El Sewedy Subsidiary Pens Two Deals Worth EGP 1.6 Billion🖋
Rowad Modern Engineering, which is 51% owned by El Sewedy Electric (SWDY), has signed two deals worth a total value of EGP 1.6 billion.
More Details🧐 The first deal is a 26-month contract with Emaar Misr (EMFD) for the construction of Mivida office park, which is set to cost EGP 996 million.
The second deal is a 20-month deal with Newgiza to establish New Giza Hospital, which is set to cost EGP 602 million.
Three Tobacco Companies Opt-Out of Bid for Tobacco Manufacturing License🚬
Three tobacco companies have withdrawn from the bidding for a tobacco-manufacturing license that the government relaunched recently.
More Details🧐 If a company is chosen, Eastern Company (EAST) must hold a minimum of 24% stake in the company, & would have to work together with EAST to manufacture & distribute the product.
Why is this Important🤔 The three companies are Nakhla Tobacco, British American Tobacco, & Al Mansour International. The companies feel that the tender conditions are unfair, & do not really solve the monopoly issue.
Export & Development Bank to Increase Focus on Digital Services📱
President of Export & Development Bank (EXPA) Mervat Sultan said the bank’s strategy will focus on changing how people think of EXPA among its competitors, as well as digitizing its services.
More Details🧐 Sultan added that the revised strategy creates new departments for business development & gives great attention to supporting exporters & offering them new products.
Why is this Important🤔 EXPA investments totaled EGP 1.5 billion in various sectors by October 2021. The bank aims to expand its strategic investments aimed at developing exports, enhancing production capacities, & supporting the development of electronic financial services.
Heliopolis Housing Closes in on Two Deals to Set Up Infrastructure of “New Heliopolis City”🏙
Heliopolis Housing (HELI) is close to contracting with a telecommunications company & a gas company to implement the infrastructure for the new Heliopolis city, according to Al Mal.
More Details🧐 HELI was between three telecom companies & two gas companies, & reportedly chose to sign with Telecom Egypt (ETEL) & Cairo Gas.
What else is Clapping👏
Integrated Diagnostics Holding Acquires Pakistani Radiology Center for $72.3 Million
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