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Thursday, 29 September 2022

Raya Electronics plans major expansion in 2023

Raya Holding’s Raya Electronics plans to expand into 10 new governorates next year, after inaugurating one of the biggest electronic stores in New Cairo, it said in a statement, pdf) yesterday.

Orascom Construction will build, own, and operate a EGP 1 bn warehouse in Fayoum for grain and other basic commodity storage as part of the four-warehouse agreement the Supply Ministry signed earlier this week. (Statement, pdf)

CORRECTION- In yesterday’s edition of Hardhat, we incorrectly reported that the four warehouses our friends at Hassan Allam Utilities, Orascom Construction, and Samcrete will cost a combined EGP 12 bn. The warehouses are each expected to cost EGP 1 bn, bringing the total cost to EGP 4 bn. We apologize for the error. The story has since been updated on our web edition.

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

  • CVC Capital Partners and Sunny Varkey are looking to sell their stakes in global private school operator GEMS Education in a transaction that could value the company at up to USD 6 bn. (Bloomberg)
  • EFG Hermes’ consumer finance arm valU will offer payment solutions on new memberships for Heliopolis Sporting Club at El Shorouk City. (Statement, pdf)
  • EgyptAir is offering Egyptian expat families better pricing on all tickets to and from Egypt. The offer applies to bookings starting 1 October until the end of September 2023. (Statement | watch, runtime: 2:06)
  • Egypt has imported some 3.5 mn tons of wheat since the beginning of FY 2022-2023. (Hapi Journal)

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