{"id":542981,"date":"2022-01-26T03:49:52","date_gmt":"2022-01-26T03:49:52","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/26\/state-department-nods-to-usd-2-5-bn-arms-sale-to-egypt\/"},"modified":"2022-01-26T03:49:52","modified_gmt":"2022-01-26T03:49:52","slug":"state-department-nods-to-usd-2-5-bn-arms-sale-to-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/26\/state-department-nods-to-usd-2-5-bn-arms-sale-to-egypt\/","title":{"rendered":"State Department nods to USD 2.5 bn arms sale to Egypt"},"content":{"rendered":"<p><strong>US green-lights USD 2.5 bn Egypt arms sale:<\/strong> Egypt could spend as much as USD 2.5 bn (EGP 39.3 bn) on American fighter jets and radar systems after the State Department yesterday (statements: <a href=\"https:\/\/www.dsca.mil\/press-media\/major-arms-sales\/egypt-c-130j-30-super-hercules-aircraft\">here<\/a> and <a href=\"https:\/\/www.dsca.mil\/press-media\/major-arms-sales\/egypt-air-defense-radar-systems\">here<\/a>) green-lit the sale. The government wants to purchase 12 Super Hercules planes from US defense giant Lockheed Martin for up to USD 2.2 bn, while three SPS-48 land-based radars would be supplied by L3Harris Technologies for as much as USD 355 mn. Egypt was the third-largest arms purchaser of any country in the period spanning 2013-2020, according to the Stockholm International Peace Research Institute.<\/p>\n<p><strong>CI Capital is set to offer factoring services this year, with a strong pipeline <\/strong><strong>expected to \u201cboost the company\u2019s portfolio,\u201d<\/strong> a senior official from the state-owned investment bank told us yesterday, confirming a <a href=\"https:\/\/dailynewsegypt.com\/2022\/01\/25\/ci-capital-plans-to-launch-factoring-services-in-2022\/\">Daily News<\/a> report. The bank obtained a factoring license last year from the Financial Regulatory Authority (FRA), the source added, without disclosing further details on their upcoming plans or an expected timeline. The company will integrate factoring into its portfolio of non-banking financial services (NBFS), which includes its microfinance arm <a href=\"https:\/\/www.cicapital.com\/business_lines\/microfinance\/\">Reefy<\/a>, leasing venture <a href=\"https:\/\/www.cicapital.com\/business_lines\/leasing\/\">Corplease<\/a>, consumer finance outfit <a href=\"https:\/\/www.cicapital.com\/business_lines\/consumer-finance\/\">Souhoula<\/a> and mortgage finance firm <a href=\"https:\/\/www.cicapital.com\/business_lines\/morgage-finance\/\">CI Mortgage<\/a>. Head to our handy explainer <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6604a04a-9370-42f1-a7a3-e3af5dfc0357\">here<\/a> for more details on how factoring works, and why more NBFS players are looking to offer factoring services.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>Homebuyers looking to lease-purchase properties will no longer have to <\/strong><strong>make an advance payment<\/strong>, the Financial Regulatory Authority said in a <a href=\"https:\/\/bit.ly\/348S9eo\">statement<\/a>yesterday, in a move meant to help more citizens buy their own real estate.<\/li>\n<li><strong>Arizona State University<\/strong> has <a href=\"https:\/\/www.facebook.com\/USEmbassyCairo\/posts\/299870418852607\">agreed to partner<\/a> with <strong>Galala University<\/strong> to create the first dual-degree program between a US university and an Egyptian public university.<\/li>\n<li><strong>Jumia has <\/strong><strong><a href=\"https:\/\/www.zawya.com\/mena\/en\/press-releases\/story\/Jumia_announces_the_launch_of_its_second_tech_center_in_Egypt-ZAWYA20220124092841\/\">launched<\/a><\/strong><strong> its second Egyptian tech center in Alexandria<\/strong>. The center is the first regional center for tech and software development in Egypt, and will service the 11 African countries in which Jumia operates.<\/li>\n<li><strong>Capricorn Energy<\/strong> (formerly Cairn Energy) has seen <strong>production from its <\/strong><strong>Western Desert oil assets <\/strong><strong><a href=\"https:\/\/www.capricornenergy.com\/news-media\/news\/2022\/operational-and-trading-update\/#Tabundefined=1\">rise 8%<\/a><\/strong> since <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/666f0d42-c196-4ee2-84dd-f279ba153a89\">acquiring them from Shell<\/a>last year.<\/li>\n<li>State-owned <strong>Delta Steel <\/strong>will be allowed to <strong>ramp up production more than 7x<\/strong> after the Public Enterprises Ministry granted it a license to <strong>produce up to 500k tons of steel each year<\/strong>.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>US green-lights USD 2.5 bn Egypt arms sale: Egypt could spend as much as USD 2.5 bn (EGP 39.3 bn) on American fighter jets and radar systems after the State Department yesterday (statements: here and here) green-lit the sale. The government wants to purchase 12 Super Hercules planes from US defense giant Lockheed Martin for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,597,598,136,317,596,199,73,93,72,593,592,595,91,79,83,320,594,158],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-542981","post","type-post","status-publish","format-standard","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-cairn-energy","tag-capricorn-energy","tag-ci-capital","tag-commodities","tag-delta-steel","tag-e-commerce","tag-education","tag-energy","tag-enterpriseam","tag-factoring","tag-jumia","tag-non-banking-financial-services","tag-oil-and-gas","tag-public-enterprises-ministry","tag-real-estate","tag-security","tag-shell","tag-state-owned-enterprises","wpautop","entry"],"acf":{"mongo_id":"ab50bdc4-147d-49c7-84bf-57bcb8c65d14","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[542960],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>State Department nods to USD 2.5 bn arms sale to Egypt - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/26\/state-department-nods-to-usd-2-5-bn-arms-sale-to-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"State Department nods to USD 2.5 bn arms sale to Egypt\" \/>\n<meta property=\"og:description\" content=\"US green-lights USD 2.5 bn Egypt arms sale: Egypt could spend as much as USD 2.5 bn (EGP 39.3 bn) on American fighter jets and radar systems after the State Department yesterday (statements: here and