Egypt’s Misrayon & Polyester Fiber resumes exports after 12 years
#1- Misrayon & Polyester Fiber Company exports for the first time in over a decade: The recently revived state-owned textile manufacturer Misrayon & Polyester Fiber Company has shipped five containers of artificial silk to Turkey — its first export in 12 years — the Public Enterprise Ministry said in a statement pointing to government efforts to localize industry and boost exports.
What’s next: Another 14 containers are heading to Turkey and Europe this month and the company plans to up its export volumes by 150% the following month. By next month, Misrayon is aiming to be making a monthly USD 1.3 mn from exports and EGP 30 mn from domestic sales.
#2- El Maco goes green: State-owned manufacturer El Maco will invest some EGP 200 mn to manufacture smart meters and electrical transformers using solar energy, Al Borsa reports, citing company head Bassim Youssef. The firm will begin implementing the project in 2H 2024, Youssef said, adding that the company has plans to expand its exports to some African countries.
DIPLOMACY-
Shoukry, Japanese FM discuss Gaza: Foreign Minister Sameh Shoukry discussed the latest on Gaza and efforts to secure a ceasefire during a phone call with his Japanese counterpart Yoko Kamikawa, according to a statement. Japan’s FM said that her country will resume its funding contributions to UNRWA.
STARTUPS-
MoneyHash wants to step foot in KSA: Local fintech startup MoneyHash is looking to expand into the Saudi market, co-founder Nader Abdelrazik told Arab News. The startup already has customers in KSA and plans to deploy some of the USD 4.5 mn it raised earlier this year to “build a solution hub in Saudi and have a dedicated team for the market,” he said.
MoneyHash? Founded by Egyptians Abdelrazik and Mustafa Eid and American Anisha Sekar in 2020, the US-based company’s unified platform allows companies to offer payment and fintech services at checkout as well as collect data and track analytics through a single dashboard.