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Riyadh: Egyptian startups managed to raise a total of $269.1 million in funding in the first half of 2022, according to local media reports.
As of June 2022, some 35 startups in Egypt have raised $269.1 million in fintech and e-commerce this year, according to the Egyptian Daily News.
During the first two months, Brimor and Thunder were responsible for most of the funding received in January and February, respectively.
March saw the highest deal volume, when nine startups raised $78.95 million.
In addition, three sizable deals further added to the March ranking, with Khazna, Lucky, andNaqla raising $38 million, $25 million, and $10.5 million, respectively.
There was a financial downturn in April, while May was led by PayMob’s $50 million in transactions, and June saw three transactions worth $4.5 million.
Abu Dhabi Ports Group acquires stakes in two companies
Abu Dhabi Ports Group has reached an agreement to acquire a 70% stake in International Associated Cargo Carrier BV, which wholly owns two Egyptian shipping companies, Transmar International Shipping Company and Transcargo International, Asharq Alwsat reported.
The total purchase price for the transaction is AED 514 million (US$ 140 million).
The acquisition will be fully funded by AD Ports Group’s existing cash hoard, which stood at over AED3 billion as at 31 March.
This is AD Ports Group’s first international acquisition.
Transmar is a regional container shipping company with operations in the Middle East, Red Sea, Arabian Gulf and the East Coast of Africa. In 2021, Transmar processed 109,000 20-foot equivalent units.
TCI is a terminal operator and stevedoring company operating mainly outside the Port of Adabiya, where it is the exclusive container operator. Its two business lines are container and bulk cargo services. In 2021, TCI handled 92,000 TEUs and 1.2 million tons of bulk cargo.
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