Also on our radar on 30 May 2021
TMG subsidiary the Arab Company for Projects and Urban Development has received a 5k feddan plot of land to build a mixed-use project in Capital Gardens City near the new administrative capital, the Housing Ministry said in a statement. The EGP 500 bn project, modelled after Madinaty, will feature 140k residential apartments and villas to accommodate 600k residents as well as commercial and administrative spaces. TMG purchased the land in January for EGP 28.5 bn.
Mastercard will issue prepaid cards to customers of non-banking digital payments app Telda, the global payments firm said in a statement. Telda was the first company to land a banking license under the new Banking Act, and earlier this month raised some USD 5 mn in a pre-seed funding round led by Silicon Valley-based VC firm Sequoia Capital.
Other things we’re keeping an eye on this morning:
- German engineering company Thyssenkrupp discussed establishing a green ammonia plant — used in fertilizer manufacturing — for export to Germany with Prime Minister Mostafa Madbouly Thursday.
- The Trade and Industry Ministry inaugurated Wednesday its first production lines to locally assemble laptops and tablets
- Egypt kicked off its first locally hosted joint air defense exercise with Pakistan Wednesday, with the drill including training on securing airspace and defending vital targets.