Ain Shams University’s international campus following an MoU signed by representatives of both institutions yesterday, according to a cabinet statement. The development falls under the government’s aims to internationalize education offerings.

ENR and Italy’s Salcef partner to revamp railway infrastructure: The Egyptian National Railways (ENR) has partnered with Italian rail construction and maintenance firm Salcef Group to form a new joint venture, Salcef Track, that will oversee the development, renewal, and maintenance of Egypt's railway infrastructure over the next 25 years, according to an Industry Ministry statement.We saw this coming: Back in November we heard that Salcef was mulling establishing a new company in collaboration with Egyptian Railways for Track Renewal and Maintenance Company (ERTRAC) for the renewal of some 2k km of railway tracks and the provision of railway renewal machinery and equipment.The details: Salcef Track will begin by renovating 300 km of rail lines and 200 switches at a rate of at least 100 km of rail lines and 70 switches annually, with the company aiming to renovate 2.5k km of tracks and 1.75k switches by the end of the partnership. The company will also support the construction of new lines — including those under ENR’s purview and other Transport Ministry initiatives — and has ambitions to work on railway projects elsewhere in Africa and the Middle East.This isn’t the only rail partnership that’s getting the government’s attention: Transport and Industry Minister Kamel El Wazir noted that the new partnership is just one of a number of similar companies the ministry is currently expanding, with others including ERTRAC and Egyfrail, alongside efforts to increase the role of the private sector.

The cabinet greenlit several decisions during its weekly meeting yesterday, including on waterfront development, maritime cooperation, and railway manufacturing, according to a cabinet statement.#1- New rules for Nile waterfront facilities: The ministers approved amendments to the executive regulations of the Water Resources and Irrigation Law that increase the occupancy rates of riverbank land licensed to tourist facilities, clubs, and other recreational establishments to 40%, with an additional allotted 10% if the facility includes marina activities.#2- Maritime cooperation with Oman gets the nod: The Madbouly cabinet also approved a presidential decree on a maritime transport and port cooperation agreement with Oman. The agreement — signed during President Abdel Fattah El Sisi's visit to Oman in 2022 — aims to develop economic and trade relations between the two countries through organizing maritime activities, removing obstacles to maritime transport development, and exchanging expertise in port management and vessel maintenance.#3- Alstom gets longer lease for railway complex: The cabinet approved extending French rolling stock manufacturer Alstom's land lease period to 30 years from 15 years for its planned railway manufacturing complex in Borg El Arab in Alexandria. The extension comes as the company plans significant investments in the complex, including two factories on 40 acres alongside an additional 50 feddans for future expansion. The first phase of the project’s development will see a components factory built on 13 acres, while the second phase will add a vehicle factory on 27 acres.Remember: Alstom in 2023 pledged some EUR 300 mn to establish two factories in Borg El Arab to produce electrical systems and metro and monorail rolling stock.

