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2CELLOS — LIVE AT SOMABAY on 18 November, 2022: Mark your calendars — world-renowned and wildly popular cellist duo, 2CELLOS will be performing at Somabay on 18 November, 2022. Having racked up a bn-plus audio streams, countless sold-out concerts, and mns of fans across the globe in their 10 years together as 2CELLOS, the Croatian […]
Author Archives: enterpriseam admin
Posted inDevelopment finance
US, Europe pledge more than USD 550 mn to fund Egypt’s energy transition
The US, Germany and other European countries have pledged to provide more than USD 550 mn to help Egypt decarbonize its power infrastructure and install new renewable energy capacity. Under a political declaration (pdf) with Egypt announced during President Joe Biden’s visit to COP27 on Thursday, the US and Germany agreed to provide more than […]
Posted inCOP WATCH
Egypt’s “Just Financing” guide + Biden’s COP27 pledge headline the news from Sharm this weekend
Egypt launches guide to “Just Financing,” to boost multi-stakeholder partnership and unlock private sector climate finance: The International Cooperation Ministry launched last week the Sharm El Sheikh Guidebook for Just Financing (pdf), in cooperation with a host of international development partners, according to a ministry statement. The guide was developed over the course of year-long […]
Posted inAutomotive
Al Mansour, GM launch Cadillac EV in Egypt; Al Mansour plans to assemble EVs here
Electric Cadillacs are coming to Egypt: General Motors (GM) and Al Mansour Automotive will debut electric Cadillacs in Egypt by the end of 2023, the two companies announced in a statement(pdf) Thursday. The Cadillac Lyriq, an all-electric mid-size luxury SUV, will go on sale late next year, with five luxury electric models expected to be […]
Posted inEconomy
Inflation hits four-year high in October
Inflation accelerates again in October: Urban inflation hit its highest level in four years in October on the back of surging food prices. The annual rate of inflation rose to 16.2% during the month from 15.0% in September, according to figures (pdf) released Thursday by state statistics agency Capmas. This is the highest level since […]
Posted inEconomy
Egypt can cover USD 16 bn financing gap, says Maait
More funding, investments coming in “days, weeks, months” -Maait: Egypt expects to see more FDI and more funding inflows, including from the Gulf and “other sources,” after reaching a staff-level agreement with the IMF for a USD 3 bn, 46-month loan, Finance Minister Mohamed Maait told Bloomberg on Thursday (watch, runtime: 6:33). These sources of […]
Posted inInfrastructure
The first German green logistics hub in Sokhna 360
Elsewedy Industrial Development inked an MoU with German chemical producer BASF to build a green logistics hub in Elsewedy’s Sokhna 360 industrial city, the companies said in a joint statement (pdf) Thursday. Sokhna 360? It’s a 10-mn sqm industrial area of the Ain Sokhna industrial zone featuring residential units and commercial areas. It offers multinationals […]
Posted inDEBT WATCH
Contact Financial closes EGP 1.1 bn securitized bond issuance
Contact Financial has closed an EGP 1.076 bn securitized bond issuance for its consumer finance arms Contact Creditech and Contact Credit, it said in a statement (pdf). The three-tranche issuance was backed by a EGP 1.54 bn portfolio and was part of a EGP 10 bn securitization program, the statement notes. Who bought in: Unspecified […]
Posted inStartup watch
Blnk lines up USD 32 mn in funding, including debt, equity and proceeds from securitized bond
Fintech startup Blnk has lined up USD 32 mn in funding, the company said in astatement Thursday. The money includes USD 23.7 mn in equity and debt capital, as well as the USD 8.3 mn (EGP 202 mn) securitized bond issuance that closed last week. Among the company’s new investors: Abu Dhabi’s Emirates International InvestmentCompany […]
Posted inEARNINGS WATCH
Palm Hills revenues surge to EGP 9.5 bn in 9M 2022, up 62% y-o-y
Palm Hills Developments reported record-high net income after tax and minority interest of EGP 911 mn in 9M 2022, up 43% y-o-y, the developer said in its earningsrelease(pdf). The record bottom line comes on the back of revenues reaching an all-time high during the nine-month period to EGP 9.5 bn, up 62% y-o-y. Sales see […]