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The Saudi Egyptian Construction Company (SECON) has signed a EGP 1 bn loan agreement with the National Bank of Egypt (NBE) to finance works at its SECON Nile Towers project, Secon CEO Mohamed Al Taher said. The company will use the loan to fund part of its EGP 3.5 bn Nile Towers project along Corniche […]
Author Archives: enterpriseam admin
Posted inBanking + Finance
ADIB Capital considers arranging EGP 1.1 bn loan for El Ezaby
ADIB Capital is considering arranging and marketing a EGP 1.1 bn loan for El Ezaby Pharmacies, banking sources told Al Shorouk. The loan will be Sharia-compliant comply and aim to restructure the company’s USD debt. The investment bank has reached out to local banks to form a consortium to manage the medium-term loan.
Posted inBanking + Finance
KarmSolar signs EGP 230 mn loan agreement with Banque Misr
KarmSolar has signed a EGP 230 mn loan agreement with Banque Misr to build 24 MW solar power plants, CEO Ahmed Zahran told the local press. Zahran did not say how many plants the company will establish with the money. KarmSolar is also in talks with five local and international banks for a EGP 1 […]
Posted inBanking + Finance
FRA grants Elite Financial first financial advisor license since introducing new regs
The Financial Regulatory Authority has granted Elite Financial Consultancy the first license as an independent financial advisor since introducing new licensing regulations, deputy chairman Seif Eldin Awny told the local press. The company plans to offer a range of services targeted mainly at SMEs, including fair share value studies, restructuring, consultations, due diligence, and fundraising. […]
Posted inOther Business News of Note
Egypt auctions 750 factories to SME investors
The government has auctioned off 750 factories in industrial areas to SME investors, Prime Minister Moustafa Madbouly said at a presser on Thursday. President Abdel Fattah El Sisi has ordered a total of 4.5k factories to be put up for auction.
Posted inEgypt Politics + Economics
Nine UK students leave Egypt on safety concerns
Edinburgh University has recalled nine students studying in Cairo after two of them were detained by authorities, the BBC reports. The students were later released but the university has ordered them to leave the country due to safety concerns. More than 2.9k people have been arrested since sporadic anti-government protests occurred last month.
Posted inEgypt Politics + Economics
Egypt sentences six to death on terror charges
The Giza criminal court has sentenced six people to death for attacking security forces at a hotel near the pyramids in 2016, the Associated Press reports. Eight defendants received life sentences and 12 others were handed 10-year sentences. The defendants were convicted of attacking an Egyptian security post near the Three Pyramids Hotel in January […]
Posted inON YOUR WAY OUT
Egyptian startup Tekeya aims to start global food waste reduction movement
Egyptian startup Tekeya wants to start a global food waste reduction movement: Recently established Egyptian startup Tekeya is seeking to reduce food waste and offer affordable meals to people living below the poverty line, Egypt Independent reports. The platform allows charitable organizations to purchase food that would otherwise go to waste from food providers, including […]
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 16.21 | Sell 16.33 EGP / USD at CIB: Buy 16.22 | Sell 16.32 EGP / USD at NBE: Buy 16.23 | Sell 16.33 EGX30 (Thursday): 14,302 (+0.8%) Turnover: EGP 634 mn (9% below the 90-day average) EGX 30 year-to-date: +9.7% THE MARKET ON THURSDAY: The EGX30 ended […]
Posted inCALENDAR
October: A forum will be organized by Russia’s Rosatom and the Nuclear Power Plants Authority to introduce local suppliers and contractors to the Dabaa nuclear plant. October: German businessman delegation will visit Egypt to discuss good projects in order to spend German funds into Egypt. October: A delegation of 40-50 Saudi companies will visit Egypt […]