Things could start looking different for Egypt’s maritime transport sector: The government has been working on establishing robust infrastructure in Egypt’s ports and logistical corridors as part of a larger plan to build up Egypt’s maritime fleet following years of neglect and a gradual decline in the number of ships flying the Egyptian flag. But alongside these efforts, the state is also trying to amend the existing legislative framework, which industry insiders told us has prevented the sector from growing.The gov’t introduced three laws that will significantly change the sector — the Maritime Trade Law, Ship Registration Fees, and the Maritime Inspection Law — which we were told will have a big impact on the sector. And just yesterday, the House gave the final thumbs up to all three of them.(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)The amendments will allow leased and foreign ships to fly the Egyptian flag, which will contribute to increasing the number of ships flying the flag around the world and drive private sector investments moving forward, head of the Federation of Egyptian Industries’ maritime transport division, Ibrahim El Dessouky told EnterpriseAM. Egypt’s maritime laws previously imposed strict restrictions on flying the Egyptian flag, which would often lead to private sector-owned Egyptian ships registering under foreign flags such as those of Cyprus, Malta, Greece, and Panama, El Dessouky said.Some in the industry are hopeful, with one source in the maritime sector telling EnterpriseAM that the legislative amendments will help strengthen and rebuild Egypt’s fleet and establish a system to transport strategic goods without relying on international shipping agencies. “We have not taken advantage of our potential, nor has Egypt's geographical location revealed its secrets to driving development in the country. For years, we have relied on limited services provided at scattered ports — however, the current plan will see unprecedented improvements in the commercial maritime transport sector with Europe, Asia, and Africa,” the source said.Ships will want to fly the Egyptian flag to benefit from being able to refuel ships in EGP, El Dessouky told us. This will apply to all ports except those located in the Suez Canal Economic Zone (SCZone), where the law requires ships to pay international fuel prices.Egyptian ships will also have priority access to container terminals, contracts with government entities to transport their goods, reduced docking fees, and a number of other services in local currency. This is a far cry from how Egyptian ships would operate just one year ago, when they would seek logistical services and refueling in Cyprus, El Dessouky told us.The amendments also include a cap on registration fees, with the fee required to register new ships slashed — a move that El Dessouky tells us represents a significant breakthrough for the sector. Previously, registering new vessels required the entities to go through the real estate registration process and pay 1.5% of the ship’s value — which could exceed EGP 500 mn. This led many to avoid increasing their fleet or purchasing new vessels, El Dessouky added. The amendments will also allow shipowners to register used ships that are in good condition, El Dessouky said, with the law raising the maximum age to 25 years. The new regulations will also reduce the cost of importing strategic goods needed by Egypt, paving the way for increasing the number of bulk ships available in Egypt.Foreign investment will also have a key role to play in the goal of turning Egypt into a global trade and logistics hub, with the government trying to channel this interest into the development of port' infrastructure, superstructure, and informational systems to facilitate the movement of trade, in addition to establishing new logistics areas.Work is also underway to strengthen the national commercial maritime fleet, with the Transport Ministry contracting an unnamed firm to build four new ships to strengthen the fleet of state-owned Alkahera Company for Ferries and Maritime Transport and the National Navigation Company. The efforts are part of the government’s efforts to increase the fleet from 20 to 36 vessels by 2030, capable of transporting 25 mn tons of goods annually, Madbouly said last month.A strong maritime fleet would enable Egypt to import goods at better prices, with the shipping cost for a container currently lying between USD 12-15k, Federation of Egyptian Chambers of Commerce’s transport and logistics division head Amr El Samdouni said. Expanding Egypt’s commercial fleet will increase its ability to transport larger amounts of goods, which is particularly important during a time when major shipping agencies are overcharging freight rates and delaying delivery, which raises the price of goods, El Samdouni added.This could boost trade and maritime transport opportunities for Egyptian companies in African markets, El Samdouny said, as across the continent suffer from poor road infrastructure. Egypt targets increasing its exports to African markets to USD 15 bn by 2025, he continued.While the amendments were cause for celebration, more could be done, industry insiders told us. The private sector still needs more procedural flexibility, Dessouky told us. “We met last week with a large number of companies operating in the shipbuilding sector and are currently preparing an urgent memorandum with additional demands that, alongside the legislative framework, will bring an unprecedented boom in attracting global entities and developing the private sector,” he said. These demands include:Transforming shipbuilding areas in Kafr El Sheikh, Rashid, and Suez into industrial zones, including a total of 100 specialized companies;Allocating industrial land to allow the establishment of naval docks along Egypt’s coasts;Facilitating the sector's inclusion in the government’s low-interest financing initiative, which offers loans at a 15%interest rate for manufacturers;Unifying jurisdiction over shipbuilding areas to be under the Industrial Development Authority;Reducing fees and taxes to encourage private sector investments, aiding in establishing docks, exporting shipbuilding services, and increasing the overall size of our fleet.Your top infrastructure stories for the week:Arab Contractors to study 194-kilometer road rehabilitation project in the Central African Republic under an MoU inked between the state-owned company and the African government. Africa’s first large-scale shipbreaking yard should hopefully soon be arriving in Egypt, with the state-run Holding Company for Maritime and Land Transport and El Garhy Steel’s Wehda Industrial Development jointly establishing a company to pursue the project that will also repair and build vessels.Egypt and France signed an action plan to set up Cairo Metro Line 6, which will see Egis and Setec submit the technical specifications required to implement the project to the National Authority for Tunnels for review.

