{"id":615397,"date":"2024-02-18T00:00:00","date_gmt":"2024-02-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/18\/arab-international-company-for-hotels-and-tourism-eyes-asset-sales-to-pay-off-debts-plus-egyptian-chinese-cars-by-2025-egypt-commits-to-eni-payments-msc-eye-logistics-investments-real-estate-tax\/"},"modified":"2024-02-18T00:00:00","modified_gmt":"2024-02-18T00:00:00","slug":"arab-international-company-for-hotels-and-tourism-eyes-asset-sales-to-pay-off-debts-plus-egyptian-chinese-cars-by-2025-egypt-commits-to-eni-payments-msc-eye-logistics-investments-real-estate-tax","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/18\/arab-international-company-for-hotels-and-tourism-eyes-asset-sales-to-pay-off-debts-plus-egyptian-chinese-cars-by-2025-egypt-commits-to-eni-payments-msc-eye-logistics-investments-real-estate-tax\/","title":{"rendered":"Arab International Company for Hotels and Tourism eyes asset sales to pay off debts. PLUS: Egyptian-Chinese cars by 2025, Egypt commits to Eni payments, MSC eye logistics investments, Real Estate Tax Authority + E-Tax, Banque Misr SME platform"},"content":{"rendered":"

HOSPITALITY-<\/p>\n

Arab International Company for Hotels and Tourism could be bringing one of its hotels to market<\/strong>:<\/strong> A syndicate of five banks is holding negotiations with the Arab International Company for Hotels and Tourism to restructure USD 200 mn of debts currently owed by the company, according to Al Shorouk<\/a>, citing sources it says have knowledge of the matter. The company wants to sell part of its assets to help pay off some of its debts, the local outlet reported.<\/p>\n

ICYMI: <\/strong>Unconfirmed media reports in 2023 said that the company had received a USD 320 mn<\/a>offer<\/a> from a Qatari group to acquire the Ramses Hilton hotel \u2014 one of six hotels that the company currently owns in the country.<\/p>\n

\n

AUTOMOTIVE- <\/p>\n

Al Nasr to roll out cars jointly produced with Chinese company by 2025: <\/strong>State-owned automaker El NasrAutomotive and an undisclosed Chinese company will jointly produce a new car next year, the company chairman Khaled Shedid said at a conference organized by Akhbar Al Youm<\/a>.<\/p>\n

Remember:<\/strong> State-owned El Nasr Automotive has been looking for an international partner to form a joint venture for locally-made electric vehicles for the past couple of years. After talks with Chinese firm Dongfeng fell through in 2021<\/a>, the government began discussing a partnership<\/a> with Ashok Leyland, a subsidiary of Indian conglomerate Hinduja Group.<\/p>\n

ENERGY-<\/p>\n

Egypt has stayed the course on paying off its debt to energy companies,<\/strong> despitethe ongoing economic difficulties ramping up pressures on state coffers and an acute FX shortage made worse by a drop in FX revenues from the Suez Canal following Red Sea disruptions, the CEO of Italian oil giant Claudio Descalzi told analysts in a call, according to Reuters<\/a>. There is a small, marginal build up, but they [Egypt] are paying ... maybe little installments, but they are paying... there is the willingness to protect investors,\u201d Descalzi reportedly said.<\/p>\n

More LNG exports to come? <\/strong>\u201cWe have seen three [LNG] cargoes in December and we are foreseeing eight to ten cargoes in the coming months,\u201d Eni\u2019s natural resources COO Guido Brusco also said in the call, according to the newswire.<\/p>\n

\n

LOGISTICS- <\/p>\n

The world\u2019s largest shipping company eyes more investments in Egypt\u2019s logistics<\/strong> sector:<\/strong> Multinational shipping giant Mediterranean Shipping Company (MSC) plans to funnel more investments into Egypt\u2019s logistics sector, the company\u2019s CEO Soren Toft said during a virtual meeting with Suez Canal Authority head Osama Rabie, according to a statement<\/a> from the authority. MSC suspended navigation through the Red Sea back in December, but \u201cwill immediately return to transit through the Suez Canal as soon as the security situation stabilizes in the Red Sea region,\u201d Toft added.<\/p>\n

\n

TAX-<\/p>\n

Real Estate Tax Authority, E-Tax link up: <\/strong>E-Tax will provide the Real Estate Tax Authority with the needed services for the first two phases of the authority\u2019s electronic tax transformation, after the cabinet approved<\/a> the contract between the two. The three-year contract can be renewed for another two years if needed. <\/p>\n

