STARTUPS-

Keep an eye out for Thndr Saudi, UAE: Local stock-trading appThndr Securities wants to move into the Saudi and the UAE markets, co-founder and CEO Ahmed Hammouda told Al Borsa. Thndr has reportedly applied for a license from Saudi regulators and is in talks with several banks to provide its services with the aim of starting operations in early 2024, he said. The company is also considering getting licensed in Abu Dhabi if it is able to launch before the end of 2023.

REAL ESTATE-

aiBank x Social Housing and Mortgage Finance: The Arab Investment Bank (aiBank) expects to provide up to EGP 800 mn in home loans at subsidized rates to low- and middle-income earners after signing an agreement with the Housing Ministry’s Social Housing and Mortgage Finance Fund, according to a joint statement (pdf) yesterday.

Refresher: The central bank’s subsidized mortgage scheme for middle-income earners was axed last year and the responsibility for providing soft loans was transferred to the Housing Ministry. This was one of the conditions of our USD 3 bn loan program agreed with the IMF last year.

aiBank already works with the fund: The agreement will step up aiBank’s partnership with the fund, with which it provides home loans at subsidized rates ranging between 3% and 8%. The bank has financed almost 6.2k clients under the initiative, with its portfolio growing 60% y-o-y to EGP 782 mn so far this year.

Remember: EFG Holding and the Sovereign Fund of Egypt acquired 76% of the bank in 2021, with EFG taking a controlling 51% stake.

NBFS-

Contact launches financing services for weddings:Contact Financial has rolled out financing services for weddings and social events, it said in a press release (pdf) yesterday. It is offering up to EGP 1 mn in finance with no down payment, with repayment plans of up to three years.

TELECOMS-

NTRA fines mobile service providers: The National Telecoms Regulatory Authority (NTRA) fined mobile service providers around EGP 20 mn in 2Q 2023 for poor service quality, it said in a report (pdf). The number of cell towers increased by 37% y-o-y in the April-June quarter with the launch of 862 new cell towers, according to the report.

EXPORTS-

Export subsidy program receives a boost: The cabinet yesterday approved an additional allocation of EGP 2 bn to the sixth phase of the export subsidy program, increasing the total amount earmarked for this phase to EGP 12 bn, it said in a statement following its weekly meeting yesterday.

Remember: The Finance Ministry is in the middle of paying out subsidies under the sixth phase of the program. A third batch of payments will be made on 16-17 August.

COMMODITIES-

GASC buys Russian, Romanian wheat: GASC bought 300k metric tons of wheat from Russia and another 60k metric tons from Romania in an international tender yesterday, Reuters reports, citing a statement from the state grain buyer. The grain was bought on the free-on-board basis and will be delivered between 1 September and 25 October. The International Islamic Trade Finance Corporation is providing the finance.

KUDOS-

Madinet Masr + Misr El Kheir bring medical care to Assiut residents: Madinet Masr for Housing and Development (MNHD) teamed up with Misr El Kheir to fund zero-cost medical services to low-income residents in Assiut Governorate, the company said in a press release (pdf). A medical convoy on 30-31 July aims to examine more than 400 patients and provide medical services free of charge in the health unit in the village of Abanoub.

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