DEBT-

CIRA’s second future flow bond issuance coming this month: CIRA Education is set to securitize future cashflows worth EGP 700 mn before the end of the month, CEO Mohamed El Kalla told Enterprise. This will be the second tranche of its EGP 2 bn program. The company had initially planned to offer a second tranche of EGP 800 mn, he added. The proceeds will be used to finance CIRA’s plans to expand its university and K-12 offering.

Remember: CIRA in November closed its maiden EGP 800 mn future flow issuance, the country’s first-ever bond of its kind. Unlike a traditional securitized bond, future flow allows the securitization of off-balance sheet cashflows.

AND- CIRA buys out subsidiary: CIRA Education has fully bought out subsidiary Egyptian Company for Education Systems by acquiring the 0.5% stake that it didn’t already own, it said in a filing to the bourse (pdf) earlier this week. The seller is listed as CIRA board member Mohamed Soliman. The move is aimed at consolidating CIRA’s businesses and simplifying its operations, El Kalla said, adding that the company has been for some time buying-out minority investors in subsidiaries in which it holds the lion’s share of the equity.

BANKING-

aiBank has launched a 15% interest-up-front time deposit, it announced in a stat ement ( pdf) yesterday. Savers have to deposit at least EGP 500k in the account for up to six months. The sweetener: This is an interest-up-front instrument, meaning depositors are paid the interest in advance on the day of deposit with a rate of up to 15%. The instruments are open to both retail and corporate clients, aiBank said.

What’s a time deposit? A TD is a shorter-term instrument than a certificate of deposit. TDs tend to last for months (generally up to six), while certificates of deposit are typically for tenors of one to three years.

TRANSPORT-

Our friends at Orascom Construction and UK’s Colas Rail have inked an agreement with the National Authority for Tunnels to convert Alexandria’s Abu Qir railway into an underground metro, according to a cabinet statement. The European Investment Bank and the European Bank for Reconstruction and Development are providing a combined EUR 1 bn in finance for the project. An unconfirmed report in the domestic press suggest that the state will directly finance 15% of the project’s total cost.

REAL ESTATE-

More families become eligible to apply for land plots in new cities: The New Urban Communities Authority has widened eligibility for its Maskan housing scheme to families that have already received housing or land through other social housing schemes, as well as families that have already purchased mid-level or premium land plots in new cities, a Housing Ministry statement said. Only former recipients of mid-level or premium plots through the Maskan program are not eligible to apply for another plot.

Maskan? The scheme allows buyers to reserve one of 522 plots across the country’s new cities through its dedicated website. Plots have been separated into categories according to quality, in line with the government’s drive to provide affordable housing at all income levels. The scheme’s third offering opened on 22 August and will continue until 21 October.

REGULATION-

Real estate developers get a break: Developers will soon be allowed to apply for a one-time license to own and operate a commercial and office properties rather than having to apply for annual license renewals, Mohamed El Bustani, the deputy head of the real estate division at the Federation of Egyptian Chambers of Commerce, told Enterprise. The government is in the process of changing the licensing requirements in response to the division’s request, he said. El Bustani was confirming a report first broken by Al M al.

FEI is pushing for changes to financing regs: The division has submitted several requests to the Central Bank of Egypt to make properties an acceptable collateral for loans extended to property buyers, division head Tarek Shoukry previously told Enterprise.

ENERGY-

#1- Taqa Arabia sets up in Saudi Arabia: Qalaa Holdings subsidiary Taqa Arabia has established a Saudi company with the Saudi Natural Gas Distribution Company, it said in a EGX disclosure (pdf) yesterday. The SAR 500 mn company, dubbed First Gas Company, is a 50/50 joint venture. The company will maintain and develop pipelines, and transport oil and gas.

#2- Two agreements with EDF Renewables: France-based EDF Renewables has signed two MoUs with the Egyptian Electricity Holding Company (EEHC) and North Cairo Electricity Distribution Company (NCEDC) to collaborate in electricity and energy projects, according to a cabi net state ment. The statement didn’t go into any details regarding the projects.

SOCIETY-

Egyptian preacher Amir Mounir arrested over Umrah-for-hire app: The app allowed users to “outsource” the performance of the Umrah pilgrimage in return for an EGP 4k (USD 130) fee. Al Arabiya reports. Fatwa trustee at Egypt’s Dar Al Ifta Khaled Omran took to the talk shows earlier this week to tell viewers it is not possible to pay someone else to perform the rite.

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