DP World ILT20 Season 3 merchandise finds new purpose in Madagascar through Gulf for Good partnership - Middle East Business News and Information
The DP World International League T20 Season 4 will begin on Tuesday, 2 December – UAE National Day (Eid-Al-Etihad) with a blockbuster opening, the six-team, 34-match tournament will conclude with the final on Sunday, 4 January 2026
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Daily News Egypt
2 hours ago
- Daily News Egypt
Egypt targets self-sufficiency in porcelain products with private sector support
Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel Al-Wazir conducted an inspection tour of three specialized factories in the food, building materials, and metal industries located in Obour Industrial City, Qalyubeya. Al-Wazir began his visit at the factory complex of Obour Land for Food Industries, which covers 35,000 square metres and produces 170,000 tonnes of cheese, 70,000 tonnes of sterilized milk, and 50 million litres of juice annually. The company employs over 2,500 workers and exports to more than 33 countries, including the United States, Russia and the Gulf region. In 2024, the company's exports reached $20m. During the tour, the minister visited the sterilized milk and juice plant, inspected the reception tanks and filling machines, and viewed a mini-exhibition of the company's full product range. He also toured the white cheese factory, checking the packing hall's four production lines, cheese lab, Tetra Pak lines and final assembly area. Al-Wazir instructed the ministry's affiliated bodies to verify the safety of raw materials and equipment and stressed the need to double production of white cheese to meet rising local demand. The minister then visited the Royal Ceramica factory, which produces ceramic and porcelain tiles across a 70,000 sqm site with an annual capacity of 15 million sqm. Its products are exported to Europe, the Middle East and the US, and the factory employs 1,665 workers. Al-Wazir toured the product showroom and various production areas, including raw material preparation, drying, glazing, pressing, sorting, and kilns. He praised Royal Ceramica as the only facility in Egypt and the Middle East producing 2 cm and 3 cm thick porcelain tiles suitable for ports, airports and roads, as well as being the first to produce glazed porcelain tiles in sizes up to 60×120 cm. The minister highlighted the factory's sustainable production model, which recycles all water and raw material residues, reducing costs and improving resource efficiency. Al-Wazir directed that tiles for metro station construction projects be sourced locally to support Egyptian industry. He reaffirmed the government's commitment to protecting domestic manufacturers from dumping practices under WTO rules, aiming to lower the import bill and increase local production. He also expressed the ministry's goal for Royal Ceramica to achieve full self-sufficiency in porcelain products for the Egyptian market. Concluding his tour, Al-Wazir visited Obour Metal Industries factory 'Galva Metal,' part of Kandil Steel Group, which spans 46,300 sqm. The group's total investments amount to EGP 3bn, with annual production capacity of 900,000 tonnes of cold-rolled, galvanized and colour-coated steel coils. Products are exported to the Middle East, Africa, Europe and the US, and the group employs 1,400 workers. The minister viewed a mini-exhibition of finished products and inspected production lines, including pickling and rolling, grinding, furnaces, galvanizing and the zinc bath. He also toured two multi-slit cutting lines — the first of their kind in Egypt, the Middle East and Africa — designed to produce high-precision steel sheets for the home appliance sector. The €6m investment in these lines was completed in 2024.
