REAL ESTATE-

Eagle Hills x Hassan Allam: Emirati real estate developer Eagle Hills Properties has awarded our friends at Hassan Allam Construction an EGP 1.97 bn contract to build two areas in the first phase of its Soul Luxury Beach Resort on the North Coast, it said in a statement (pdf). The two areas are expected to take just over 2.5 years to build. Eagle Hills, which is owned by Emaar Properties founder Mohamed Alabbar, last week inked a similar contract with Orascom Construction for the construction of two other areas in Soul’s first phase.

Madinet Masr x ASEC Automation: Madinet Masr has signed an MoU with Qalaa Holdings subsidiary ASEC Automation to build the infrastructure and road network for the C avana proj ect at its Sarai development in New Cairo, the real estate developer said in a statement (pdf) Thursday. The project will cost an estimated EGP 100 mn and is set to be completed within 12 months.

COMPETITION-

EgyptAlum + Arab Aluminum distance themselves from price gouging allegations: Local aluminum firms EgyptAlum and Arab Aluminium have released statements — here (pdf) and here (pdf) — stating that they are not among 14 companies being sued by the Egyptian Competition Authority (ECA) over alleged price-fixing. The ECA recently reportedly filed charges against 14 aluminum companies, accusing them of collaborating to fix the price of the metal.

REGULATION-

The government’s anti-money laundering unit is getting new powers: Prime Minister Moustafa Madbouly has approved amendments to the executive regulations of the Anti Money Laundering Act that empower the government’s AML and terrorism funding unit, Al Mal reports. The unit will be put in charge of implementing the law, including by deciding the legal requirements to be imposed on financial institutions and businesses, and handling interagency communications.

NBFS-

Misr Life Ins. x SAIB: Misr Life Ins. has signed an agreement with Saudi lender SAIB that allows it to offer its ins. and investment products to the bank’s clients via its branches across the country, according to Al Mal.

NEW CAPITAL-

Afreximbank is setting up in the NAC: The African Export-Import Bank (Afreximbank) has signed a USD 32 mn contract with the developer of the new administrative capital to purchase a 50k sqm land plot for its new Egypt headquarters, the Foreign Ministry said yesterday.

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