Elsewedy Capital, Gulf Cryo partner on new air separation unit in Egypt
Elsewedy Capital, Gulf Cryo partner on new air separation unit in Egypt: Elsewedy Capital has set up a JV with Kuwait’s industrial gas manufacturer Gulf Cryo to build a new air separation project in Cairo, according to an emailed statement from deNovo Corporate Advisors, the UAE-based investment bank which advised Gulf Cryo on the transaction. The new unit aims to become a leading market player in Egypt, deNovo said without providing further details on the plan.
DeNovo is currently advising on EGP 3 bn-worth of transactions in the Egyptian market “and continues to be optimistic about the long term prospects of the Egyptian economy,” said Karim Amin, who heads deNovo’s Egypt branch.
Advisors: DeNovo Corporate Advisors advised Gulf Cryo on the transaction, while Matouk Bassiouny & Hennawy covered legal.
CLARIFICATION – 13 October 2020