REGULATIONS-

CBE tightens controls over financial leasing: The Central Bank of Egypt has issued a fresh batch of regulations targeting the financing provided to financial leasing firms from banks, in a bid to better govern the funds given to financial leasing firms and mitigate associated risks, according to a statement (pdf).

The details: Under the regulations, the total credit facilities and investments made in the securitization portfolios of leasing companies should not exceed 5% of the bank’s total portfolio of loans and credit facilities and no more than 1% of a bank’s credit portfolio can be granted to a single financial leasing company.

AUTOMOTIVE-

A new assembly plant in the pipeline: Local car distributor El Safa Automotive plans toset up an EGP 1 bn assembly plant in Borg El Arab, which will have a capacity of 3k car a year when it goes online in 4Q 2024, the company’s executive director, Nour Eldin Mohamed, told Asharq Business. The plant will have a capacity of 25k cars a year within five years of starting operations.

Part of a wider plan: This comes as part of the firm’s plans to invest EGP 2 bn in the localmarket over the coming five years.

REAL ESTATE-

Saudi-Egyptian real estate JV in the works: Local real estate giant Hassan Allam Properties has inked a MoU with Saudi real estate player Sumou Holding to set up a JV to open up cross-border investments for the companies in Egypt and Saudi Arabia and to share expertise between the two companies, according to a statement (pdf) from Somou Holding subsidiary Adeer International Egypt.

LEISURE-

Magic Land Al Hokair launches EGP 1.1 bn entertainment project: Saudi-Egyptian company Magic Land Al Hokair — a joint venture between Saudi Arabia’s Al Hokair Group, Egyptian Media Production City (EMPC), and local developer Al Kayan Developments — has launched an EGP 1.1 bn integrated entertainment destination dubbed Tanza, according to a statement (pdf) from the company. Al Hokair group has also requested its usufruct contract to be extended to 2078 from 2058, according to Al Borsa.

In detail: EMPC has given Magic Land Al Hokair the right to its land to build and launch the 2.5 sq. km project encompassing seven entertainment zones — including a dolphinarium, forest, cinema and theater, kid’s area, sports games, racing, and adventure-based attractions — that will “redefine the entertainment industry in Egypt” and attract more tourists and investors from across the globe, the statement reads. The company will finish opening the seven entertainment zones in 1Q 2024 and then launch similar projects in other governorates, Tanza CEO Mahmoud Jaber told Al Borsa.

TELECOMS-

China delivers satellite assembly center: China officially handed over theChinese-backed satellite assembly, integration and test center to the Madbouly government last week, according to a cabinet statement. The Chinese grant-funded project was completed in June of last year.

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