Back to the complete issue
Tuesday, 21 February 2023

Outsourcer Transcom to invest EUR 40 mn to expand Egypt operations


Outsourcer Transcom to invest EUR 40 mn to expand Egypt operations: Sweden-headquartered outsourcer Transcom wants to invest EUR 40 mn over the next four years to grow its Egypt operations, Ahmed Gamaleldin, company regional manager and managing director in Egypt, told Al Mal (watch, runtime: 48:27.) Transcom earlier this month opened a center in Sixth of October’s Smart Village, employing some 650 people with plans to hire another 1k employees within three years.

Mountain View to invest EGP 6 bn this year: Real estate developer Mountain View plans to invest EGP 6 bn (USD 196 mn) in 2023, Zawya reports, citing a company statement. The money will be used to speed up construction at existing projects, launch new projects, and look at scaling outside of Egypt, the company said. Mountain View wants to accelerate deliveries by a third to 2k units this year, and is targeting EGP 31 bn in sales on the back of newly launched projects in East and West Cairo and Ras El Hikma.

Next stop KSA? Mountain View formed a JV with Saudi Arabia’s Omar Kassem Alesayi Group in November to study new urban developments and tourist resorts in KSA.’


Croatia’s Koncar and Saudi’s Al Massa could build EV chargers, electrical infrastructure here: Croatian electrical equipment manufacturer Koncar could establish a factory for manufacturing EV chargers, cabinet said in a statement on Sunday. This came during talks between Prime Minister Moustafa Madbouly and Saudi contractor Al Massa Group, which acts as Koncar’s local agent. Al Massa Chairman Al Sharif Saud said the firms are also considering manufacturing electrical components for power transmission infrastructure.

New Future Pharma factory next year: Local pharma player Future Pharma Industries plans to finalize the construction of its new EGP 1 bn factory in Badr City during the first quarter of 2024, Chairman Gamal El Din El Leithy told Amwal Al Ghad. The factory, which will go by the name of Future Pro, will be home to four production lines with an annual production capacity of 20 mn vials and 10 mn eye drops. The factory will also help in providing imported pharma raw materials, he said. Two local banks are funding 60% of the project, El Leithy said, without disclosing which lenders are involved.


PaySky, Dahab Masr to offer gold investment via app: E-payments firm PaySky and gold investment platform Dahab Masr inked a partnership agreement on Sunday to launch an online service, Yalla Invest, that will allow users to invest in gold through PaySky’s Yalla Super App, according to a joint statement.


Edge Holding For Investments to launch consumer finance arm this quarter: Edge holding for investments will establish a consumer finance arm with initial capital of EGP 100 mn during 2Q 2023, Al Mal reports citing Ahmed Selim, CEO of Edge subsidiary Tadbiir for Leasing & Factoring. The new company will aim to build an EGP 1 bn portfolio in its first year, funded by loans from local banks. The new entity will begin with car financing and home refurbishment before expanding into other sectors, Selim said.


COREangels sets up shop in Cairo: COREangels, a global network of angel funds and investors, has launched its first MEA-focused fund, according to a press release (pdf). The Cairo-based fund will be jointly managed by COREangels and PTS Holdings’ ORO Partners, and will invest in pre-seed and seed stage tech startups across the Middle East and Africa.


British Embassy launches initiative to help grads find jobs: The British Embassy in Cairo has launched a GBP 2 mn initiative to help Egyptian graduates improve employability skills and land jobs, it said in a statement (pdf) yesterday. The Higher Education for Career Guidance and Employability scheme is being run in partnership with the Higher Education Ministry and the International Labour Organization.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.