Saudi Bashayer could deploy an initial EGP 1 bn to develop industrial land in Egypt

#1-SBC to invest up to EGP 1 bn in industrial land development: Saudi engineeringand construction contractor Saudi Bashayer Company (SBC) is studying a project to develop industrial land in Egypt with an initial investment of up to EGP 1 bn, according to a statement by the Trade Ministry. Trade Minister Ahmed Samir and SBC General Manager Mohammad Elsekaily discussed the potential investment on Thursday. Samir proposed a number of industrial zones that the company could look into, including the industrial zone in Sadat City.

The company has an experienced German partner: SBC is set to collaborate on land development with an unnamed German partner who is looking to invest in sustainable energy, recycling, and waste treatment, Elsekaily said, adding that the move could attract major German companies and manufacturers into the country. The investor has “extensive experience and a history of global work” in these fields and wants to commence operations in Egypt, the statement reads.

#2- Planning Ministry discusses investments with Japanese delegation: A review of the progress of Egypt Vision 2030’s sustainable development strategy, investment promotion, and the role of the private sector in the economy were on the agenda as Planning Minister Hala El Said met yesterday with a group of Japanese investors, a statement from the Planning Ministry reads. The Japanese delegation, headed by Kanazawa Kiyokyo, the owner of Japanese real estate firm Titan Capital, met with El Said and Sovereign Fund of Egypt head Ayman Soliman, among other officials.

DEBT-

Drive Finance eyes fresh credit facilities: GB Auto’s car finance arm Drive Finance has entered negotiations with six private and state-owned banks to obtain credit facilities worth some EGP 1.5 bn to support its factoring and consumer financing services, Managing Director Ahmed Osama told Al Masdar. The banks in question are the National Bank of Egypt, Banque du Caire, CIB, EG Bank, FABMisr, and Abu Dhabi Commercial Bank, he added.

The details: Drive Finance, which is a subsidiary of GB Corp’s financing arm GB Capital, will obtain more than 50% of the facilities by the end of October, Osama said. The company wants to develop its new car market and expects to double sales volumes in 2023 compared to the year before as a result of expanding its reach across Egypt.

It’s a tricky market at the moment: Despite a month-by-month uptick in car sales in September, sales still remained 40% lower than the 13.3k vehicles sold in the same month last year. Sales across the first eight months of the year were 66% lower than in the same period in 2022.

TAX-

We’ve signed off on a double taxation agreement with Qatar: President El Sisi ratifieda treaty scrapping double taxation between Egypt and Qatar, the Official Gazette reported on Thursday. The agreement, which was first inked in February and approved by the House in July, will scrap double taxation and also crack down on tax evasion. The treaty covers capital gains, income, corporate profits, interest and dividends.

This should help with investment: Qatari Prime Minister Khalid Bin Khalifa Bin Abdulaziz Al Thani said in February that the double taxation agreement will help create a “tangible” impact on boosting and encouraging Qatari investments in Egypt.