Mid East Info
5 hours ago
- Mid East Info
Cenomi Retail announces the signing of a share purchase agreement between its founding shareholders and Al-Futtaim for the sale of 49.95% stake to Al-Futtaim
Al-Futtaim enters into a Share Purchase Agreement SPA to acquire 49.95% of Cenomi Retail from its founding shareholders namely, Fawaz Abdulaziz Alhokair, Abdul Majeed Abdulaziz Alhokair, Salman Abdulaziz Alhokair, Saudi FAS Holding Company, and FAS Real Estate Company. Shares are priced at SAR 44 each, valuing the transaction at more than SAR 2.5 billion. • Al-Futtaim and Cenomi Retail are currently negotiating, as part of the SPA completion conditions, entering into a shareholder loan agreement for the provision of an amount not less than SAR 1.3 billion shareholder loan upon completion of the transaction, to strengthen Cenomi Retail's balance sheet and fuel its growth ambitions. • Al-Futtaim, as a strategic investor, and a prominent private business group, brings strategic alignment, operational strength, and long-term confidence in Cenomi Retail's growth strategy. • This milestone of a foreign direct investment aims to reinforce Saudi Arabia's position as a premier destination for global capital, while advancing Vision 2030 goals through private sector empowerment, scalable retail expansion, and digital transformation. Dubai, United Arab Emirates,July 2025: Cenomi Retail, Saudi Arabia's leading retail brand partner, today announced that its founding shareholders have signed a share purchase agreement (SPA) with Al-Futtaim, one of the region's most prominent and diversified private business groups. Pursuant to the SPA, Al-Futtaim will acquire a 49.95% stake in Cenomi Retail from the selling shareholders, namely, Fawaz Abdulaziz Alhokair, Abdul Majeed Abdulaziz Alhokair, Salman Abdulaziz Alhokair, Saudi FAS Holding Company, and FAS Real Estate Company. The shares are priced at SAR 44 each, valuing the transaction at more than SAR 2.5 billion. As part of the completion conditions of the agreement, Al-Futtaim and Cenomi Retail are currently negotiating a shareholder loan agreement pursuant to which Al-Futtaim will extend a shareholder loan of an amount not less than SAR 1.3 billion, upon completion of the transaction, to help strengthen Cenomi Retail's balance sheet and support its next phase of growth, the entry of which is a completion condition for the private transaction between the selling shareholders and Al-Futtaim. This landmark deal represents a major milestone for Cenomi Retail, introducing Al-Futtaim as a long-term strategic shareholder and signaling strong confidence in the company's growth trajectory and market leadership in Saudi Arabia's dynamic retail sector. This strategic investment by Al-Futtaim in Cenomi Retail is a key step in the company's transformation journey. Al-Futtaim brings not only significant capital but also deep retail expertise, operational capabilities, and a strong track record of building successful consumer platforms across the region. The company believes this strategic collaboration will accelerate its ability to seize new opportunities and deliver long-term value to its shareholders. Al-Futtaim is one of the region's most established private business groups, with operations spanning automotive, financial services, real estate, retail, and healthcare across the Middle East, Asia, and Africa. The group brings a proven track record in retail, including exclusive operations of leading Inditex brands like Zara, Massimo Dutti, and Bershka across key markets such as Malaysia, Thailand, and Singapore, as well as other retail operations across the Kingdom of Saudi Arabia, the United Arab Emirates and Egypt. Their global expertise and operational excellence will further enhance Cenomi Retail's platform and future growth trajectory. Fawaz Abdulaziz Alhokair, in his capacity as one of the selling shareholders of Cenomi Retail in the private transaction: 'This transaction marks a transformative milestone for Cenomi Retail and our shareholders. By deleveraging our balance sheet and establishing a stronger financial foundation, we are reinforcing long-term partnerships with stakeholders and positioning the company to deliver sustainable growth and enhanced shareholder value. The entry of Al-Futtaim as a strategic investor in the company will provide it with the investor's deep sector expertise, operational scale, and a shared long-term vision. Al-Futtaim's global retail footprint, financial strength, and presence in the Kingdom make them an ideal strategic investor. This strategic investment unlocks significant value for all stakeholders and aligns with Saudi Arabia's Vision 2030 to diversify the economy and attract foreign investment.' Omar Al Futtaim, Vice Chairman and CEO of Al-Futtaim: 'Our investment in Cenomi Retail reflects our strong confidence in the Kingdom of Saudi Arabia's economy and its long-term Saudi Vision 2030. This investment represents substantial foreign direct investment from the UAE private sector and underscores the robust economic partnership between our countries. It strengthens our presence and customer reach in Saudi Arabia, a strategic market with solid fundamentals and a clear national vision. We see significant opportunities to support Cenomi Retail in enhancing operations, accelerating digital transformation, and expanding its brand portfolio. This partnership also paves the way for further collaborations in the dynamic Saudi market.' Salim Fakhouri, Chief Executive Officer at Cenomi