Arab Real Estate Investment Fund

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Prime Fund Management Company will start managing investments for the Arab Real Estate Direct Investment Fund starting from this August

Investment Bank achieves strong revenues

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Arab Direct Real Estate Investment Fund Policy Price

Opening Statement

The Board of Directors of the Arab Direct Real Estate Investment Fund hosted by the Sheikh of Al-Azhar His Eminence the Grand Imam Ahmed Al-Tayeb

Government launches new EGP 120 bln financing initiative to stimulate industry and agriculture

CBE withdraws EGP 1.1 trillion from banking sector liquidity

Sovereign Egypt may sell 20% stake in Insurance Holding to strategic investors

SWEH: The Sovereign Fund of Egypt is planning to offer a 10-20% stake in Misr Insurance Holding to strategic investors, the company's managing director and CEO told Enterprise, according to unnamed sources. Earlier this week, the government transferred the entire ownership of Misr Insurance Holding Company to Egypt's sovereign wealth fund, suggesting that the government is seeking to prepare more insurance holding subsidiaries for investors. Two of the subsidiaries of the Insurance Holding Company, Misr Insurance and Misr Life Insurance, were included in the list of companies included in the government privatization program. The sovereign wealth fund plans to add the Insurance Holding Company to its pre-privatization fund, sources familiar with the matter told the bourse. The fund is currently preparing a number of state-owned companies to offer shares to strategic investors ahead of a potential listing.

Smart Energy plans to establish a billion-dollar green hydrogen plant in Egypt

Rifi issues securitization bonds worth 700 million pounds. Oula is negotiating with 3 banks to borrow EGP 1.6 bln

Chevron allocates $3 billion for Narges gas field development in the Eastern Mediterranean

Egypt borrows USD 400 mn from China's Exim to finance light rail

IPICO seeks USD 70 mn loan to finance third plant + Gipto Pharma signs EGP 4 bln agreements with Saudi company

Company News

Ernst & Young: 4% growth in mergers and acquisitions deals in the Middle East and North Africa during 2023

Despite the turmoil, mergers and acquisitions activity in the region recorded a slight increase during 2023: Mergers and acquisitions deals in the Middle East and North Africa region recorded $86 billion in 2023, an increase of 4% over the previous year, despite the regional tensions and economic uncertainty that dominated the markets. According to what Ernst & Young stated in its report on mergers and acquisitions in the Middle East and North Africa region for the year 2023. The technology sector led the rise, with a total of 141 deals during the year, while the energy and resources sectors, including metals and mining, oil and gas and chemicals, accounted for The largest share of the total value of deals this year.

13/5/2024

Contact Finance issues securitization bonds worth EGP 1.04 bln

Contact Financial Holding joins securitization race: Contact Financial Holding for non-banking financial services announced the completion of a EGP 1.04 bln securitization bond issue, marking its first issue in 2024. Tharwa Securitization Company, a subsidiary of Contact executed the issuance of Contact's credit portfolio.

13/5/2024

Raya Call Center to acquire the rest of Gulf Customer Experience shares

AA Contact Centers to acquire the rest of Gulf Customer Experience: The Board of Directors of Raya Contact Centers Company, a subsidiary of Raya Holding, has agreed to proceed with the acquisition of 15% of Gulf Customer Experience from a US investor, amounting to approximately 59,000 shares. In 2021, Raya Contact Center acquired an 85% stake in the company and plans to complete the acquisition within three years at the latest, Karim Saudi's director of investor relations told Enterprise.

19/5/2024

Beltone and Comeera partner to develop payments products

Beltone and Comera partner to drive digital transformation: Beltone Financial Holding and Abu Dhabi-based Comera Financial Holding have signed a strategic partnership agreement to work together to launch payment, consumer finance, SME finance and supply chain financing solutions in Egypt and other countries in the MENA region.

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15/2/2024

Vodafone Egypt raises its stake in Basata financial technology platform to 20%

Vodafone Egypt seeks to double its stake in the Basata financial technology platform: Vodafone Egypt is scheduled to increase its stake in the Basata Holding platform for financial payments, affiliated with B Investments, from the current 10% to 20%, through a capital increase. The deal is now in the process of awaiting approval from the Central Bank to proceed with it, BP said in a stock exchange disclosure (pdf), and the disclosure did not reveal any details regarding the value of the deal.

26/2/2024

UAE's Global Investment acquires 30% of Eastern Tobacco

New major shareholder joins Eastern Tobacco Co.: UAE's Global Investment Holding has acquired a 30% stake in Eastern Tobacco Company in a deal that will make it the largest single shareholder in the tobacco manufacturing company and give a boost to the government's privatization program, according to a Cabinet statement issued yesterday evening. The Emirati company will pay $625 million to the Holding Company for Chemical Industries for the stake, in a deal valued at more than $2 billion.

19/5/2024

Egyptian fintech startup Manzil raises USD 3.5 mn

19/5/2024

Urban Linz and IHG to build two new hotels for $85 million

19/5/2024

Two businessmen invest $100 million to create new healthcare company in Egypt

Currency News

جنيه مصري

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Completion of the Arab Real Estate Investment Fund's direct contract with FJ Hermes

Real Estate News

SODIC profits jump 164% in 2023

SODIC ends 2023 with a jump in profits: SODIC reported a net profit of EGP 1.4 bn in 2023, up 164% from 2022, according to the company's results statement (PDF). The company's revenues rose 32% year-on-year to EGP 10.33 billion, driven by growth in deliveries in East and West Cairo.

Bonyan expands its real estate portfolio by purchasing a building in the "Golden Gate" project

BONYAN buys building in Redcon's Golden Gate project: Bonyan Development & Trading Columbus Capital has signed an agreement to purchase a EGP 718 mn building at Redcon Properties' Golden Gate project in the Fifth Settlement, it was announced during a press conference yesterday. The building covers an area of 6.8 thousand square meters and will be allocated for administrative and commercial works. Enterprise attended the conference and spoke with Compass Capital Managing Partner Tarek Abdel Rahman, Redcon Chairman Tarek El-Gammal and Redcon Vice Chairman Ahmed Abdell.