Banking & Finance Saudi Arabia invests $1.3bn in four Egyptian firms The Saudi Egyptian Investment Co (SEIC), owned by Saudi Arabia’s state-owned Public Investment Fund (PIF), has bought minority stakes in four Egyptian companies for $1.3 billion, Egypt’s planning ministry said on Wednesday. The companies are Abu Qir Fertizilers and Chemical Industries, Misr Fertilizers Production Company , Alexandria Container and Cargo Handling, and payments firm E-Finance […] August 11, 2022
Banking & Finance Abu Dhabi’s Chimera buys 55.9% stake in Egyptian financial firm Abu Dhabi investment firm Chimera Investment LLC said on Tuesday it has acquired a controlling stake in Egypt’s Beltone Financial Holding, part of a strategy to expand in the Middle East and North Africa region. Chimera bought 55.9 percent of Beltone at 1.485 Egyptian pounds a share, valuing the company at 661.8 million pounds ($34.6 […] August 10, 2022
Banking & Finance Saudi’s PIF sets up company to invest in Egyptian sectors Saudi Arabia’s Public Investment Fund (PIF) has set up a company to invest in promising Egyptian sectors, extending a policy of pumping money into the Egyptian economy. The $620 billion sovereign wealth fund said on Friday sectors in Egypt it would target through its new Saudi Egyptian Investment Co (SEIC) included infrastructure, real estate, health […] August 6, 2022
Real Estate Egyptian developer launches $26m mixed-use project Egypt’s Golden Town Real Estate Development has launched the first phase of its EGP500 million ($26.14 million) mixed-used project, Cascada, in the New Administrative Capital. The expected total sales value is more than EGP750 million, the company said in a statement. The developer intends to invest within and outside the administrative capital, chairman Raafat Maher […] August 5, 2022
Banking & Finance Egypt’s current account deficit widens, funds flow out in Q1 Egypt’s current account deficit widened in the January-March quarter amid a surge in portfolio outflows triggered by Russia’s invasion of Ukraine, the central bank said in balance of payments figures released on Thursday. The current account deficit increased to $5.79 billion (EGP110.8 billion) from $5.67 billion in January-March a year earlier as the trade deficit […] August 5, 2022
Economy Egyptian non-oil sector continues contraction at slower pace Egypt’s non-oil private sector activity shrank again in July, but at a slower pace than June’s two-year low, as demand remains weakened by inflation and shortages continue to put pressure on supply, a survey showed on Wednesday. The S&P Global Egypt Purchasing Managers’ Index (PMI) strengthened slightly to 46.4 from June’s 45.2, remaining below the […] August 3, 2022
Retail Egyptian e-commerce platform Homzmart raises $23m in funding Furniture and home goods e-commerce platform Homzmart has closed one of the past year’s biggest funding rounds for a Middle Eastern and North Africa startup, raising $23 million, its chief executive said. The company, launched in 2020, will use the new funding to expand services, especially logistics, and fill gaps that appear in supply chains, […] August 2, 2022
Banking & Finance Remittances from Egyptian workers abroad at $2.4bn in May Remittances from Egyptian workers abroad at $2.4 bln in May Remittances from Egyptian workers abroad reached $2.4 billion in May, the central bank said on Sunday. Remittances, one of Egypt’s main sources of foreign currency, were at $2.6 billion in May 2021, the bank added. Egypt’s M2 money supply rose by 23.4 percent year-on-year in […] August 1, 2022
Analysis MENA startup funding poised to recover in second half of 2022 Last year was a standout for Middle East and North African startups in which many notable records were broken, including the largest funding round to date and the highest number of deals. The total amount of investment raised by regional startups was pushed to $2.8 billion across 639 deals. This constituted a quadrupling of investment, […] July 29, 2022
Energy UAE’s ADNOC Distribution buys 50% stake in TotalEnergies Egypt Abu Dhabi’s ADNOC Distribution has signed a $186 million agreement with TotalEnergies Marketing Afrique SAS to acquire a 50 percent stake in its Egypt unit. Established in 1998, TotalEnergies Egypt is among the top four fuel retail operators in the north African country. Listed on the Abu Dhabi Securities Exchange, ADNOC Distribution operates 464 retail […] July 29, 2022
