REAL ESTATE-

We now know the price tag on SODIC’s Caesar expansion: Leading real estate developer SODIC is paying EGP 534 mn for the 180 acres of land it is buying from the New Urban Communities Authority (NUCA) to expand its North Coast Caesar project, the company said in an EGX disclosure (pdf) yesterday. SODIC added that the downpayment it paid on the plot in May amounted to 10% of the total sum. The company plans to invest over EGP 10 bn in the Caesar extension, which it expects to start work on later this year.

TRADE-

The Egyptian Businessmen’s Association (EBA) has called on cabinet to provide trade financing to foreign companies to help them buy Egyptian goods, Al Borsa reports.

Remember: The heavy devaluation of the EGP, which has almost halved in value against the USD since March 2022, has failed to provide a boost to non-oil exports, which have slipped over the past year. The government aims to raise the value of annual exports to USD 100 bn by 2026, and significantly upped export subsidies in this year’s budget to support businesses.

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