BANKING-

Mashreq eyes Egypt expansion: Dubai’s Mashreq Bank wants to expand its Egypt-based operations, CEO Ahmed Abdelaal said in an interview with Bloomberg. The lender plans to scale up its online platforms Neo and NeoBiz during 2H 2023, Abdelaal added. Mashreq derives 10% of its global revenues from Egypt, Mashreq Egypt country head and CEO Amr El Bahey told us last week, when we sat down to discuss the bank’s growth strategy, the importance of SMEs and exporters and his outlook on the Egyptian economy.

RETAIL-

Is Alfa Market going under?Supermarket chain Alfa Market has begun closing branches as it looks to sell off assets to repay mounting debts, Al Shorouk reports, citing unnamed sources. The company owes EGP 100 mn to lenders and suppliers, according to the sources, which say that the company will close branches “temporarily” while it sells assets. Alfa Market owns nine branches in Greater Cairo, most of which are leased. The newspaper says that a number of its competitors have expressed interest in acquiring some of its branches. Enterprise was unable to reach a representative of the company for comment.

HEALTHCARE-

E-Finance gets involved in national health ins. scheme: The Health Ministry and other government health authorities earlier this week signed a protocol with eHealth — a subsidiary of state-owned fintech player E-Finance — that will expand primary care and public-sector involvement in the public health system, according to a statement.

TOURISM-

Direct flights from Saudi to Egypt’s new Sphinx International Airport are here: Saudi budget carrier Flynas will operate three weekly direct flights to Cairo’s second international airport from Jeddah as of 16 June and from Riyadh as of 1 July, the company said in a statement. This will be the airline’s fifth destination, an expansion that aims to meet demand ahead of this year’s Hajj season, said CEO Bander Almohanna. The company resumed directflights to Sohagfrom Riyadh and Jeddah in September and launchedits first direct flight from Al Ula in October.

INFRASTRUCTURE-

#1- Elsewedy Electric is keen to help construct the electrical interconnection project between Zimbabwe, Zambia, Botswana, and Namibia,Prime Minister Moustafa Madbouly told Zimbabwean Vice President and Health Minister Constantino Chiwenga during a meeting in Cairo on Tuesday, according to a cabinet statement. The Zizabona interconnectorhas been in the works for more than a decade and is being part-financed by the African Development Bank.

#2- Arab Contractors in Angola: Arab Contractors will build four road and infrastructure projects in Angola after signing a partnership agreement with one of the country’s largest companies, reports Al Mal. The agreement with the unnamed firm was signed on the back of a visit of the Angolan public works ministry to Cairo for talks with the Housing Ministry, the newspaper reports.

HOSPITALITY-

Akam Al Rajhi Development will invest EGP 5 bn to build the Voco hotel at its North Coast development, DOSE, reportsAlMal. The firm signed an agreement this week with Intercontinental Hotels Group (IHG), which will manage and operate the hotel. The 300-room resort is planned to open at the end of 2026.

TELECOMS-

Telcos go green: All four of the country’s telecom providers inked agreements with the Madbouly government to purchase green energy to use in their facilities, according to a cabinet statement. Operators have been working to increase their reliance on renewable energy to operate cell towers and corporate buildings in efforts to cut down on electricity bills and reduce emissions. We looked at how telcos are going green to cut costs in last week’s Hardhat.

SUEZ CANAL-

The Suez Canal Authority has a new holding company: A new Suez Canal holding company will obtain ownership over two state-owned companies, one of which has been earmarked for privatization, under a decision approved by ministers at the weekly cabinet meeting yesterday. The Suez Canal Authority’s Canal Company for Mooring and Lights (CCML) and the Port Said Company for Engineering Works and Marine Construction will be transferred to the new firm, known as the Suez Canal Holding Company for Maritime Industries, Services and Investment, according to the statement. CCML was among the 32 companies named on the government’s privatization list earlier this year. Cabinet said the holding company will be tasked with “managing and investing” its assets, without providing further details.

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