Economy Egypt and IMF working out ‘remaining points’ on loan Egypt and the International Monetary Fund are discussing remaining points in negotiations over a new extended fund facility, finance minister Mohamed Maait told Al-Arabiya on Wednesday. Asked if there were differences between Egypt and the IMF, Maait said: “In talks with anyone you go from one point of view to another. The talks are ongoing, […] July 28, 2022
Analysis Food & Drink Poor Arab nations face hunger despite Ukraine grain deal Middle East and African countries dependent on Ukrainian grain face the prospect of crippling food insecurity, hunger and misery, despite a deal to restart exports blockaded amid the Russian war. Moscow’s promises may prove unreliable, while skyrocketing grain prices could spell dire outcomes for the region’s hungriest and most vulnerable nations, experts told AGBI. The […] July 28, 2022
Analysis Manufacturing Ethical fashion: it’s so right now, but it’s granny chic too Sustainable fashion is a buzzword that’s becoming a sound business proposition, particularly for MENA manufacturers returning to the thrifty practices of their grandparents The QR code on the clothing label takes you to a field where the cotton is grown. Shoppers can swipe to see the cotton being picked by hand and gathered into fluffy […] July 27, 2022
Economy Egypt adds 1m more people to social support programme Egypt will add one million families to a social safety net programme that provides cash transfers, bringing the total number of beneficiaries to more than 20 million, the presidency said in a statement on Tuesday. The “Solidarity and Dignity” programme began in 2015 with World Bank funding. Payments to families start at 350 Egyptian pounds […] July 27, 2022
Energy EU grants Egypt $120m to support water and energy sectors The European Union has provided Egypt with a grant of 117.9 million euros ($120 million) to support the country’s water and energy sectors, Egypt’s ministry of international cooperation said on Thursday. The positive news comes as Reuters reported Egypt had a near 95 percent debt-to-GDP ratio and has seen one of the biggest exoduses of […] July 22, 2022
Tourism UAE’s Rotana expands further into Egypt with Luxor property Rotana, the Abu Dhabi-headquartered hotel management company, has signed a new agreement to operate a property in Luxor, as Egypt continues to be the dominant player in Africa’s hotel sector. The five-star Luxor Rotana in Egypt’s historic city is set to open in the fourth quarter of 2023. The UAE hotelier operates around 100 properties […] July 20, 2022
Lifestyle Arabic club music takes off in New York A music venue and nightclub in Brooklyn, New York, is putting the spotlight on music from the Middle East and North Africa. Laylit, or “the night of” in Arabic, is a party night at Elsewhere with Syrian resident DJ Saphe Shamoun. Launched last October, the event had become popular, attracting over 800 people. On the […] July 19, 2022
Real estate group MNHD rebuffs takeover bid by UAE-backed rival Egyptian property company Madinet Nasr for Housing and Development has rebuffed a takeover bid by rival SODIC, saying on Sunday the offer did not represent the company’s true value and calling on SODIC to reconsider it. MNHD’s board said it was prepared to restart work to conclude a deal if SODIC put forward an offer […] July 18, 2022
Manufacturing UAE’s Agthia to buy 60% stake in Egypt snacks firm Abu Auf United Arab Emirates food and beverages group Agthia said on Thursday its board approved a proposed acquisition of 60 percent of Egyptian snacks company Abu Auf Holding worth 2.92 billion Egyptian pounds ($154.99 million). Agthia, majority owned by the Abu Dhabi government through state investor ADQ, has since late 2020 made a string of acquisitions […] July 15, 2022
Banking & Finance IMF says it held productive talks on new programme for Egypt The International Monetary Fund (IMF) said on Friday it had held productive discussions during a staff visit to Egypt on economic policies and reforms to be supported by an extended fund facility. “In the period ahead, we are continuing our close engagement with the authorities towards reaching staff-level agreement,” the IMF statement said. The IMF […] July 12, 2022
