Real estate company El Baron Developments launches US$41m Vigor project

EGYPT – El Baron Developments, an Egyptian Real Estate, has launched a new project, Vigor, in the Downtown area at the New Administrative Capital, eastern Cairo, with a total investment of approximately EGP 650 million (US$41.52 million). According to Chairperson and Managing Director Hazem Zarif, the Vigor project is a commercial and medical administrative building situated on 4,700 sqm. It comprises 11 floors; each is 1,138 sqm. The project will offer units with various sizes. A contract was signed with the KAD Commercial Property Management responsible for managing the project…

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Prime Hospitality Management to manage Tredco El Sayad’s new units

EGYPT – Prime Hospitality Management Group (PHMG), a property rental and management company, has secured a contract to manage new serviced units owned by the Tredco El Sayad Company, affiliated to El Sayad Group, in the 10th of Ramadan City. PHMG specialises in managing branded and serviced units, as well as renting and managing apartments furnished in the same manner as a hotel system, known as “vacation houses”. This contract comes as part of the PHMG’s expansion plan into new markets and cities. Moataz Amin, CEO of PHMG, said that…

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Metito set to use 50% of its financing package from IFC to boost investment

EGYPT – Metito, a multinational global provider of intelligent water management and alternative energy solutions, will use 50% of the International Finance Corporation (IFC), a member of the World Bank Group, new financing package value to boost its investments in Egypt. Metito will boost its investments in Egypt through developing more sustainable projects and new technologies by securing additional liquidity and working capital. The US$20 million financing package is part of IFC’s US$8 billion COVID-19 fast-track financing facility, launched in March 2020 to support businesses and sustain jobs through the…

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Sungrow Power Supply selected to supply inverters in Kom Ombo solar photovoltaic plant

EGYPT – Saudi Arabia’s Acwa Power, an independent power producer (IPP), has selected Chinese company Sungrow Power Supply to supply the inverters for the construction of Kom Ombo solar photovoltaic plant which will be operational in 2022. The facility, which is being built by India’s Sterling and Wilson – which has been awarded the engineering, procurement and construction (EPC) contract for the plant, will have a capacity of 200 MWp into the Egyptian Electricity Transmission Company (EETC) grid., making it one of the largest solar power plants in Egypt. Given…

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Elsewedy Electric enters Asian market after acquiring US$60m shares in two companies

EGYPT – Elsewedy Electric, an Egyptian multinational electrical company, has entered the Asian market through its acquisition of shares in two companies involved in the transformer sector in Indonesia and Pakistan, valued at US$60 million. The company said in a statement that it acquired 95% of PT CG Power Indonesia, which specialises in manufacturing electrical transformers in Indonesia. The company has a production capacity of 10,000 MW, and provides maintenance services for the duration of the transformers’ lifetime, in addition to the construction of transformer substations. Elsewedy added that it…

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GIZ, Endure Capital, Changelabs launch programme for first-time VC funds

EGYPT – GIZ Egypt, in partnership with Endure Capital and Changelabs, has launched the “VC University” programme, targeting first-time venture capital (VC) funds. GIZ works in Egypt on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ). Endure Capital is an early-stage investment fund headed by entrepreneurs looking for startup teams. Changelabs offers a unique way to get students, youth, communities, and businesses to launch transformational impact-centered business in the 21st century. The year-long programme, which is expected to trigger €100 million (US$120 million) worth of investments,…

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Siemens Energy, Turboden to develop gas compressor station in Egypt

EGYPT – Siemens Energy, working with Turboden S.p.A., a Mitsubishi Heavy Industries Group Company, started development on the GASCO Dahshour gas compressor station (GCS) in Egypt. The GCS will increase gas compression by 25%, without further fuel consumption, while reducing CO2 emissions by 120’000 tons per year. Siemens Energy will supply 20 MWe electric motor driven (EMD) compressors, which will be coupled with Turboden’s 28MWe Organic Rankine Cycle (ORC) system, which is the largest high-temperature ORC system ever built. The GASCO Dahshour GCS project is a first of its kind.…

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Raya Holdings to sell its subsidiary BariQ for Techno and Advanced Industries

EGYPT – Raya Holding Group for Financial Investments has signed a contract to sell one of its subsidiary companies, BariQ for Techno and Advanced Industries, to Intro Waste Management and Material Recovery Holding Ltd. The deal involved the direct stake of Raya Holding, which accounts for 98.76% of the BariQ shares, and its indirect share through its subsidiaries, amounting to 1.24%. This means a total of 6.5 million shares. The Board of Directors at BariQ decided to authorise its Chairperson to take the necessary measures to implement the sale amounting…

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Logistics startup Flextock raises US$3m to strengthen its presence in Egypt

EGYPT – Flextock, a tech-enabled logistics startup, has raised pre-seed funding of US$3.25 million to scale its logistics solution across the MENA region and reach up to 1 million merchants. Flextock, with the help of the funding, wants to capture a large portion of MENA’s US$25 billion e-commerce logistics market. The company plans to put the funding into strengthening its presence in Egypt, technology, recruitment and regional expansion before the end of the year. Participating investors in the round include Egyptian VC, Foundation Ventures, Y Combinator, CRE Ventures, B&Y Ventures…

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Catalyst Development set to develop US$286m administrative and commercial projects

EGYPT – Catalyst Developments, a real estate developer, has announced plans to deliver five administrative and commercial projects in New Cairo during 2021 with investments worth EGP4.5 billion (US$286.84m). The company’s Chairperson Moataz Abdel Shafi said that Catalyst Developments plans to launch a new administrative offices project in the fourth quarter (Q4) of 2021, and other new projects in 2022. The size of the new projects investments may record more than EGP3 billion (US$191.23m). Abdel Shafi pointed out that the implementation rate at the Cairo Capital Center (CCC) project has…

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