{"id":588103,"date":"2023-06-06T00:00:00","date_gmt":"2023-06-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/06\/madinet-masr-announces-first-project-outside-of-cairo-plus-raya-cx-expands-in-ksa-weitz-medical-warehouses\/"},"modified":"2023-06-06T00:00:00","modified_gmt":"2023-06-06T00:00:00","slug":"madinet-masr-announces-first-project-outside-of-cairo-plus-raya-cx-expands-in-ksa-weitz-medical-warehouses","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/06\/madinet-masr-announces-first-project-outside-of-cairo-plus-raya-cx-expands-in-ksa-weitz-medical-warehouses\/","title":{"rendered":"Madinet Masr announces first project outside of Cairo. PLUS: Raya CX expands in KSA, Weitz medical warehouses"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">REAL ESTATE- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Madinet Masr goes national:<\/span><span style=\"\"> Real estate developer Madinet Masr (FKA <\/span><span style=\"\">Madinet Nasr<\/span><span style=\"\"> for <\/span><span style=\"\">Housing and Development) <\/span><span>launched its first project outside Cairo, the company said in an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/233.pdf\" style=\"\">EGX disclosure<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/233.pdf\" style=\"\">(pdf)<\/a><\/span><span> on Sunday. The Zahw mixed-use development in Assiut will eventually include nearly 1.3k residential units, CEO Abdallah Salam said in the statement. Its launch comes after the company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1dc7496f-1a51-408c-a5e9-ba59d3417de6\" style=\"\">rebranded<\/a><\/span><span style=\"font-weight:400;\"> to reflect its plan to expand across the country.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">DEBT-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The Central Bank of Egypt sold USD 554.1 mn of USD-denominated one-year treasury <\/span><span style=\"font-weight:700\">bills<\/span><span> at an average 5.149% yield in an auction yesterday, according to central<\/span><span> bank figures<\/span><span style=\"font-weight:400;\">. Investors submitted bids worth USD 644.1 mn with yields averaging 5.270%. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">That\u2019s 25 bps higher than a month ago: <\/span><span style=\"\">A <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/67d4af51-b815-4737-a38f-d1ae6561bd1d\" style=\"\">similar auction in May<\/a><\/span><span style=\"\"> saw the government sell <\/span><span style=\"font-weight:400;\">one-year USD t-bills at a 4.900% yield.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">HOSPITALITY-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">IHG to manage and operate North Coast hotel:<\/span><span style=\"\"> Intercontinental Hotels Group (IHG) has signe<\/span><span>d an agreement to<\/span><span> manage and operate<\/span><span> a hotel at <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/akamalrajhi.com\/\" style=\"\">Akam Al Rajhi Development\u2019s<\/a><\/span><span> North Coast development, DOSE, the Tourism Ministry <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0MRDghSRNU7G5azHXgoEHs6vkZV9p9QgcmEfUqFZ1qPYE2w3XG9g9XM4yTciyGt7il\" style=\"\">said<\/a><\/span><span> yesterday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">COMMODITIES-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">GASC announces fresh wheat shipment for July:<\/span><span style=\"\"> The <\/span><span style=\"\">General Authority for Supply <\/span><span>Commodities (GASC) launched an international wheat tender on Monday, with a deadline of Tuesday, according to a statement picked up by <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3N9TpBT\" style=\"\">Reuters<\/a><\/span><span style=\"font-weight:400;\">. The shipment will take place between 21-31 July and payment will be funded by the International Islamic Trade Finance Corporation. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">INFRASTRUCTURE-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Weitz to establish meds warehouses across Egypt: <\/span><span style=\"\">Orascom Construction subsidiary Weitz is set to build <\/span><span>six warehouses for medicines and medical supplies across the country under an agreement it signed with a JV company established by the Sovereign Fund of Egypt (SFE), Unified Procurement Authority, and the Armed Forces Land Projects Authority, cabinet said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3WQRLZl\" style=\"\">a statement<\/a><\/span><span style=\"font-weight:400;\"> yesterday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">CIT-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Raya CX launches third site in KSA:<\/span><span style=\"\"> Raya Holding subsidiary Raya Customer Experience has <\/span><span>opened a new customer service center in Riyadh as it looks to strengthen its operations in the region, the company said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/122.pdf\" style=\"\">a statement (pdf)<\/a><\/span><span style=\"font-weight:400;\"> yesterday. The company plans to hire 1.5k Saudis this year, CEO Ahmed Aboulezz said. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Three-year streak:<\/span><span style=\"\"> The site marks Raya CX\u2019s third opening in the kingdom following its Riyadh <\/span><span>debut in 2022 and its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59745719-d961-4387-b8bd-2d81aa4a6473\" style=\"\">acquisition of Gulf CX<\/a><\/span><span style=\"font-weight:400;\"> in Al Khobar in 2021. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">HEALTH-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Universal health ins. system reduces personal health bills: <\/span><span style=\"\">Personal spending on health fell <\/span><span>by almost 48% in Port Said following the introduction of a comprehensive health ins. system, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0A5LVp6cpHqZ6pmTpzS5wxbrCK4EZBdhvJ42LxBEBqtj1hbUmfSVkcWkZjCWC6aH9l\" style=\"\">Health Ministry figures<\/a><\/span><span style=\"font-weight:400;\">. The National Health Accounts Report, which was released by the ministry on Sunday in partnership with the World Health Organization, reported that personal health expenditure across Egypt has fallen to 59.3% from 62.7%, while government spending has risen to 33% from 28%. Medicine was the greatest state expenditure, Health Minister Khaled Abdel Ghaffar said, with additional focus on basic care and mental health services.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Zahw mixed-used development in Assiut will feature almost 1.3k residential units<\/p>\n","protected":false},"author":1,"featured_media":588104,"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":[10658,111,271,317,72,550,7115,955,7111,7203,363,2053,1070,614,83,4298,10659],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-588103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-akam-al-rajhi-development","tag-also-on-our-radar","tag-central-bank-of-egypt","tag-commodities","tag-enterpriseam","tag-gasc","tag-healthcare","tag-hospitality","tag-infrastructure","tag-madinet-masr","tag-orascom-construction","tag-outsourcing","tag-raya-cx","tag-raya-holding","tag-real-estate","tag-universal-health-insurance","tag-weitz","wpautop","entry"],"acf":{"mongo_id":"735924a6-cd8d-41d1-afb2-b8c1cf49ec10","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/261.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Madinet Masr announces first project outside of Cairo. 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