The former owners of Adwia Pharma are investing more than EGP 1 bn to set up a new toll manufacturing business, Al Mal reports. Hossam Taher and his family — who sold their 90% stake in Adwia to a European Bank for Reconstruction and Development-CDC Group consortium last year — have dubbed their new venture “Dawana,” which will launch this year with a plant in Obour City, Taher told the newspaper. The facility’s land was formerly owned by Adwia and wasn’t included in the recent transaction, he said.

In detail: The new outfit will run three production lines at launch, but seven more will be up and running by the end of the year after a EUR 55 mn agreement was sealed with an undisclosed German company, Taher added. Taher and his family have other, unnamed partners in the venture.

Background: The EBRD, CDC and an unnamed UK fund acquired 99.6% of Adwia in November in a USD 126 mn transaction.

OTHER INVESTMENT NEWS-

Emirati-Saudi VC firm Nuwa Capital is tight-lipped on its plans for Egypt after announcing (pdf) yesterday it had closed its first fund, raising USD 75 mn of its USD 100 mn target. The team told us that they will announce new investments in the coming weeks and that they are keen on healthcare, fintech, foodtech and real estate technology, but declined to give details on their plans for Egypt. Nuwa has already invested in Cairo-based furniture marketplace Homzmart before closing the fund.

Al Futtaim Group is investing EGP 200 mn in the renovation of its Cairo Festival City mall, Al Futtaim Malls Group Director Timothy Earnest told the local press this week. The first phase of the development started this month, and is expected to be finished at the end of 2021, he said. This investment is part of a EGP 2 bn program to expand the mall that will see the addition of 80 retail stores and 15 food outlets. Earnest said this week that the development is now being earmarked for completion in 1Q2023 — a year later than expected. Thanks, covid.

CLARIFICATION- The facility being built by the former owners of Adwia is a toll manufacturing plant being built on land formerly owned by Adwia, not a new pharma manufacturer as we had said in a previous version of this story. (Updated 17 February 2021)