Retail: 'Today's announcement demonstrates that Cenomi Retail is firmly on the right strategic path towards our next phase of growth, focused on scalable, high-performing global brands that drive long-term value to our shareholders. Having Al-Futtaim as a strategic investor enables us to capitalize on their proven capabilities and further solidify our leadership in the retail sector and position us for sustainable growth and compelling shareholder returns.' Upon completion of the transaction, Al-Futtaim will work closely with Cenomi Retail's management and board to drive operational efficiencies, enhance customer offerings, and unlock significant value for all shareholders. The transaction is subject to customary regulatory approvals, including clearance from the General Authority for Competition in Saudi Arabia, and other contractual conditions. Further updates will be provided as the transaction progresses. Cenomi Retail was supported by its exclusive financial advisor, Lazard, throughout this transaction execution. J.P. Morgan was appointed by Al-Futtaim as its exclusive financial advisor with respect to the transaction. About Al-Futtaim: Established in the 1930s as a trading business, Al-Futtaim today is one of the most diversified and progressive, privately held regional businesses headquartered in Dubai, United Arab across 18 countries in the Middle East, North Africa and Asia, the Group spans key sectors including automotive, financial services, real estate, retail, and health. Al-Futtaim's work is driven by a clear purpose: to enrich lives and elevate communities through practical, forward-looking a workforce of nearly 33,000 people, Al-Futtaim represents a portfolio of over 200 of the world's most recognised and trusted brands, including Toyota, Lexus, IKEA, ACE, Marks & Spencer, and many a strong focus on digital innovation and artificial intelligence, sustainable growth, strategic partnerships, and empowering its people, Al-Futtaim's approach is anchored in long-term value creation. Its integrated business model positions the Group as a reliable partner to stakeholders—supporting customers, communities, and collaborators alike in navigating the needs of today while planning for tomorrow. Underpinned by the values of respect, excellence, collaboration, and integrity, Al-Futtaim continues to build a legacy that reflects its responsibility to people, progress, and the planet. About Cenomi Retail: Cenomi Retail, formed as Fawaz A. Alhokair & Co in 1990 by Fawaz, Abdulmajeed and Salman Alhokair. The company has since become the leading franchise retailer in KSA and the only listed business of its type in the Middle East. Since the opening of its first store in 1991, Cenomi Retail has grown considerably and now trades in 808 stores across 165 shopping malls in 8 countries, with a retail platform covering a total GLA of about 332 thousand square meters. All of this is managed by a workforce numbering more than 7,000. Cenomi Retail currently represents 47 brands, spanning womenswear, kids and baby, department stores, shoes and accessories, cosmetics in addition to operating a series of restaurants and coffee shops.
Economic Key
a day ago
- Economic Key
Brouq Developments to Launch New Residential Project in New Cairo
Al Sayed, Brouq Developments Chairman, and businessman Magdy Abdel Ghani announced Brouq's preparations to launch a new residential hotel project in New Cairo, located in one of the city's most distinguished locations, and the company will announce the project's full details in the coming period, coinciding with the official launching. In this context, Eng. Ibrahim Al Sayed, stated that the project is strategically located next to the American University, amidst a group of integrated urban projects, which gives it a significant competitive advantage, enhances its success chances in attracting a distinct segment of clients seeking a sophisticated and integrated lifestyle within a sophisticated urban environment. He added that the project is among the company's plan to expand its real estate portfolio within the Egyptian market, which embodies its vision in offering a real estate product that redefines the concept of luxury housing, as it has been carefully designed to provide a residential experience that combines tranquility, quality, and privacy, besides providing all the essential and recreational services that meet client needs. He emphasized that Brouq, is an Egyptian-Gulf alliance, relies on the extensive experience of its founders which extends over two decades in Gulf and North African markets, besides owning an ambitious investment plan that seeks to have a strong and sustainable print in the Egyptian real estate market. He pointed that the new project includes fully finished units with various sizes, and will offer flexible payment plans and competitive advantages, which will be announced in details during the official launching phase. Ibrahim Al Sayed assured that the project represents a promising investment opportunity, emphasizing that the company continues to implement its expansion plan by leveraging its strong track record, extensive experience, and high financial solvency. It is worth noting that Brouq Developments Company implemented a number of distinguished projects abroad, including: 'Brouq Tower', 'Al Rayyan', 'Al Hilala Residence', and 'Al Brouq Residence', in addition to its projects inside Egypt, such as: Spark Capital Insight, Bling Capital Center, and Terraside Business Park. تم نسخ الرابط
