HEALTHCARE-

New hospitals incoming: The government will offer private sector companies the chance to set up hospitals on 21 land plots as it works to add 173k beds to the country’s residential capacity by 2030, unnamed sources with knowledge of the matter told Al Mal.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Where things stand: The government is currently reviewing offers from local and Arab investors, with major projects expected to be announced soon, according to an unnamed Health Ministry source. The offered plots are located in Cairo, Giza, Sharqia, Qalyubia, Beheira, Damietta, Matrouh, Beni Suef, Minya, and Qena.

M&A-

Vantage Capital fully exits Pickalbatros: South African fund manager Vantage Capital has fully exited its investment in Egypt-based hospitality group Pickalbatros Hotels after having provided the company some USD 18.4 mn in mezzanine financing in December 2020, according to a press release.

The firm is reaping the fruits of tourism’s post-pandemic bounceback: Vantage Capital partner David Kornik noted that through the investment — made in the depths of the Covid pandemic — the firm was “willing to support a strong underlying business at a time when banks were too risk averse.”

LOGISTICS-

Egypt, Italy to launch new ro-ro shipping line next month: A new ro-ro shipping line connecting Damietta Port with Italy’s Port of Trieste will begin operations by the end of November, Al Mal reports, citing Italy’s ambassador to Egypt Michele Quaroni. The route aims to facilitate the transport of perishable agricultural commodities to European markets and marks Italy’s first direct maritime link with Africa, Quaroni said.

Remember: The Transport Ministry in January said that the new line would launch by the end of 1H 2024.

BANKING-

Standard Chartered has acquired its license to operate as a custodian bank after having obtained the necessary approvals from the Financial Regulatory Authority, according to an authority statement.

Remember: The British multinational bank’s Egyptian arm began banking operations after getting the final go-ahead from the central bank in January. We sat down with the lender’s Egypt CEO Mohammed Gad to discuss what the bank is hoping to achieve in its first year here. Check out the full interview here.

ADVERTISING-

Local advertisers can advertise on Reddit: Aleph Holding has expanded its advertising partnership with social media platform Reddit to Egypt, Saudi Arabia, and the UAE, according to a joint statement (pdf). The partnership will see Aleph help Reddit connect with local advertisers and feature relevant brands as part of the firm’s larger mission to help large platforms expand in new markets.

DEBT-

A consortium of 11 banks will provide EGP 50 bn in financing to the Social Housing and Mortgage Finance Fund, with contracts set to be finalized in early November, unnamed sources told Al Shorouk. The funding will support the construction of additional units for Egypt's social housing program, green housing program, and the Housing for All Egyptians initiative.

Who’s involved? The consortium includes the National Bank of Egypt, Banque Misr, the Housing and Development Bank, Banque du Caire, CIB, Arab African International Bank, QNB Al Ahli, the Industrial Development Bank, Bank NXT, United Bank, and Midbank. The consortium has received approval from the central bank and the loan will be guaranteed by the Finance Ministry.

LEGISLATION WATCH-

Changing up how earnings are reported: Prime Minister Moustafa Madbouly has issued a decision adding a new accounting standard that aims to provide clear financial information that accurately reflects the financial position of businesses in a hyperinflationary economy, according to a decision published in the Official Gazette. This standard applies to financial statements, including consolidated, independent, and separate reports, and applies to any entity with operations abroad.

ALSO WORTH NOTING-

#1- GB Auto to distribute UD Trucks: GB Corp’s automotive arm GB Auto is now the officialdistributor of Japanese UD Trucks ’ vehicles in the local market.

#2- Four table egg producers will be fined EGP 5 mn each after the Cairo Economic Court ruled that they had been colluding to set daily egg prices in violation of the Competition Act.

#3- EgyFert saw a large-volume trade of 3.11 mn shares worth EGP 186.6 mn on the EGX yesterday.

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