{"id":616337,"date":"2024-03-04T00:00:00","date_gmt":"2024-03-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/04\/contact-to-expand-in-saudi-in-2025-plus-news-from-b-investments-talaat-moustafa-group-adib-mashreq-madinet-masr-idea-verde-azimut\/"},"modified":"2024-03-04T00:00:00","modified_gmt":"2024-03-04T00:00:00","slug":"contact-to-expand-in-saudi-in-2025-plus-news-from-b-investments-talaat-moustafa-group-adib-mashreq-madinet-masr-idea-verde-azimut","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/04\/contact-to-expand-in-saudi-in-2025-plus-news-from-b-investments-talaat-moustafa-group-adib-mashreq-madinet-masr-idea-verde-azimut\/","title":{"rendered":"Contact to expand in Saudi in 2025. PLUS: News from B Investments, Talaat Moustafa Group, ADIB, Mashreq, Madinet Masr, Idea Verde, Azimut"},"content":{"rendered":"<p class=\"tag-border-left\">FINANCIAL SERVICES- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Contact Financial eyes Saudi expansion: <\/strong>Non-banking financial services providerContact Financial Holding is currently conducting feasibility studies ahead of its planned launch in Saudi Arabia by 2025 to serve the 3 mn Egyptian expats living there, CEO Said Zater told <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/msk4p8zj\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This is the second Gulf country Contact is preparing to enter: <\/strong>The company plans to launch in the UAE during the second half of the year, with plans to invest some EGP 600 mn during its first year there, Zater added.<\/p>\n<p class=\"tag-border-left\">INVESTMENT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>B Investments to pour USD 3 mn into Basata: <\/strong>B Investments\u2019 board has greenlit a c. USD 3 mn investment in subsidiary and fintech platform <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/ebtikar-for-financial-investment\/?trk=public_profile_experience-item_profile-section-card_image-click&originalSubdomain=eg\" style=\"\" rel=\"noopener\">Basata Holding for Financial Investments<\/a> and its affiliates, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/162.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. The investment will fund Basata\u2019s regional expansion plans.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ring a bell? <\/strong>In yesterday\u2019s issue, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/116a2c54-e0f8-48c8-8ab7-dcd66b0aeffe\" style=\"\" rel=\"noopener\">we reported<\/a> that Basata had joined up the Jordan Kuwait Bank to put forward a binding offer to acquire a 30% stake in Jordanian bill payment provider <a target=\"_blank\" href=\"https:\/\/madfoat.com\/\" style=\"\" rel=\"noopener\">MadfoatCom<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">M&A- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- TMG\u2019s Icon officially owns 51% of Legacy Hospitality:<\/strong> Talaat Moustafa Group\u2019s (TMG) subsidiary Icon Investments has completed all the necessary procedures and now owns 51% and has full management rights of Legacy Hospitality \u2014 a group of seven historic hotels \u2014 according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/91.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a> from the real estate giant. TMG has settled the full value of the transaction, as well as around USD 220 mn of FX dues.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>Icon <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9e88b903-fd4f-448e-b331-314accc55de9\" style=\"\" rel=\"noopener\">acquired a 39% stake<\/a> in the company in December, with plans to up its stake to51%, bringing the transaction\u2019s value to USD 800 mn. <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/da7d1aaa-b189-4790-a50f-17cb44561f71\" style=\"\" rel=\"noopener\">TMG sold a 40.5% stake<\/a> in Icon to Abu Dhabi wealth fund ADQ and its subsidiary Adnec Group last month for USD 882.5 mn, helping it secure the remaining funds to up its stake in Legacy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- ADIB withdraws offer to fully acquire CNIS:<\/strong> Abu Dhabi Islamic Bank (ADIB) haswithdrawn its mandatory tender offer it <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/62fb061b-b7ab-421a-9b43-5f3aaa9983b9\" style=\"\" rel=\"noopener\">submitted<\/a> in December to acquire the free-floating shares in its subsidiary <a target=\"_blank\" href=\"https:\/\/www.caironational.org\/\" style=\"\" rel=\"noopener\">Cairo National for Investment and Securities<\/a> (CNIS),according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/99.