BANKING-

The country’s foreign reserves rose to a record USD 50.2 bn at the end of November, marking an increase of USD 145 mn from October, according to central bank data (pdf). The rise was driven by USD 707 mn increase in gold reserves, which helped offset a USD 118 mn decrease in Special Drawing Rights and a USD 445 mn dip in foreign currency holdings.

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M&A WATCH-

El Garhy Investment and Development Group ramped up its position in EGX-listed Arab Developers Holding, buying 500 mn shares for EGP 124.1 mn to lift its direct stake to 4.63% from 1.04%, according to an EGX disclosure (pdf). The move brings total related-party holdings to 19.4%. This comes weeks after the developer’s board approved a EGP 1 bn rights issue to raise issued capital to EGP 2.4 bn.

EDUCATION-

The Elsewedy Technical Academy will establish two new technical education centers to expand its technical programs footprint nationwide, Elsewedy Electric CEO Ahmed El Sewedy, said in a statement (pdf). The centers include one in the Suez Canal Economic Zone under a EGP 150 mn partnership with Germany’s KfW Development Bank and another in Tenth of Ramadan in partnership with the National Bank of Egypt.

The academy is also focusing on the hospitality sector, with an EGP 80 mn initiative with the World Sustainability Hospitality Alliance to develop accredited hospitality programs and train over 30k young people across the country for jobs in the industry.

DEBT WATCH-

Concrete Plus secured a EGP 4.3 bn syndicated loan led by Banque Misr to finance construction work at Talaat Moustafa Group’s SouthMed project, according to a statement from the lender. The loan was arranged by a number of banks including QNB Egypt, Abu Dhabi Commercial Bank Egypt, Alex Bank, and Midbank.

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