Modon is looking for an EGP 35 bn syndicated loan to fund infrastructure in Wadi Yamm

UAE-based Modon Holding is seeking an EGP 35 bn syndicated loan to help fund infrastructure in Wadi Yamm, the first district of the Ras El Hekma megaproject, Asharq Business reports, citing two sources it says are familiar with the matter. FAB Misr is arranging and managing the facility, with local lenders and UAE banks operating in Egypt expected to participate, one source said.

IN CONTEXT- Modon has tendered more than EGP 80 bn in utilities, infrastructure, and residential construction work within Wadi Yamm to date, per the sources. The district — a coastal zone within the USD 35 bn Ras El Hekma masterplan — will feature residential units, hotels, two golf courses, a country club, and a 10k-seat open-air theater. Contracted sales reached around EGP 65 bn in the first eight months of 2026, the news outlet reports, citing data from The Board Consulting, pushing cumulative sales since the October 2025 launch to roughly EGP 144 bn.

Modon has drawn a steady run of contractors this year: Orascom Construction landed a EGP 15 bn package in January; a Rowad Modern Engineering-CCC consortium secured an EGP 10 bn roads and utilities package, and Hassan Allam was tapped to build the Montage Hotel & Branded Residences, both in July; and a Redcon Construction-Innovo consortium was awarded a c. EGP 12 bn package last week.

Buying into the outsourcing boom

US-based outsourcing firm InteLogix is scaling up in Egypt, opening its New Cairo headquarters after acquiring local operator Athear in October 2025, according to a statement (pdf). The company plans to grow its local workforce to more than 1.3k over the next three years from about 135. InteLogix — based in Utah with over 68 years of operating history — will provide customer experience, business process outsourcing, and IT services from Cairo, targeting markets speaking Arabic, Turkish, French, German, Spanish, and Portuguese, with AI-enabled infrastructure.

IN CONTEXT- Egypt’s outsourcing push is still gathering pace. Sector exports reached USD 5.2 bn in 2025, with the government targeting USD 8 bn by 2028. InteLogix joins a fresh wave of international players scaling local delivery operations, including Spain’s Konecta, which is investing USD 100 mn to expand its AI hub.

A bloc, consolidated

B Investments is eyeing control of Madinet Masr’s largest shareholder: B Investments’ board signed off on acquiring 53.5% of Big Investment Group, a related shareholder that owns 20.4% of listed developer Madinet Masr for Housing and Development, according to a bourse filing (pdf). The EGX-listed private equity firm, which already holds a direct 7.66% stake in Madinet Masr, will pay Big’s shareholders in newly issued stock rather than cash. The transaction value, exchange ratio, and timeline were not disclosed.

The acquisition would hand B Investments an indirect look-through interest of another 10.9% in the developer — 53.5% of Big multiplied by Big’s 20.4% holding, by our math — while putting Big’s full voting bloc under its control.

OUR TAKE- This is likely only a restructuring. Both B Investments and Big are already treated as one shareholder group. Madinet Masr’s 2Q 2026 disclosure (pdf) folds B Investments’ direct stake in with Big’s, alongside Rimco EGT Investment (2.82%) and BPE Capital (0.05%), for a combined 30.97% of the developer — that’s double the state-owned Holding Company for Construction and Development’s 15.56%. The move would transition B Investments from one member of that group to majority-owner of the vehicle holding its largest stake.

What’s next: The transaction will now go to the Financial Regulatory Authority (FRA) before an EGM is called. The board also approved bringing in an FRA-registered independent financial adviser, though no one has been named for the mandate yet.

Paying in its own paper

Al Baraka Bank’s bid for AT Lease has drawn enough shares to go through. Shareholders tendered 273.7 mn shares into the bank’s mandatory tender offer (MTO) before it expired yesterday, according to and EGX disclosure. This clears the 51% minimum acceptance Al Baraka set when it published the offer last month. The count is preliminary, and the exchange has yet to confirm final accepted quantities.

Al Baraka pays for all of it in stock. The offer doesn’t carry a cash component, converting each AT Lease share into roughly 0.19 Al Baraka shares at a ratio set by BDO — which would put the bank on the hook for around 52.5 mn new shares, by our math, against the up to 63.2 mn it earmarked. Al Baraka has committed to keeping AT Lease listed and independent, with no merger into the bank, no asset sales, and no layoffs for 12 months after closing.

Gold bars, barred

The Financial Regulatory Authority (FRA) has banned consumer finance companies from transactions involving precious metal goods, including gold bullion and jewelry, as well as items made of silver and platinum, according to a statement. The watchdog based its decision on the classification of gold bullion and jewelry as investment tools rather than eligible consumer goods.

ALSO- The authority is mandating that consumer finance players report quarterly data on bank interest rates and consumer fees, starting with 2025 figures. This move aims to boost transparency, align rules with micro, small, and medium financing, and balance market growth with consumer protection.

More on our radar

• The Communications Ministry signed an MoU with US tech giant Intel to provide AI training for 1 mn citizens a year over the next three years. (Statement)
• Military Production Ministry subsidiary Tuya Technology also signed an MoU with Intel to drive local AI training, knowledge transfer, and technical support. (Statement)
• Mastercard, Trip.com, and Network International are partnering to roll out an AI-powered booking tool, TripGenie, in early 2027, allowing travelers to search, book, and pay for trips through an AI agent. (Statement)