FINTECH-

Fintech startup Raseedi is set to invest a seven-figure USD sum into Kashat and its subsidiary Pharos Microfinance, with aims to reach a combined portfolio size of EGP 500 mn this year, CEO Ahmed Atalla told Al Borsa. The move follows Raseedi’s acquisition of Kashat this month in an equity deal that will enable the startup to introduce instant microloans.

Funding talks underway: Raseedi is negotiating with a VC firm and three banks for EGP 3 bn in financing over three years, EGP 500 mn of which will be for the current year.

ENERGY-

US oil producer Apache further strengthens presence by signing up for four additional Western Desert blocks totaling over 6.3k sqm, representing a 30% increase to the company’s overall concessions in Egypt, according to Mees. The expansion follows an earlier agreement with the Oil Ministry that saw it agree to pay the firm USD 4.25/mn BTU for gas from new discoveries and untapped assets, up from a price of USD 2.65/mn BTU for its existing onshore gas output — representing a 60% price hike, the report reads.

REAL ESTATE-

Madinet Masr has inked a EGP 263 mn agreement with Al Tawakol Group subsidiary GTCI Constructors to enhance the infrastructure of the real estate developer’s Taj City development, according to a statement (pdf). The new engineering, procurement, and construction partner will work on expanding water and irrigation tanks in Taj City, in addition to creating green spaces. Work is expected to start and wrap up in 2025.

DEBT-

Bank ABC has extended a USD 18 mn, seven-year loan to Eroglu Garment — a subsidiary of Turkish clothing manufacturer Eroglu Holding — to support the construction of its USD 40 mn factory in the Suez Canal Economic Zone, the bank said in a statement (pdf). The project, expected to create 3k jobs, is part of Eroglu’s plan to expand its operations and make Egypt a regional manufacturing hub.

Eroglu has plenty more in its Egypt pipeline, with the clothing manufacturer breaking ground on a USD 51 mn garments factory in the Qantara West Industrial Zone in November, marking its third project in the area within four months.

INVESTMENT-

Goldman Sachs discussed investing in Egypt with Investment Minister Hassan El Khatib, during a delegation visit from the investment bank yesterday, according to a ministry statement. Goldman Sachs economist for MENA Farouk Soussa noted that the country’s competitive market and advanced infrastructure offer exceptional prospects for collaboration on initiatives with a sustainable economic impact. The meeting concluded with a commitment to fostering sustainable growth and empowering local businesses, alongside plans to establish a framework for actionable cooperation.

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