AVIATION-

EgyptAir has placed another big order for new aircraft. National flag carrier EgyptAir has placed an order for 10 new A350-900 jets from Airbus, the European planemaker announced in a statement. The value of the contract was not disclosed, but the manufacturer’s standard price list puts the figure at USD 3.2 bn for all 10 planes, according to calculations by AFP.

When will Egypt get the planes? The aircraft are scheduled to be delivered between 2025 and 2027, Egypt Air’s CEO Yehia Zakaria was quoted by Sky News Arabia as saying in a presser. He also added that EgyptAir will finance the contract.

Remember: EgyptAir just placed an order to lease 18 new aircraft from Boeing earlier this week American outfit Air Lease Corp to be delivered starting from early 2025 and 2026. You can thank the Dubai Airshow for all of the planes in your news feed of late.

DEBT-

SODIC is taking out an EGP 1.2 bn facility: Our friends at SODIC inked a seven-year, EGP 1.2 bn revolving credit facility agreement with CIB, the upmarket real estate developer said in an EGX disclosure (pdf) yesterday. The developer will use the funds to finance the ongoing operations of various projects. The facility will be backed by a portfolio of SODIC’s receivables from future installments for units sold.

DEVELOPMENT FINANCE-

Egypt joins Afreximbank’s USD 2 bn food security initiative: Egypt inked a framework agreement to join food security initiative that will see Afreximbank commit USD 2 bn to help improve production and make it easier for African countries to trade food. The governments of Chad, Malawi, and Zimbabwe also inked the agreement during this week’s Intra-African Trade Fair in Cairo, according to a press release out yesterday.

It’s the second big Afreximbank announcement this week: The bank has agreed to extend USD 3 bn worth of credit to Egyptian companies — including Hassan Allam Holding, Elsewedy Electric, and Arab Contractors — to support infrastructure they’re running across the continent.

MANUFACTURING-

Turkish hygiene andsanitary products company Hayat boosted its Egyptian subsidiary’s capital by USD 20 mn to USD 200 mn to finance the company’s expansion plan, Hayat Egypt’s general manager Senol Keserlioglu told Al Mal. The parent company is planning to increase its investments in Egypt to USD 650 mn from USD 530 mn by the end of 2025 and has a new factory set to open in late 2024 and another in 2025, Keserlioglu added.

INVESTMENT-

Cleopatra Group is investing big in its tourism and ceramics businesses: Cleopatra Group will invest some EGP 120 bn (USD 3.9 bn) into its tourism, real estate, and ceramics subsidiaries, founder and board chairman Mohamed Abou El Enein told Asharq Business in an interview. The company is earmarking some EGP 100 bn as it looks to build new hotels on the North Coast and increase the capacity of its existing hotels in Sharm El Sheikh and Hurghada. The balance will go into expanding production at its ceramics plants, Abou El Einein said.

Tags: