Sign in
TRADE-
A boost for Egyptian exports: Raya Food’s parent company Raya Holding will direct USD 20 mn of Helios Investment Partners’ USD 40 mn bid for 49% of the subsidiary towards building a second factory partly dedicated to freeze-dried fruits and vegetables in Egypt, Raya Holding CEO Ahmed Khalil told Al Arabiya (watch, runtime: 4:07).
All part of a bigger plan to increase exports — and in turn FX revenues: The plan is to turn the company from the country’s second-largest frozen produce exporter — with an annual production capacity of 50k tons — to the country’s largest, the company said in a statement (pdf) released earlier this week. The new factory will most likely be set up next to its existing factory in Sadat City, according to Khalil — and its use of freeze-drying produce will play an important role in helping the company boost exports.
Expansion and export are also on Domty’s agenda: EGX-listed dairy company Domty has plans to invest EGP 200 mn next year, with a focus on the baked goods sector and expanding exports, CEO and Vice Chairman Mohamed El Damaty told Al Mal. The investments will follow EGP 150 mn already invested so far in 2024, El Damaty added. Domty is in negotiations over a 25k sqm land plot adjacent to its factories in Sixth of October to accommodate its planned expansion.
It’s been a big month for Domty: Danish Arla Foods was given the go-ahead earlier this week by Domty’s board to conduct due diligence for its bid to acquire up to 100% of the local cheesemaker in a transaction that valued the company at some USD 183 mn. A full takeover seems unlikely, however, with Arla expecting the founding El Damaty family to keep a stake in the company, with El Damaty to continue to lead the company as CEO.
CARGO-
Egypt plans to set up a cargo city: The Egyptian government is planning to establish a cargo city — dubbed Cairo Cargo City — that will double the volume of goods transported, Asharq Business reports, citing comments made by Egypt’s Civil Aviation Minister Sameh Elhefny.
Remember: Chinese state-owned construction firm and China Energy subsidiary Gezhouba Group proposed establishing a “logistics cargo city” at Cairo International Airport during a meeting with the Aviation Ministry in September.
DIGITALIZATION-
Adnoc using AI to optimize operations: The Abu Dhabi National Oil Company (Adnoc) Distribution is developing more than 20 tools powered by artificial intelligence (AI) to optimize its operations, CEO Bader Al Lamki told The National on the sidelines of Gitex Global 2024. The firm is also utilizing AI and analytics to determine locations for building new stations, which includes analyzing traffic conditions and demographics. The AI-powered tools are also helping Adnoc optimize the stock movement at its convenience stores to help customers and allow the firm to tailor needs and respond to trends. Adnoc aims to roll out a new generation of AI-powered self service checkout kiosks at its stores, which can recognize products fast and help complete transactions in less than 30 seconds.
STORAGE + WAREHOUSING-
Chery opens spare parts warehouse in UAE: Chinese automotive manufacturer Chery has opened a new parts warehouse in the UAE — its largest in the region — to boost after-sales support for its regional customer base, according to a statement. The facility, covering 12k sqm, is a 15-minute drive from both Jebel Ali Port and Al Maktoum International Airport. The warehouse’s inventory covers over 20k different varieties of components.
ROADS-
Oman to launch road rehabilitation projects: Oman’s Transport Ministry has inked two agreements to improve road infrastructure in Dakhiliyah governorate, according to a statement. The first agreement aims to complete the Saih Qatna project in Wilayat Al Jabal Al Akhdar, which aims to enhance traffic movement. The other agreement seeks to rehabilitate the Bidbid-Nizwa Road, fixing damaged sections of the 100 km dual carriageway.
OTHER STORIES WORTH KNOWING THIS MORNING-
- Gulf Air to expand Singapore route: Bahrain’s national carrier Gulf Air will increase its direct flights from Bahrain International Airport to Singapore International Airport to seven weekly flights from the current three by the end of October. (Bahrain News Agency)
- IAG Cargo to bring back London-Jeddah service: International Airlines Group’s (IAG) cargo division, IAG Cargo, is launching a six-time weekly service between London Heathrow Airport and Jeddah King Abdulaziz International starting 2 November 2024. (Statement)
