UAE's digital payment Network International to invest EGP 1 bln in Egypt

Emirati e-payment company Network International announced plans to invest EGP 1 billion ($32.33 million) in Egypt's digital payment solutions sector.

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Arab agricultural authority to invest $100 million in Egypt’s agricultural sector

These investments are spread across three companies including; Faiyum Sugar, in which the authority holds a 27 percent stake; the Arab Company for Production and Preservation of Crops, in which it holds an 82 percent stake; and the Middle East for Veterinary Vaccines Company (MEVAC), in which it holds a 5 percent stake.

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Turkish Vestel, Zorlu to establish home appliances factory in Egypt with $70 mln initial investment

Turkish companies Vestel, a home and professional appliance manufacturer, and Zorlu, a multinational holding company, are planning to establish a home appliances factory in Egypt with over $70 million investment for the first phase.

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Egypt’s four telecom companies to shift to renewable energy

The four telecommunications firms operating in Egypt contracted with the state-run New and Renewable Energy Authority (NREA) to purchase electricity sourced from clean and sustainable energy sources. The Egyptian government announced that Telecom Egypt, Vodafone Egypt, Etisalat Egypt, and Orange Egypt signed the contracts with NREA, in the presence of Prime Minister Mostafa Madbouly and Minister of Electricity and Renewable Energy Mohamed Shaker.

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Qatar Authority studying a green hydrogen project in Egypt with investments exceeding $1bn

The Qatar Investment Authority — the investment arm of the country — is studying a new investment project in the field of renewable energy in the Suez Canal Economic Zone (SCZone) with investments exceeding $1bn.

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Egypt to grant ‘golden license’ in a bid to boost investment

Egyptian President Abdel Fattah Al-Sisi has announced granting ‘golden licenses’ to investor applicants in the north African country for a period of three months, in a bid to speed up projects and boost investment.

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Egypt’s fintech firm Money Fellows raises $31m in series B funding round

Egyptian fintech company Money Fellows has raised $31 million in a series B funding round led by CommerzVentures, as it aims for geographical expansion.

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Etisalat by e& injects EGP 4-5bn investment to expand capacity of cell towers in Egypt

Hazem Metwally, CEO of Etisalat by e&, said that the company has a total of 9,000 cell towers across Egypt, after adding about 650 new base stations this year, noting that a capacity expansion is carried out annually for all stations with investments ranging between EGP 4–5bn.

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GV Developments, Amarenco Solarize sign agreement to invest $255m in Tarboul City’s infrastructure

GV Developments — the master developer of Tarboul City — announced that it signed an agreement with Amarenco Solarize Egypt, whereby the French giant will invest an initial amount of $255m in infrastructure, clean energy, and green hydrogen in the first phase of the city’s construction.  

The agreement was signed by Sherif Hamouda, Founder and Chairperson of the Board of Directors of GV Developments; and Yaseen Abdel Ghaffar, Founder and Managing Director of Solariz Egypt. 

During the signing event, Hamouda said that Tarboul City is the largest smart industrial city in Egypt, encompassing large, medium, and small industrial projects.  

“We were keen on concluding this cooperation with the giant French company Amarenco Solarize Egypt to ensure the implementation of the first phase of the city’s infrastructure with environmentally friendly specifications using clean technology and green hydrogen. We look forward to attracting more foreign investors to the city, and we have prepared a comprehensive marketing plan to ensure the promotion of the city in Egypt and abroad,” he added. 

“Tarboul City spans over 109m sqm in Giza. It will also foster industry given its proximity to several investment areas, including Food Technology Valley, Automobile Axis, Engineering Axis, the Textile and Clothing Centre, the Building Materials City, and Chemicals and Plastics City.” 

“Tarboul City will also be an attractive hub for industrial and investment purposes. It will be established in 13 phases over a period of 16 years, ensuring efficient use of resources, waste management and recycling, in addition to ensuring the highest quality of air and water,” he concluded. 

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Urbnlanes Developments invests EGP 11bn in Egypt’s real estate market

Urbnlanes Developments — a real estate development company under the Kuwaiti Emeel Abdallah Investments — intends to expand in the Egyptian market by directing investments of EGP 11bn into three real estate projects less than six months after entering the Egyptian market. 

This is in addition to expanding contracting business through the company’s contracting arm — First Group Kuwait. 

Fadi Abdallah — Chairperson and Founder of Urbnlanes and Director of Kuwaiti First Group — stated that the company has adopted a plan to expand in the Egyptian market, given its high profitability and a decline in production costs when compared to other markets in the region. 

Abdallah added that the company is studying the expansion of government partnerships and the implementation of huge national projects in cooperation with the Egyptian government and benefiting from investment expansion.  

Furthermore, he said that the company intends to close some acquisition deals in 2023 and is studying the possibility of an initial public offering in the EGX to invest and expand in the Egyptian market. 

Urbnlanes Developments has been present in the Egyptian market since 2005 and has implemented more than 20 real estate projects. 

Abdallah concluded by announcing the launch of the company’s next project, East Lane, which will be constructed with investments of EGP 2bn.  

East Lane is an administrative commercial project spanning an area of ​​up to 4,780 sqm, as the company plans to increase its portfolio of lands. 

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