Raya Auto to set up USD 50 mn EV assembly plant next year
Raya Auto plans to establish a USD 50 mn EV assembly plant in Egypt next year, CEO of the Raya Holding automotive unit Mohamed El Naggar told Asharq Business. The plant will be developed in partnership with an unnamed Chinese company, with half of the project cost self-financed and the rest secured through bank loans. The company also plans to invest USD 25 mn to build 30 fast-charging stations in Egypt over the next three years.
DEVELOPMENT FINANCE-
Our annual USD 1.5 bn from the ITFC secured: The Madbouly government and the International Islamic Trade Finance Corporation (ITFC) inked their annual USD 1.5 bn work program yesterday, ITFC CEO Hani Sonbol told CNBC Arabia. The funds will support the energy sector and food security.
MANUFACTURING-
Glass Manufacturing Group (GMG) plans to set up a USD 2 mn factory in Qalyubia this year to double its production capacity to 2k pieces per day, Al Borsa reports. The company is also planning to double its export volumes starting next year.
STARTUPS-
Local VC firm Foundation Ventures reached financial close for its FVFII USD 25 mn fund, led by investors like the Egyptian American Enterprise Fund, Micro, Small, and Medium Enterprise Development Agency (MSMEDA), and Onsi Sawiris, according to a statement (pdf) from the firm. MSMEDA said in December that its contribution to the fund would total USD 3 mn.
The new fund aims to "strengthen Egypt’s entrepreneurial landscape” by supporting early-stage startups and helping them expand across and beyond the region. Egyptian startups will not be the only recipients, however, with some of the funds set to be funneled into “promising” African startups.
AVIATION-
Emirates Airlines has inaugurated its Emirates World store in Cairo as part of its plan to offer a more interactive experience for travelers, the company announced at a press conference attended by EnterpriseAM last Thursday. The new store, located in 5A by Waterway in New Cairo, aims to “elevate the customer experience through product showcases, smart technologies and expert travel consultants.”
Expansion plans in the pipeline: This marks Emirates’ third store in Africa and ninth globally, with the airline planning to invest over AED 100 mn to expand its network to 40 stores worldwide within the next three years, Chief Commercial Officer Adnan Kazim told EnterpriseAM.