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July 4: El Attal is IPOing

We hope you’re having a lovely morning: We have news this morning from the education, real estate sector, and much more.

A look at our new cabinet

APART FROM YESTERDAY’S UPDATES:

A number of ministers are keeping their positions, with Rania Al Mashat retaining her spot and a larger remit for the Planning and Economic Development Ministry along with the International Cooperation Ministry.

Similarly, Kamel El Wazir will be taking on more duties from both the Industry Ministry and the Transport Ministry after Ahmed Samir is going to resign from his position as the Minister of Trade and Industry.

NEW POSITIONS

Justice: Adnan El Fangary will now head the Justice Ministry.

Education: Mohamed Abdellati will now head the Ministry of Education.

Housing: Sherif El Sherbini, who previously was chief of the 6th of October City Development Authority, will now head the Housing Ministry.

Tourism: The Ministry will now be headed by Sherif Fathy, who previously served as the minister of civil aviation for the country from 2016 to 2018.

Agriculture: In this ministry, Alaa Farouk, who currently serves as the chairman of the Agricultural Bank of Egypt, will head the ministry,

Culture: Ahmed Hanno will take the helm from Nevine El Kilany.

TMG launches "South Med" on the Mediterranean coast.

The Clap:

Talaat Moustafa Holding Group announced the launch of the mega project “South Med” on the Mediterranean coast will investments totaling EGP one trillion.

What they said:

Hisham Talaat Mostafa, CEO and managing director of the group, said the project “will compete with the largest tourist resorts on the Mediterranean.”

So what:

Moustafa added that the project achieved record sales of EGP 60 billion within the first 24 hours of opening the door for reservation. The project will span 23 million square meters, and is expected to contribute to the creation of 1.6 million direct and indirect jobs and add EGP 2.4 trillion to Egypt’s GDP.

They’re banking on star credit:

Remember, TMG has selected Sylvester Stallone (star of Rocky, Rambo, and much more) as their brand ambassador. Watch their ad which we honestly think deserves props, here.

El Attal is planning to IPO in 2025

The Clap:

Real Estate developer El Attal Holding, is set to IPO next year with a listing of 30-35% of its shares on the EGX, CEO Ahmed Al Atta said in an interview with Asharq Business.

The specifics:

Attal stated that it is collaborating with advisors from the UK and Greece to establish the offering, mentioning that the fair value of the company will be disclosed by the end of 2024.

The developer will construct a housing project in Saudi Arabia as well:

Attal mentioned that they will sign a deal with the Saudi Housing Ministry to establish a 1.5k unit residential project in the country.

Al Ahly will set up four internationally-accredited universities

The Clap:

Al Ahly CIRA plans to set up four under a newly-signed agreement with the Sovereign Fund of Egypt. The new universities will be set up under a public-private partnership.

Importing the necessary expertise:

The universities will be established in collaboration with global educational institutions from Canada, Switzerland, Germany, and the US, with the aforementioned partners set to be announced once cooperation agreements are finalized, CIRA said.

Fedcoc wants to end the current format of commercial store closures

The Clap:

The Federation of Egyptian Chambers of Commerce (FEDCOC) plans to present a proposal to the Ministry of Local Development in which it will suggest modifications to the current opening and closing times for retail stores, which currently shut down at 10 pm.

Modifying hours to accommodate consumer behaviors:

The suggested adjustments recommend that stores in Upper Egypt should operate from 3pm to 1am. This is in line with the habits of consumers in these warmer areas, who usually start shopping at sunset. The recommendation for Greater Cairo and the Delta would see shops remain open from 12 pm until midnight or 1 am.