China’s Dongfeng has upped its planned investments in a plan to locally assemble EVs with El Nasr Automotive to USD 12 mn from USD 10, as part of a USD 60 mn plan. The two state-owned companies are set to sign a final agreement within three weeks, Public Enterprises Minister Hisham Tawfik said.

Other things we’re keeping an eye on this morning:

• The National Bank of Egypt plans to invest EGP 150 mn this year to upgrade e-payments player Al Ahly Momken’s services and infrastructure network. The NBE’s Al Ahly Capital acquired a 75% stake in Momken in late April.
• Mariout Hills will establish a USD 3.4 bn atmospheric water generator in New Alamein city, through which it will extract moisture from humid air to produce 50k liters of drinking water per day, Chairman Ahmed Hassan said.
• A bill that would see the Endowments Ministry establish a charitable endowment fund to raise donations for social welfare, healthcare, higher education and cultural institutions, and other public non-profit works was greenlit yesterday during a House of Representatives plenary session, and will now be shipped to the Senate for discussion.