{"id":599478,"date":"2023-08-14T00:00:00","date_gmt":"2023-08-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/14\/abu-auf-to-enter-ksa-this-year-plus-news-from-the-cbe-pickalbatros\/"},"modified":"2023-08-14T00:00:00","modified_gmt":"2023-08-14T00:00:00","slug":"abu-auf-to-enter-ksa-this-year-plus-news-from-the-cbe-pickalbatros","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/14\/abu-auf-to-enter-ksa-this-year-plus-news-from-the-cbe-pickalbatros\/","title":{"rendered":"Abu Auf to enter KSA this year? PLUS: News from the CBE, Pickalbatros"},"content":{"rendered":"

RETAIL- <\/strong><\/p>\n

Abu Auf could soon enter Saudi Arabia: <\/strong> Egyptian food brand Abu Auf wants to expand into Saudi Arabia by the end of this year, reports Al Shorouk<\/a>, citing unnamed sources. Abu Auf\u2019s majority shareholder is ADQ-owned Emirati F&B company Agthia, which bought a 60% stake<\/a> in the company last year and already owns brands in the kingdom. Abu Auf plans to invest USD 5-7 mn in 2023 for Gulf expansion, the company told Enterprise at the time of Agthia\u2019s acquisition last summer. <\/p>\n

BANKING <\/strong>-<\/p>\n

No dice on easing concentration risk rules, CBE tells banks: <\/strong> The Central Bank of Egypt (CBE) has declined a request by the Federation of Egyptian Banks to bring back exemptions that would exclude their largest clients from credit concentration limits until December 2024, Asharq Business<\/a> reports, citing an official document it says it has seen. <\/p>\n

Credit concentration limits? <\/strong>The limits cap the amount of credit that banks can extend to any one client at 15% of the bank\u2019s total credit portfolio, or at 20% of its total portfolio for a client and parties related to the client. The CBE exempted banks\u2019 50 largest clients from credit concentration limits in 2020 in response to the pandemic. That exemption expired at the end of last year. <\/p>\n

TOURISM- <\/strong><\/p>\n

Pickalbatros will open a new hotel in Sharm El Sheikh before the end of the year <\/strong>, Al Mal<\/a> quotes Chairman Kamel Abou Ali as saying. The 200-room, EGP 400 mn Laguna Club hotel will open in the Red Sea resort town in November, he said. The company also plans to open the Portofino Marsa Alam in the coming months, which will feature 840 rooms and suites, he added. <\/p>\n

LOGISTICS- <\/strong><\/p>\n

El Dekheila dry bulk terminal to be offered to companies: <\/strong>Alexandria Port Authority<\/a> will launch a tender in October for grain shipping and handling companies to take over management of a dry bulk terminal at El Dekheila Port, Al Mal<\/a> reports. The winning company will take the 300k square-meter terminal for 30 years.<\/p>\n","protected":false},"excerpt":{"rendered":"

Abu Dhabi wealth fund ADQ acquired a majority stake in the Egyptian food company last year<\/p>\n","protected":false},"author":1,"featured_media":599479,"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":[1709,8767,111,204,271,72,950,564,955,145,2475,871,338,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-599478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-abu-auf","tag-alexandria-port-authority","tag-also-on-our-radar","tag-banking","tag-central-bank-of-egypt","tag-enterpriseam","tag-federation-of-egyptian-banks","tag-food","tag-hospitality","tag-logistics","tag-pickalbatros","tag-regulation-watch","tag-retail","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"4429971b-017b-4efb-805b-755bb2ea9d95","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/650.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Abu Auf to enter Saudi Arabia this year? 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Agthia, which is majority-owned\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/167.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548667,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/17\/auf-group-acquires-majority-stake-in-local-snacks-player\/","url_meta":{"origin":599478,"position":1},"title":"Auf Group acquires majority stake in local snacks player","author":"enterpriseam admin","date":"17 August 2022","format":false,"excerpt":"Auf Group makes its first acquisition of the ADQ era: Egyptian food outfit Auf Group has acquired a 75.5% stake in Modern International Confectionery Co (MICC), Chief Marketing Officer Rasha Ghaly confirmed to Enterprise. Auf Group declined to make public the value of the transaction. The acquisition comes less than\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/290.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577689,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/01\/adqs-agthia-now-owns-60-of-auf-group\/","url_meta":{"origin":599478,"position":2},"title":"ADQ\u2019s Agthia now owns 60% of Auf Group","author":"enterpriseam admin","date":"1 December 2022","format":false,"excerpt":"UAE\u2019s Agthia is now the majority owner of Abu Auf: Emirati food and beverage major Agthia has completed its acquisition of a 60% stake in Egyptian food company Auf Group, Agthia said in astatement (pdf). The stake was sold by three members of the Auf family as well as Tanmiya\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/7.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545860,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/14\/abu-dhabi-sovereign-fund-confirms-blockbuster-egx-stake-buys-could-abu-auf-be-next-in-line-for-adx-investment\/","url_meta":{"origin":599478,"position":3},"title":"Abu Dhabi sovereign fund confirms blockbuster EGX stake buys + Could Abu Auf be next in line for ADX investment?","author":"enterpriseam admin","date":"14 April 2022","format":false,"excerpt":"ADQ speaks on EGX acquisitions: Abu Dhabi wealth fund ADQ has confirmed its acquisition of stakes in five EGX-listed companies this week, saying in a statement yesterday that the move reflects its \u201ccontinued confidence in Egypt\u2019s strong economic potential.\u201d The fund acquired shares in CIB, Fawry, Abu Qir Fertilizers, Mopco,\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578394,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/27\/the-2022-downturn-in-global-ma-wasnt-felt-in-egypt\/","url_meta":{"origin":599478,"position":4},"title":"The 2022 downturn in global M&A wasn\u2019t felt in Egypt","author":"enterpriseam admin","date":"27 December 2022","format":false,"excerpt":"2022 might have coincided with a downturn in global M&A \u2014 but the same can\u2019t be said for Egypt: Globally, 2022 hasn\u2019t been a great year for M&A. After reaching a record high of USD 5.8 tn in 2021, the value of global transactions has fallen this year as rising\u2026","rel":"","context":"In "YEAR IN REVIEW: M&A"","block_context":{"text":"YEAR IN REVIEW: M&A","link":"https:\/\/enterpriseam.com\/egypt\/category\/year-in-review-ma-2\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/547.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546050,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/abu-auf-pushes-ipo-plans-to-2h-2022-on-war-worries\/","url_meta":{"origin":599478,"position":5},"title":"Abu Auf pushes IPO plans to 2H 2022 on war worries","author":"enterpriseam admin","date":"26 April 2022","format":false,"excerpt":"Healthy food brand Abu Auf\u2019s parent company AUF is pushing its planned EGX debut to the second half of 2022, CEO Ahmed Auf told Enterprise. The company had initially planned to IPO on the exchange during the second quarter, but fallout in emerging markets from the war in Ukraine has\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/354.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\/599478","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=599478"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/599478\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/599457"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/599479"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=599478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=599478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=599478"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=599478"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=599478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}