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. The move would have given ADIB 100% ownership of CNIS, from its current 90% stake.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">BANKING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mashreq NEO is here: <\/strong>Our friends at Mashreq Egypt have launched Mashreq NEO, abanking segment that \u201cfulfills clients\u2019 on-the-go banking needs,\u201d the lender said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/112.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. Clients from the age of 15 can apply for a Mashreq NEO account through the bank\u2019s mobile application. The new segment comes with a long list of rewards, including a welcome bonus that can reach up to EGP 1k and balance-based bonus in the first year that can reach EGP 1.8k.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">REAL ESTATE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Madinet Masr wants to develop plots in New Heliopolis:<\/strong> Real estatedeveloper Madinet Masr has submitted an offer to develop three land plots with a total area of 580 feddans in Heliopolis Housing and Development\u2019s (HHD) New Heliopolis, HDD said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/107.pdf\" style=\"\" rel=\"noopener\">bourse disclosure (pdf)<\/a>. HHD is currently looking into the offer.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DEBT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Idea Verde secures EGP 575 mn syndicated loan: <\/strong>Idea Verde \u2014 the developer behind <a target=\"_blank\" href=\"https:\/\/thewaterwaydevelopments.com\/\" style=\"\" rel=\"noopener\">The Waterway Developments<\/a> \u2014 has inked a syndicated loan agreement worth EGP 575 mn with Al Ahli Bank of Kuwait Egypt and Midbank, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/3\/163.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> by Midbank. The five-year loan aims to cover the company\u2019s ongoing expenditures.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In detail:<\/strong> Al Ahli Bank of Kuwait Egypt \u2014 which led the loan as the main arranger and financing agent \u2014 contributed EGP 350 mn, while Midbank covered the remaining EGP 225 mn. Al Ahli Bank of Kuwait\u2019s leasing arm acted as the guarantee agent.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">CAPITAL MARKETS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The country\u2019s first silver investment fund?<\/strong> Asset manager <a target=\"_blank\" href=\"https:\/\/azimut.eg\/\" style=\"\" rel=\"noopener\">Azimut<\/a> is planning tolaunch the country\u2019s first silver-backed investment fund, with initial investments of EGP 150-200 mn, subject to increase depending on the market, Azimut Managing Director Ahmed Abou El Saad told <a target=\"_blank\" href=\"https:\/\/tinyurl.com\/3weku7mx\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The company launched the country\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/373fda24-6907-4c8b-bb56-623da5e5a367\" style=\"\" rel=\"noopener\">first gold fund<\/a> with Evolve Investment Holding in May 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The investment will fund Basata\u2019s regional expansion plans<\/p>\n","protected":false},"author":1,"featured_media":616338,"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":[469,8436,111,541,3305,140,8368,102,933,7106,72,157,7128,7203,2373,1884,83,1517],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616337","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-abu-dhabi-islamic-bank","tag-al-ahli-bank-of-kuwait","tag-also-on-our-radar","tag-asset-management","tag-azimut-egypt-asset-management","tag-b-investments","tag-basata","tag-capital-markets","tag-contact-financial","tag-debt","tag-enterpriseam","tag-heliopolis-housing-and-development","tag-ma-watch","tag-madinet-masr","tag-mashreq-bank","tag-midbank","tag-real-estate","tag-talaat-moustafa-group","wpautop","entry"],"acf":{"mongo_id":"490cdbcf-937b-4b6d-9ce9-9eb0ce115145","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/167.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Contact to expand in Saudi in 2025. PLUS: News from B Investments, Talaat Moustafa Group, ADIB, Mashreq, Madinet Masr, Idea Verde, Azimut","related_issue":[616322],"teaser":"The investment will fund Basata\u2019s regional expansion plans","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.abef3521-95e1-487b-b106-42ec2deb8a35.mp3"},"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>Contact to expand in Saudi in 2025. 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