BANKING-

Standard Bank to set up new Egypt office: Africa’s largest lender by assets Standard Bank Group will set up a new representative office in Egypt by the end of the year, head of the bank’s MENA operations Rassem Zok told Bloomberg. The South African bank’s presence in Egypt will allow the bank “to capitalize on the significant emergence of the Gulf-sub Sahara Africa-Egypt corridors,” Zok said.

ENERGY-

BP feels the squeeze post float: Global energy giant BP is expecting an “adverse impact” of around USD 200 mn in 1Q 2024 as a result of the float of EGP, it said in a statement.

SMEs-

EBRD ups funding for SMEs: The European Bank for Reconstruction and Development (EBRD) will provide MNT-Halan microfinance subsidiary Tasaheel Finance with EGP 700 mn to on-lend to women-run SMEs in Egypt, according to a project summary from the bank. The loan comes as part of the EBRD’s Women in Business program, which works to “provide access to finance through credit lines to local banks dedicated to women-led SMEs,” according to the initiative’s website.

TOBACCO-

Eastern Company hikes the price of smokes for the second time this year: State-owned tobacco giant Eastern Company has raised the prices of cigarettes by an average of 12%, Eastern CEO Hany Aman told Al Hadath Al Youm (watch, runtime: 2:14) yesterday evening. The price of a pack of Cleopatra increased 15% to EGP 34.5, while the cost of its higher-end Viceroy and Pall Mall packs increased 10% to EGP 55. Aman pointed to the EGP depreciating in the banking system following the float of the EGP pushing up the costs of imported raw materials used by Eastern to produce cigarettes.

HOSPITALITY-

A new hotel incoming: Arabia Group subsidiary Arabia Hotels has kicked off construction of its USD 220 mn Fairmont Sun Capital Hotel overlooking the Giza Pyramids, the company said in a press release (pdf). The project will add 500 rooms to Egypt’s hotel capacity and will open its doors in 2028.

COMMODITIES-

One of the two grain ships held up in Russia sets sail: Wadi Safaga — one of the two Egyptian ships loaded with Russian wheat that had been denied permission to set sail by Russian authorities last week — set sail for Egypt on Friday, writes Bloomberg, citing sources it says have knowledge of the matter. The resolution came after the Egyptian Foreign Ministry reached out to its Russian counterparts to sort out a documentation error.

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