Refresher:<\/strong> E-Tax is a EGP 100 mn JV between state-owned e-payments firm e-Finance, theEgyptian International Trade Point Sector, and the Finance Ministry. Approved by the cabinet in 2020<\/a>, the platform provides services and tech solutions to companies and authorities as Egypt transitions to an electronic tax system.<\/p>\n

\n

SMES-<\/p>\n

Introducing Banque Misr Express:<\/strong> Egypt\u2019s second largest state-owned bank, Banque Misr, has launched a new platform \u2014 dubbed Banque Misr Express<\/a> \u2014 to provide Egyptian SMEs with financial and non-financial support, the bank said in a statement (pdf)<\/a>. Through the platform, SME founders can apply for loans of up to EGP 2 mn with minimal documentation required. The platform also offers founders training programs and a series of other services. <\/p>\n

\n

KUDOS-<\/p>\n

Mental health support for entrepreneurs:<\/strong> Flat6Labs\u2019 StartMashreq<\/a> \u2014 an initiative aimed<\/a> atsupporting underprivileged and marginalized entrepreneurs \u2014 has teamed up with online mental health platform Arab Therapy<\/a>, to launch an initiative prioritizing \u201cthe mental health of entrepreneurs in Jordan, Lebanon, and Iraq, helping them face the challenges and obstacles imposed by the current economic and political climate,\u201d StartMashreq said in statement<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

Unconfirmed media reports in 2023 said that the company had received a USD 320 mn offer from a Qatari group to acquire the Ramses Hilton hotel<\/p>\n","protected":false},"author":1,"featured_media":615398,"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":[111,144,204,576,335,104,250,93,197,72,2234,955,145,7248,91,8382,287,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-615397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-automotive","tag-banking","tag-banque-misr","tag-coffee-with","tag-economy","tag-el-nasr-automotive","tag-energy","tag-eni","tag-enterpriseam","tag-foreign-exchange","tag-hospitality","tag-logistics","tag-msc","tag-oil-and-gas","tag-real-estate-tax-authority","tag-smes","tag-tax","wpautop","entry"],"acf":{"mongo_id":"a34be98c-d640-40d1-ab21-6e784689cf67","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/1625.jpeg","photo_position":"above","homepage_title":"","full_issue_title":"Arab International Company for Hotels and Tourism eyes asset sales to pay off debts. 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The first phase of the renovation process will take place over 10 months, and will include 200 rooms and 15 suites at a\u2026","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":602803,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/07\/misr-hotels-company-exits-stake-in-hotac\/","url_meta":{"origin":615397,"position":2},"title":"Misr Hotels Company exits stake in HOTAC","author":"enterpriseam admin","date":"7 April 2019","format":false,"excerpt":"Misr Hotels Company has announced it will divest from the Holding Company for Tourism and Hotels (HOTAC) as a result of HOTAC failing to pay VAT on revenues from the Nile Ritz-Carlton, according to reports in the local press. HOTAC has paid EGP 1.5 mn of the EGP 34.8 mn\u2026","rel":"","context":"In "Egypt Politics + Economics"","block_context":{"text":"Egypt Politics + Economics","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-politics-economics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":616858,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/12\/steigenberger-to-operate-a-tourist-city-in-st-catherine\/","url_meta":{"origin":615397,"position":3},"title":"Steigenberger to operate a tourist city in St. Catherine","author":"enterpriseam admin","date":"12 March 2024","format":false,"excerpt":"Steigenberger will manage hotels and ecotourism resorts within Misr Sinai Tours\u2019 new tourist city part of the Great Transfiguration","rel":"","context":"In "Also on our Radar"","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\/2024\/3\/942.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561483,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/08\/taqa-arabia-establishes-water-treatment-company\/","url_meta":{"origin":615397,"position":4},"title":"Taqa Arabia establishes water treatment company","author":"enterpriseam admin","date":"8 April 2021","format":false,"excerpt":"Qalaa Holdings\u2019 Taqa Arabia has established a new water treatment solutions company Taqa Water, which will cater to the industrial, real estate, agriculture, and tourism sectors, making the company the first integrated energy and utilities provider in the region, it said in a statement (pdf) yesterday.Other things we\u2019re keeping an\u2026","rel":"","context":"In "Also on our Radar"","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":568297,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/24\/tourism-companies-airlines-hotels-get-another-tax-debt-breather\/","url_meta":{"origin":615397,"position":5},"title":"Tourism companies, airlines, hotels get another tax + debt breather","author":"enterpriseam admin","date":"24 December 2020","format":false,"excerpt":"SMART POLICY- Airlines, hotels, and other tourism establishments are getting another breather on debt, taxes, and utility payments after the Madbouly Cabinet approved yesterday extending a payment holiday introduced in April. 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