A little bit of debt, a little bit of M&A, and a little bit of real estate news.

DEBT-

Tameer secures 956 mn for New Cairo project: Real estate developer Tameer has landed an EGP 956 mn loan from Banque du Caire for its business park project Urban Business Lane in New Cairo, according to a statement (pdf). The project, which will include 10 commercial and administrative buildings, is estimated to cost EGP 8.6 bn.

M&A-

JAF Investment acquires stakes in two AIH subsidiaries:JAF Investment, which is headed up by Arabia Investments Holding (AIH) chairman Gamal Abdelfatah Othman, has acquired minority stakes in two AIH subsidiaries, Al Borsa reported. JAF purchased a 30% stake in SME finance firm UE Finance for EGP 147 mn and a 30% stake in Rawaj Consumer Finance for EGP 30 mn. JAF first submitted its offer for the stakes in May, with the company head pleading to “observe all the principles of conflict of interest.”

REAL ESTATE-

Madinet Masr closed EGP 7 bn worth of contracts in 2023:Homegrown real estate developer Madinet Masr has inked EGP 7 bn worth of contracts with 73 companies over 2023, it said in a press release (pdf). The contracts include a EGP 1.7 bn MoU with local construction company El Hazek to construct the final stage of Madinet Masr’s Taj City project and the company’s new HQ.

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