TRANSPORT- Egypt and France signed an action plan to set up Cairo Metro Line 6, which will see Egis and Setec submit the technical specifications required to implement the project to the National Authority for Tunnels (NAT) for review, according to a statement. French rolling stock manufacturer Alstom will submit its technical and fiscal offers to the government for review under the action plan. The Transport Ministry will head monthly meetings to follow up on the plan, according to the statement. The 26-station, 38.6-km line aims to ease congestion on Line 1 and will link Shubra El Kheima in the north to New Maadi in the south. Extensions to New Cairo are under study. (Tap or click the headline above to read this story with all of the links to our background as well as external sources.)Alstom aims to submit its offers next May and the technical specifications should be done and submitted in January, Managing Director of Alstom Egypt Ramy Salah Eldeen said, according to Al Borsa. He explained that the consortium carrying out the project will work with local players like Petrojet, Arab Contractors, and Orascom Construction to carry out the project. Remember: Alstom signed a framework agreement with NAT to design, build and maintain Cairo Metro Line 6 back in 2022 — the two sides followed through on the agreement this year. Alstom will establish an industrial complex in Borg El Arab to produce rail components. Egypt and France signed an MoU to localize the railway industry and implement Metro Line 6 earlier this year. PHARMA-A group of local pharma players wants to set up a USD 150-200 mn pharma raw materials factory next year, Asharq Business reports citing state-owned Arab Company for Drug Industries and Medical Appliances (ACDIMA) — one of the companies part of the consortium — chairman Olfat Ghorab. The consortium will also include the Suez Canal Economic Zone and Eipico.No surprise there: The government has been wanting to create a regional hub for pharma raw materials to meet local market needs and regional exports with ACDIMA and Eipico tapped to break ground on the project. EVS- Infinity is setting up an EV charging network in Jordan: Our friends at renewables company Infinity have partnered up with Jordan’s Middle East Holding to set up Infinity Jordan, which will develop a nationwide EV charging network with over 1k charging points planned over the next five years, according to a press release (pdf). The first phase of the stations will go live in 2Q 2025, supported by an application for EV users. What they said: “With Jordan’s EV market growing rapidly, Infinity Jordan will serve as a driving force for creating the infrastructure needed to support this growth, empowering businesses and individuals to embrace cleaner and more sustainable modes of transportation,” Infinity co-founder and CEO Nayer Fouad said. DEBT-NERIC secured syndicated loan to fund new factory: The National Egyptian Railway Industries Company (NERIC) has secured an EGP 5 bn syndicated loan from the National Bank of Egypt, CIB, and the Arab African International Bank, according to a statement from the Transport Ministry. The funds will fund NERIC’s factory in East Port Said, which will require investments of EGP 4.3 bn during its first phase. The details: The first phase, set to kick off operations mid-2025, will produce railcars and metro cars. During its second phase, the factory will start manufacturing rolling stock for the monorail, high-speed train, and light electric train, while the third phase involves upgrading old metro and railway vehicles.RENEWABLES-#1- Abu Qir Fertilizers is going green: EGX-listed fertilizer manufacturing giant Abu Qir Fertilizers inked two agreements aimed at helping it make operations more sustainable, according to a statement. The first agreement will see MPS Infrastructure supply Abu Qir with green hydrogen to help it reduce its natural gas use, helping the company boost production and apply the EU’s Carbon Border Adjustment Mechanism (CBAM). The second agreement will see ABB Group install an advanced automation control system at the Abu Qir ammonia plant — which will soon start partially relying on green hydrogen — to reduce natural gas consumption in boilers by 2-4%. #2- Misr Cement to establish two new solar plants: Misr Cement Group signed an agreement with Solarize Egypt that will see the two develop a 40 MW solar power project, Misr Cement Group said in a statement. Each of the solar plants will generate 48 mn kWh per year for Misr Cement Group’s factories in Minya and Qena.INVESTMENT-Efforts to bring US investors to the local healthcare scene: Investment Minister Hassan El Khatib held a virtual meeting with some 40 US healthcare players where he showcased the many available investments in the local healthcare sector, according to a statement. US Ambassador to Egypt Herro Mustafa Garg highlighted the USD 30-40 bn available investments in Egypt’s healthcare sector that US players can tap. The Madbouly government wants to double the number of hospital beds in the country from 142k to 300k and increase the role of the private sector in the Universal Healthcare Ins. scheme. COMMODITIES-Cotton trading resumes: Cotton auctions will be held later today with around 170k quintals up for sale at initial prices of EGP 8-10k per quintal, Misr for Cotton Trading & Ginning Managing Director Ratiba Mahmoud told Al Borsa. This is set to be the first of several upcoming auctions, with their frequency set to increase in the coming period, she said, adding that another auction is expected to take place later this week offering a similar quantity. Remember:Last month, the government temporarily suspended the local cotton trading system on the back of pricing issues that resulted from guaranteed prices for farmers set by the government significantly exceeding the crop’s current global market value, making it difficult to trade locally or internationally.What about the guaranteed prices? The Finance Ministry will cover the EGP 2k price difference for companies, Mahmoud said.

MANUFACTURING- Saudi cable manufacturer Al Mousa Cables is set to establish its first EUR 50 mn cable production factory in Egypt, Ashraq Business reports, citing an anonymous company source. The factory will span some 40k sqm in Tenth of Ramadan, with the first phase set to begin operating in mid-2025. The factory will have a production capacity of some 6k kg of specialized cables per month in its first phase, with the company targeting the export of 50% of its production to international markets, particularly North Africa. The factory, which is being launched in partnership with an Egyptian investor, will be self-financed.TRANSPORT- Four int’l consortiums have submitted technical and financial offers to develop Cairo’s Metro Line 2, with the Transport Ministry having formed a committee to evaluate the offers, Al Mal reports, citing anonymous sources. Three of the offers are led by French companies, including Colas Rail, Alstom, and TSO, with the remaining offer coming from China Railway Electrification Bureau (EEB). The chosen consortium is expected to provide soft loans for financing the project’s foreign portion, which is expected to cost over EUR 600 mn. The planned upgrades — which are set to be implemented over five years — will improve signaling, central control, and station infrastructure, extending the line's lifespan by 25 years.DEVELOPMENT FINANCE-#1- The World Bank has extended its financial support for the country’s universal health ins. System for another two years, with the USD 400 mn support package extended until September 2026, according to a report (pdf) from the bank that brought to light a decision made in June. The project has so far disbursed USD 143.7 mn of the total amount since coming into force in 2021.Remember: The second EGP 115 bn phase of the system will be launched in the next fiscal year, with five more governorates to be incorporated into the system over three years, Prime Minister Mostafa Madbouly told reporters during a recent weekly presser. The first phase covered Port Said, Luxor, Ismailia, South Sinai, Aswan, and Suez governorates.