Saudi Arabia is extending by one year its USD5 billion deposit at the Central Bank of Egypt (CBE).
Subsidized loans to industrial, agricultural, and construction companies will be axed, Deputy CBE Governor said. Borrowers who have already taken out loans under the program will continue to benefit from the subsidized 8% interest rate. However, who want to extend or borrow more under existing facilities will have to do so at prevailing interest rates.
MFPC issued 3Q22 consolidated results, where the bottom line came In at EGP1,325 million (-49% QoQ, -2% YoY).
BMW has made Global Auto Group its new importer and agent in Egypt. Global is a joint venture between Kuwait’s Ali Alghanim & Sons Automotive, Saudi Arabia’s Mohamed Yousuf Naghi Motors, and local firms Organi Group and Al Safi Group.
AUTO has filed an arbitration case against the Algerian government for severe damages and losses of USD24 mn suffered due to unspecified measures taken against AUTO's units and investments in the country.
TALM announced today that it signed binding documentation to acquire control of a university under-development in New Cairo. The acquisition of the university will be completed through TALM's subscription to a capital increase of the target company.
MBSC has filed to appeal a September ruling by the Cairo Regional Centre for International Commercial Arbitration (CRCICA) that fined the company EGP380 million to settle a dispute with CCAP’ unit ASEC.
ARCC signed a credit facility contract with the National Bank of Egypt of EGP400 million to finance the purchase of raw materials.
The New and Renewable Energy Authority is reportedly planning to issue a tender to develop solar power plants with a combined production capacity of 200 MW across several land plots in Aswan’s Benban solar parkt.
HRHO announced the successful completion of the shares’ public offering of Taleem group, the leading educational institution in Dubai Financial Market, at a value of $204 million. The offering is equivalent to 25% of the company’s total capital, 250 million shares where the indicative price per share was 3 dirhams.
ValU contracted with TOTAL Energies Marketing Egypt to provide payment and financing solutions to its customers.
Ryanair is in talks to launch flights to Egypt.