INVESTMENT-

Egypt eyes part of China’s USD 52 bn Africa pledge: Prime Minister Moustafa Madbouly told Chinese officials that Egypt hopes to receive a portion of the USD 52 bn in Chinese investments earmarked for Africa, according to a cabinet statement. Madbouly highlighted potential investments in EV and mobile phones manufacturing.

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EXPANSION-

Aman is mulling over the acquisition of a Saudi company: Raya Holding’s Aman is currently evaluating four Saudi consumer finance companies as it looks to acquire one of them in a move that would mark its entry into the Saudi market, Aman CEO Holding Hazem Moghazy told Al Borsa. He expects the company to settle on a firm and finalize the acquisition in 3 months. The companies under consideration have valuations ranging between SAR 70-360 mn.

Aman won’t be doing it solo: Aman will only hold a 41% stake in the chosen company, with Saudi companies Jarir Bookstore holding a 49% stake and Almanea holding the remaining 10%, Moghazy said.

REMEMBER- Raya Holding revealed its plans to launch a consumer finance company in Saudi Arabia through Aman in April. The company — which already operates call centers in Saudi Arabia and Dubai — also set out a Gulf expansion strategy that involves launching new fintech companies and data centers, with a focus on Saudi Arabia.

REAL ESTATE-

Al Ahly Sabbour has more Omani projects up its sleeve: Local real estate developer Al Ahly Sabbour is in talks with Oman’s Housing Ministry to develop hospitality and tourism projects in the Sultanate, Chairman Ahmed Sabbour told Asharq Business. The developer unveiled its first Omani project earlier this year — Wadi Zahaa — which is one of three projects it is working on in the Gulf nations with combined investments of OMR 440 mn.

AUTOMOTIVE-

MTI will distribute India’s Tata Motors commercial vehicles in Egypt under a strategic partnership between the two sides, according to a statement. MTI will retail and service Tata vehicles across the cargo and passenger segments in the country, covering models ranging from 1-60 tons.

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