DEVELOPMENT FINANCE-

The African Development Bank (AfDB) has approved a USD 170 mn loan to Egypt to carry out the “second phase of a program to foster private sector development and economic diversification, with special emphasis on green growth,” the lender said in a statement earlier this week. The funds will help support the 2024-2025 budget with the aim of boosting private investment and creating jobs, namely to women and the youth. The first phase of the program saw the AfDB lend Egypt USD 131 mn.

EXPANSION-

#1- Local fintech startup Paymob has secured a retail payment services license from the UAE’s central bank, the company announced in a statement (pdf). The license allows Paymob to offer “merchant acquiring, payment aggregation services, and domestic fund transfers” within the UAE.

#2- Local e-payments firm and payment cards manufacturer Masria Digital Payments has launched operations in Libya after migrating card processing for North African Bank — which hosts 61 branches in Libya — to its platform, the company said in a statement (pdf). MDP is also exploring opportunities to support additional financial institutions in Libya as part of its strategy to grow its regional footprint.

Remember: Back in May we heard that the company was in talks with five local and international investment funds over a USD 80-100 mn investment, set to help fuel MDP’s expansion in Africa and entry into European and Gulf markets.

#3- Egypt-born e-commerce logistics platform SideUp is launching its services in Oman with a regional branch in Muscat by early 2025, the company said in a statement. This isn’t the first time the platform has expanded into the GCC, with the company expanding its operations into Saudi Arabia in 2022, before moving its HQ to the Kingdom the year after.

SideUp? The startup was founded as logistics and on-demand delivery app VOO in 2019 before rebranding as SideUp after raising USD 1.2 mn in a seed round in late 2022. SideUp connects e-commerce players with B2B services companies who provide payment gateways, API integration, warehousing, fulfillment, and advisory.

What they said: “Today, as we expand into Oman, we are committed to transferring our expertise and supporting entrepreneurs in this market by providing advanced technological solutions that enhance user experience and increase operational efficiency,” said CEO Waleed Rashed.

AUTOMOTIVE-

Automotive components manufacturer Mobica plans to double its production after inking agreements to supply local assemblers of Chinese Exeed- and Geely-branded vehicles, which both recently began local assembly in Egypt, CEO Mohamed Farouk told Al Mal. The company is also negotiating with additional Chinese brands expected to start production locally soon. Mobica’s expansion comes as global manufacturers increasingly launch local assembly projects, boosting demand for components.

ENERGY-

Shell will start drilling three new gas wells in the West Delta region within days, a senior government official told Asharq Business. The new wells, which will see USD 230 mn in investments, will add 150 mn cubic feet of gas per day to Shell’s local natural gas production by year-end.

CAPITAL MARKETS-

Orascom Financial Holding will now be called OB Financial Holding after its extraordinary general assembly greenlit the move, according to an EGX disclosure (pdf). This comes after B Investments acquired 70% of Orascom Financial Holding through a share swap after owners of some 3.3 bn shares responded to B Investments’ MTO for up to 90% of OFH.

REGULATION-

The Financial Regulatory Authority has increased the minimum value of unlisted securities ownership transfers requiring approval to EGP 60 mn, up from EGP 20 mn currently, according to an authority statement. Transactions below this threshold will follow standard announcement procedures. The decision also extends the validity of bank deposits used for settlements to two months and allows brokerages to accept settlements under specific conditions.

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