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Fitch upgrades four Egyptian banks’ credit ratings to B on the back of sovereign credit improvements
Fitch cited improved FX liquidity and a significant jump in net foreign assets
CIB’s net income jumps 77% y-o-y in 3Q 2024
The bank’s net interest income grew 74% y-o-y during the three-month period
Arab Contractors will build USD 70 mn road in Uganda. PLUS: News from CIB, HSBC,
The project is Arab Contractors’ fifth in Uganda in as many years
A Brazilian logistics zone in SCZone? PLUS: News from CIB, Geyushi
The zone would act a hub to import corn, soybeans, sugar, and other products
Hisham Ezz Al Arab to take over from Hussein Abaza as CIB’s new CEO
The changes are pending regulatory approvals
Ora Developers secures EGP 7 bn from banking consortium. PLUS: SODIC signs EGP 4.1 bn loan agreement with CIB, Banque Misr
CIB contributed some EGP 4 bn to the overall funding
Stellantis in talks with gov’t to start assembling Fiat, Citroen, and Opel models locally. PLUS: SODIC, CIB + Chemicals & Fertilizers Export Council, Misr Ins., Eaton, MSMEDA
Stellantis was one of several car makers that expressed interest in the Egyptian Automotive Industry Development Program
Al Ismaelia to complete two new Downtown hotels by 2025. PLUS: EGPC goes solar, CIB + Ostuka, NoorNation + KBW Ventures, Radwan, Rowan university heads to the NAC
The projects will add a combined 120 units to the area’s hotel capacity
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