FINANCIAL SERVICES-

#1- Aman Holding to launch services in Saudi in 2024: Raya’s non-banking financial services outfit, Aman Holding will start providing installment services in Saudi Arabia in the second half of the year, CEO for business and commercial affairs Hazem Moghazi said according to Asharq Business. Aman owns a 51% stake in the Saudi entity, alongside an unnamed local partner with a 49% share, Moghazi said, according to Al Borsa.

What’s next: Aman has already inked an agreement with an unnamed Saudi partner and expects to receive the Saudi Central Bank’s approval next month. Moghazi didn’t provide any details on why the firm’s entry into the Saudi market was delayed — we were expecting Aman to kick off operations in the kingdom over the summer of 2023 after Moghazi unveiled the plans in March.

First Saudi, then Nigeria: The company is also toying with the idea of expanding into Nigeria—- offering its microfinance services there next year once the Saudi expansion plan is off the ground, he said, according to Al Borsa.

#2- Contact Financial is gearing up for UAE launch: Non-banking financial services provider Contact Financial Holding will launch its UAE arm in 3Q 2024 to Egyptian expats there, Contact CEO Said Zater told Asharq Business.

But that’s not all from Contact: Contact is cooking up EGP 1.5-2 bn worth of securitized bonds that will be issued in March, Zater also told Asharq Business.

CAPITAL MARKETS-

#1- GB Capital launches sukuk arm: GB Corp’s NFBS arm GB Capital haslaunched GB Capital Sukuk after receiving its sukuk license from the Financial Regulatory Authority, according to a statement (pdf). The company is currently mulling over sukuk issuances for a number of unnamed companies, including GB Corp’s non-banking financial servicessubsidiaries, according to GB Capital Sukuk Managing Director Mohamed Aburiah.

#2-Al Ahly Financial Investments Management to team up with Evolve InvestmentHolding to launch a gold investment fund before the end of the year, Managing Director and CIO Adel El Waly told Al Borsa. The company also has plans to launch a real estate investment fund “soon,” El Waly said, without providing further details

#3- Golden Coast eyes EGP 7 bn green sukuk issuance in 1H 2024: EGX-listedhospitality company Golden Coast has appointed S&P Global to conduct a credit rating evaluation for its upcoming EGP 7 bn green sukuk issuance planned for 1H 2024, Al Borsa reports, citing what it says sources close to the company. The Golden Pyramids Plaza subsidiary plans to use the proceeds from the issuance to finance its Soma Bay resort project.

MANUFACTURING-

Turning air into water: The Military Production Ministry’s Helwan Company for Metallic Appliances will work with Japan’s Mizuha to produce Mizuha’s KuSui — a device that produces safe drinking water from air — locally, according to a statement from the ministry. The device has the capacity to produce 16 liters of water a day, the statement reads. More than 70% of the Egypt-made version of the KuSui will rely on local components.

ICYMI- The ministry and the Japanese company have been developing and testing ahome-made KuSui prototype since2022.

FINTECH-

#1- More e-payment options for SMEs: Cairo-based third-party payment processing platform Banknbox has teamed up with SME-focused banking platform SWFT to provide SMEs with e-payment services, according to a statement (pdf). Under the partnership, the two sides will provide SMEs with an “integrated package of innovative solutions and e-payment services.”

#2- PayTabs now offers BNPL options: EFG Holding subsidiary and e-payment solutions provider PayTabs has teamed up with consumer finance firm Souhoola to add buy-now, pay-later (BNPL) options for customers at payment checkouts, according to a joint statement (pdf).

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