RIYADH: Egyptian startups succeeded in raising a total of $269.1 million in funding in the first half of 2022, according to local media reports.
As of June 2022, around 35 startups in Egypt pulled together $269.1 million in the fintech and ecommerce sectors this year, Daily News Egypt reported.
During the first two months, Brimor and Thunder were responsible for the bulk of funds attained in January and February respectively.
March saw the highest volume when 9 startups raised $78.95 million.
In addition, three considerable deals further added to March’s ranking where Khazna, Lucky and Naqla raised $38 million, $25 million and $10.5 million respectively.
April saw a drop in finances, whereas May regenerated the funds with PayMob’s $50 million deal leading the way and June saw three deals worth $4.5 million.
Abu Dhabi Ports Group acquires stake in two firms
Abu Dhabi Ports Group reached an agreement to acquire a 70 percent equity stake in International Associated Cargo Carrier BV, which wholly owns two Egypt-based maritime companies, Transmar International Shipping Company and Transcargo International, Asharq Alwsat reported.
The total purchase consideration of this transaction amounts to 514 million dirhams ($140 million).
The acquisition will be fully funded from AD Ports Group’s existing cash reserves, which stood at over 3 billion dirhams as of March 31.
It is the first international acquisition realized by AD Ports Group.
Transmar is a regional container shipping company that operates across the Middle East, Red Sea, Arabian Gulf and Eastern Coast of Africa. In 2021, Transmar handled 109,000 twenty-foot equivalent units.
TCI is a terminal operator and stevedoring company, mainly operating out of the Adabiya Port, where it is the exclusive container operator. Its two lines of business are container and bulk cargo services. In 2021, TCI handled 92,000 TEUs and 1.2 million tons of bulk cargo.