RETAIL-

Abu Auf could soon enter Saudi Arabia: Egyptian food brand Abu Auf wants to expand into Saudi Arabia by the end of this year, reports Al Shorouk, citing unnamed sources. Abu Auf’s majority shareholder is ADQ-owned Emirati F&B company Agthia, which bought a 60% stake in the company last year and already owns brands in the kingdom. Abu Auf plans to invest USD 5-7 mn in 2023 for Gulf expansion, the company told Enterprise at the time of Agthia’s acquisition last summer.

BANKING –

No dice on easing concentration risk rules, CBE tells banks: The Central Bank of Egypt (CBE) has declined a request by the Federation of Egyptian Banks to bring back exemptions that would exclude their largest clients from credit concentration limits until December 2024, Asharq Business reports, citing an official document it says it has seen.

Credit concentration limits? The limits cap the amount of credit that banks can extend to any one client at 15% of the bank’s total credit portfolio, or at 20% of its total portfolio for a client and parties related to the client. The CBE exempted banks’ 50 largest clients from credit concentration limits in 2020 in response to the pandemic. That exemption expired at the end of last year.

TOURISM-

Pickalbatros will open a new hotel in Sharm El Sheikh before the end of the year , Al Mal quotes Chairman Kamel Abou Ali as saying. The 200-room, EGP 400 mn Laguna Club hotel will open in the Red Sea resort town in November, he said. The company also plans to open the Portofino Marsa Alam in the coming months, which will feature 840 rooms and suites, he added.

LOGISTICS-

El Dekheila dry bulk terminal to be offered to companies: Alexandria Port Authority will launch a tender in October for grain shipping and handling companies to take over management of a dry bulk terminal at El Dekheila Port, Al Mal reports. The winning company will take the 300k square-meter terminal for 30 years.

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