FINANCIAL SERVICES-

Contact Financial to set up ins. consultancy arm: Non-banking financial services firm Contact Financial Holding plans to have its ins. consultancy company kick off operations in 4Q 2024 after receiving the final license approvals from the Financial Regulatory Authority, CEO Said Zater told Al Masdar. The company will have an initial capital of EGP 10 mn and will provide comprehensive ins. services and pricing options to clients, complementing the group's existing ins. brokerage business.

AND- UAE branch goes live in September: The company’s digital consumer finance arm, Contact Credit, will kick off its Dubai operations on 9 September to serve Egyptians abroad and GCC nationals with Egyptian residencies, Zater said. The company plans to offer EGP-denominated financing for various services in Egypt, including car purchases and education. Contact Financial is also eyeing expansion into Saudi Arabia and European markets to cater to Egyptian expats.

FINTECH-

#1- Banque Misr, Visa to support startups in the local market: Banque Misr and Visa will work together to support startups enrolled in the bank’s Teqdar accelerator program under a newly-inked MoU, according to a press release (pdf). The two sides will work together to enhance financial services knowledge among startups through training sessions and courses, Teqdar’s startups will also have access to mentoring by Visa experts in the fields of payments and fintech.

#2- Misr Ins. Company will start collecting ins. premiums through e-payment platforms provided by e-payments firm Damen, under a cooperation protocol inked between the two sides, Al Borsa reports.

M&A-

Emaar Misr taps advisor for upcoming acquisition: Emaar Misr has tapped BDO Keys Financial Consulting as the independent financial advisor to determine the fair value of Emaar Misr and Albro North Coast for Development and determine the companies’ respective swap ratios, it said in statement (pdf).

Remember: Emaar Misr wants to acquire up to 75% of additional shares in Albro — which would give it full ownership of the company — via a share swap. It also has plans to acquire Skytower for Real Estate Development. Emaar Misr’s extraordinary general assembly approved the proposed acquisitions last month.

INVESTMENT-

Bim to open 620 new branches: Supermarket chain Bim Egypt is looking to invest some USD 50 mn to open 620 new branches across Egypt over the next five years, Al Borsa reports, citing Bim Turkey CEO Haluk Dortluoğlu. The supermarket chain currently has 380 branches around the country.

REAL ESTATE-

Progress on Madinet Masr’s New Heliopolis projects: Madinet Masr and Zahraa El Maadi for Investment and Development have preliminarily approved a plan to jointly develop a mixed-use project on 41.9 feddans in New Heliopolis, according to EGX disclosures from both companies (here (pdf) and here (pdf)). The companies will prepare a draft contract and submit it to their respective boards for final approval.

Remember: Last month, Madinet Masr announced that it will co-develop two plots in New Heliopolis alongside Heliopolis Housing and Development.

DEBT-

EgyptAir clears outstanding debt to EGPC: National flag carrier EgyptAir has fully repaid its EGP 10 bn in outstanding dues to the Egyptian General Petroleum Corporation (EGPC) at the end of the fiscal year 2023-2024, Asharq Business reports, citing unnamed government sources. The debt had been accumulating since 2011 due to declining air traffic.

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