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Monday, 29 August 2022

Hassan Allam lands another Toshka contract + More wheat, courtesy of Romania

Hassan Allam Construction to work on Toshka irrigation project: Hassan Allam Construction, a subsidiary of Hassan Allam Holding, has been awarded a contract to install irrigation infrastructure as part of the project to reclaim land in Toshka for wheat production, the company said in a statement last week. Under the contract, the company will build 124 km of irrigation infrastructure for a new zone which aims to turn 16k feddans of desert into agricultural land. The reclaimed land will be planted largely with wheat as part of the Sisi administration’s drive to reduce reliance on imports.

El Sewedy Electric and Madkour have signed contracts worth almost EGP 1.2 bn with the Electricity Ministry to upgrade power infrastructure in the west of the country, Al Borsa reports. The EGX-listed contractor will supply equipment for a transformer station at the New Delta project and provide electricity to substations near the Cairo-Alexandria Desert Road under separate contracts worth a combined EGP 1.1 bn. Meanwhile, Madkour signed a EGP 61 mn contract to provide electricity for a transformer station at the New Delta, according to the newspaper.

Enppi and Petrojet have together bought out the 50% stake held by foreign shareholders in International Drilling Material Manufacturing for EGP 2.2 bn, with each of them acquiring 25% of the company, Al Borsa reports, quoting sources it says are in the know. Enppi and Petrojet now each hold a 40% stake in the company, while Ganope owns the remaining 20%. Cairo Capital Securities acted as both the buy-side and sell-side broker.

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

  • Another 63k tons of Romanian wheat arrived at Damietta port yesterday. (Statement)
  • Microfinance player Tamweely signed an agreement with healthtech startup Bypass to offer its HealthTag scannable medical records card to Tamweely customers. (Statement, pdf)
  • The Armed Forces’ Egypt Center for Research and Regenerative Medicine is establishing Africa’s first biobank — a facility for storing biomedical samples — in partnership with Germany’s Askion and local lab equipment firm Miralab. (Statement)

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