#2- The African Development Bank is mulling EUR 50 mn in financing for development of the Abu Rawash wastewater treatment plant, according to a project report from the bank. The funds will cover some 35% of the required EUR 141 mn for the project, with the government covering the remaining EUR 91 mn. The terms: The loan will have a total repayment period of 25 years, with a grace period of up to eight years. The interest will be calculated based on variable interest with a margin not exceeding 1%. EXPANSION- Eva Pharma has tapped a Saudi contractor to help it implement its USD 150 mn pharma research and manufacturing complex in the kingdom’s Sudair Industrial City, managing director of the local drugmaker’s Saudi cluster Amgad Talaat told Al Arabiya without disclosing the name of the contractor. The contractor broke ground on the project last month and the first of the complex’s five pharma factories is set to come online next year — all five factories will be operational by 2030. Remember: Eva Pharma inked an agreement with the Saudi Authority for Industrial Cities and Technology Zones to build the complex back in 2023. The company also has important milestones coming up that it will hit locally, with the company set to start producing insulin locally this month and start locally producing the raw material needed for the production of medicine for autoimmune diseases at a later stage, Talaat said. HOSPITALITY- #1- Beach Safari is set to launch an EGP 2 bn integrated tourism project, dubbed Downtown, which chairman of the company’s board of directors Boshra Ghaly claimed will be the largest of its kind in Marsa Alam in comments to Shorouk News. The project — whose construction is expected to kick off in March — will span 120k sqm and feature shopping malls, casinos, water parks, a wellness hotel, and sports facilities. #2- The government has proposed a 264-acre tourism investment project under a usufruct agreement in Giza, with the government interested in building hotels and resorts in the area, according to a government document seen by Shorouk News. The move is part of a broader push to attract private sector investments to the tourism sector through usufruct agreements and public-private partnerships.

El Wazir goes to Italy: Transport and Industry Minister Kamel El Wazir has been in Italy this week to view the country’s high speed rail network and discuss transport and industrial investments and cooperation with a number of public and private sector representatives from Italy and elsewhere, according to a ministry statement. #1- Scooter manufacturer Piaggio is mulling reopening its factory in Egypt, with the company citing the government’s focus on localising manufacturing and Egypt’s favorable investment climate as driving the company’s interest. #2- Home appliances manufacturer Ariston is thinking about expanding its presence in the Egyptian market. The company already has three factories in Obour City over 220k sqm.#3- Railway company Hitachi Rail — which recently acquired Thales ’ ground transportation unit — is looking to expand its footprint in Egypt, citing the country’s focus on developing its transportation infrastructure. Thales’ former unit is currently developing the first 19-km, 16-station phase of Cairo Metro Line 4 alongside Orascom Construction and Colas Rail.#4- Luxury yacht manufacturer Navigo also highlighted its interest in investing in Egypt’s yacht industry, given the country’s prime tourism location and suitability for yacht manufacturing. El Wazir noted Egypt’s readiness to push local yacht production.ICYMI- Navigo representatives previously agreed with the government to draft an MoU for future cooperation to boost yacht tourism in Egypt.**Earlier this year, we ran a Hardhat on Egypt’s ambitious plans to become a global yacht hotspot.#5- Industrial vehicles manufacturer Iveco is conducting a feasibility study to launch a new factory in Egypt for truck manufacturing. Iveco cited Egypt’s large consumer market and position as a gateway for exports as among the reasons for its interest.#6- Railway and urban mobility company Salcef Group discussed establishing a new company in collaboration with Egyptian Railways for Track Renewal and Maintenance Company for the renewal of some 2k km of railway tracks and the provision of railway renewal machinery and equipment. PLUS- Italian state-owned Italian State Railways discussed submitting an offer to manage and operate Egypt’s high-speed electric rail network with El Wazir, according to a separate statement. The talks come as Deutsche Bahn — initially tapped for the role in 2022 — has yet to submit a financial offer, violating the Transport Ministry’s regulations for awarding contracts, government sources tell Al Borsa. The ministry is reportedly planning to launch a public tender for the network’s management and operation soon, whether through public bidding or a direct award.