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Monday, 5 September 2022

valU wants you to shop by WhatsApp and we have new solar plants coming online in Sharm this October

A bidding round for Borg El Arab dry port? A consortium led by Alpha Capital is reportedly among companies planning to submit an offer in October to establish, operate and manage the dry port at Borg El Arab at an investment cost of USD 180 mn, Amr Ismail, head of the General Authority for Land and Dry Ports, is cited as saying by Al Borsa. Korea’s CGN was reportedly being considered to manage the dry port back in 2020, though we’ve heard nothing on the project’s progress since.

EFG Hermes’ valU and PayTabs Egypt are working with chatbot startup Notchnco to build out WhatsApp shopping services on valU, according to a statement (pdf).

Our friends at Infinity and Hassan Allam Utilities as well as Intro Energy will inaugurate three solar plants with a combined generation capacity of 15 MW by the end of October in Sharm El Sheikh, according to Al Borsa.

President Abdel Fattah El Sisi has asked the government to reconsider indicative supply prices ahead of the harvest season and look into adding financial incentives to the procurement prices, a statement by Ittihadiya read. The directives come under the state’s plan to support local farmers, it said.

REMEMBER- The government said last week it will pay farmers an indicative price of EGP 1k per ardeb of wheat next season, a hike of nearly 15% from the EGP 865-885 per ardeb it paid this year. Farmers had urged the government earlier this year to raise prices to EGP 1k to help the industry cope with inflation and meet production targets.

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

  • It’s official: Eastern’s cigarettes just got pricier. Eastern Company has raised price points for the second time since March by EGP 1.5-2.5 per pack. (Regulatory filing, pdf).
  • Real estate developer GV Developments signed a MoU with French consulting and engineering firm EGIS for the development of Tarboul Industrial City. (Statement)
  • EgyptAir began operating direct daily flights on Saturday between Moscow and popular tourist destinations Sharm El Sheikh and Hurghada. (Masrawy)
  • A delegation of Danish companies discussed investment opportunities with officials at the Suez Canal Economic Zone. (Statement)

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