here) green-lit the sale. The government wants to purchase 12 Super Hercules planes from US defense giant Lockheed Martin for [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/26\/state-department-nods-to-usd-2-5-bn-arms-sale-to-egypt\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-26T03:49:52+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/26\/state-department-nods-to-usd-2-5-bn-arms-sale-to-egypt\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/26\/state-department-nods-to-usd-2-5-bn-arms-sale-to-egypt\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"State Department nods to USD 2.5 bn arms sale to Egypt\",\"datePublished\":\"2022-01-26T03:49:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/26\/state-department-nods-to-usd-2-5-bn-arms-sale-to-egypt\/\"},\"wordCount\":384,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"ALSO ON OUR RADAR\",\"Cairn Energy\",\"Capricorn Energy\",\"CI Capital\",\"commodities\",\"Delta Steel\",\"e-commerce\",\"Education\",\"energy\",\"EnterpriseAM\",\"factoring\",\"Jumia\",\"non-banking financial services\",\"oil and gas\",\"Public Enterprises Ministry\",\"real estate\",\"security\",\"Shell\",\"state-owned enterprises\"],\"articleSection\":[\"Also on our Radar\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/26\/state-department-nods-to-usd-2-5-bn-arms-sale-to-egypt\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/26\/state-department-nods-to-usd-2-5-bn-arms-sale-to-egypt\/\",\"name\":\"State Department nods to USD 2.5 bn arms sale to Egypt - 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The sale will\u2026","rel":"","context":"In &quot;EGYPT IN THE NEWS&quot;","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/12\/1939.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546785,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/somabay-to-renovate-sheraton-resort-egypt-to-spend-another-usd-2-6-bn-on-us-arms\/","url_meta":{"origin":542981,"position":1},"title":"Somabay to renovate Sheraton resort + Egypt to spend another USD 2.6 bn on US arms","author":"enterpriseam admin","date":"29 May 2022","format":false,"excerpt":"Sheraton Soma Bay to get a new look: Somabay has secured an EGP 143 mn loan from Ahli United Bank Egypt (AUB) to renovate its Sheraton Soma Bay Resort, it said in a statement (pdf) at the weekend. The money will be borrowed under the Central Bank of Egypt\u2019s tourism\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543001,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/30\/us-could-cut-usd-130-mn-in-aid-to-egypt\/","url_meta":{"origin":542981,"position":2},"title":"US could cut USD 130 mn in aid to Egypt","author":"enterpriseam admin","date":"30 January 2022","format":false,"excerpt":"The Biden Administration will cancel USD 130 mn in military aid to Egypt if it fails to meet human rights-related conditions by today, US State Department officials said in a call with reporters on Friday, Reuters and the Associated Press reported.Background: The aid has been frozen since September, when Secretary\u2026","rel":"","context":"In &quot;Diplomacy&quot;","block_context":{"text":"Diplomacy","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/diplomacy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/362.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578398,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/27\/say-thank-you-to-the-gcc-green-hydrogen-for-a-stellar-year-for-investments\/","url_meta":{"origin":542981,"position":3},"title":"Say thank you to the GCC + green hydrogen for a stellar year for investments","author":"enterpriseam admin","date":"27 December 2022","format":false,"excerpt":"2022 was a positive year for investments \u2014 especially as green hydrogen stole the show and we attracted lots of GCC interest: In a year of global economic turmoil and uncertainty here at home \u2014 with imported inflation and a currency under pressure \u2014 Egypt is ending 2022 having attracted\u2026","rel":"","context":"In &quot;YEAR IN REVIEW: INVESTMENTS&quot;","block_context":{"text":"YEAR IN REVIEW: INVESTMENTS","link":"https:\/\/enterpriseam.com\/egypt\/category\/year-in-review-investments-2\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/549.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":644401,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/25\/us-state-department-approval-of-usd-740-mn-stinger-missiles-sale-to-egypt-begins-to-catch-the-attention-of-the-intl-press\/","url_meta":{"origin":542981,"position":4},"title":"US State Department approval of USD 740 mn Stinger missiles sale to Egypt begins to catch the attention of the int\u2019l press","author":"enterpriseam admin","date":"25 September 2024","format":false,"excerpt":"The missiles in question already had a production backlog extending through 2029, with Egypt\u2019s order likely to add to that total","rel":"","context":"In &quot;EGYPT IN THE NEWS&quot;","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1942.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":622223,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/29\/pentagon-approves-usd-1-2-bn-arms-sale-to-egypt\/","url_meta":{"origin":542981,"position":5},"title":"Pentagon approves USD 1.2 bn arms sale to Egypt","author":"enterpriseam admin","date":"29 November 2018","format":false,"excerpt":"The US has approved USD 1.2 bn worth of arms sales to Egypt: A Pentagon agency has approved the sale to Egypt of 10 AH-64E Apache helicopters in a transaction worth an estimated USD 1 bn, according to a statement from the US Defense Security Cooperation Agency (DSCA). In aseparate\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/1908.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542981","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=542981"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542981\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/542960"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=542981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=542981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=542981"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=542981"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=542981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}