{"id":617914,"date":"2024-03-31T00:00:00","date_gmt":"2024-03-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/31\/acuds-assets-have-tripled-in-value-post-float-plus-news-from-nbe-itida-al-ahly-momkn-ifc-capricorn-energy\/"},"modified":"2024-03-31T00:00:00","modified_gmt":"2024-03-31T00:00:00","slug":"acuds-assets-have-tripled-in-value-post-float-plus-news-from-nbe-itida-al-ahly-momkn-ifc-capricorn-energy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/31\/acuds-assets-have-tripled-in-value-post-float-plus-news-from-nbe-itida-al-ahly-momkn-ifc-capricorn-energy\/","title":{"rendered":"ACUD\u2019s assets have tripled in value post float. PLUS: News from NBE, ITIDA, Al Ahly Momkn, IFC, Capricorn Energy"},"content":{"rendered":"

REAL ESTATE- <\/p>\n

ACUD\u2019s assets have tripled in valuation: <\/strong>The Administrative Capital for Urban Development (ACUD) has seen its assets jump from EGP 285 bn to EGP 900 bn following their revaluation post float, CEO Khaled Abbas said during an event attended by Enterprise. <\/p>\n

Offers roll in for phase 2 of the new capital: <\/strong>Three industrial developers have so far submitted offers for 1 mn sqm plots each part of the second phase of the new administrative capital, Abbas added. ACUD plans to start construction<\/a> of the second phase early next year at a cost of EGP 240 bn. <\/p>\n

Where does the ACUD IPO stand? <\/strong>The company has completed its restructuring in preparation of going public on the EGX, Abbas said. The company is looking to raise at least EGP 150 bn<\/a> when it offers 5-10% of its shares on the EGX in 2Q 2024, in what could be the country\u2019s largest ever IPO<\/a>.<\/p>\n

ACUD has paid some EGP 17 bn in taxes to the government <\/strong>since it started operations 7 years ago, Abbas added. <\/p>\n

\n

DEBT-<\/p>\n

IFC to support local MSMEs: <\/strong>The International Finance Corporation (IFC) will provide Banque du Caire (BdC) with a USD 100 mn package to increase support for Egypt\u2019s micro, small and medium-sized enterprises (MSMEs) and women-owned firms, the IFC said in a disclosure<\/a>. The package consists of a 5-year senior loan of up to USD 50 mn and up to USD 50 mn uncommitted trade finance facility with tenors up to 12 months, it said. The package is still pending signature. <\/p>\n

Remember: <\/strong>BdC in February<\/a> secured USD 50 mn from the European Bank for Reconstruction and Development to increase support for Egypt\u2019s MSMEs, with a focus on women-led MSMes.<\/p>\n

\n

ENERGY-<\/p>\n

Gov\u2019t starts paying back Capricorn Energy:<\/strong> State-owned Egyptian General Petroleum Corporation (EGPC) has paid back some USD 30 mn in outstanding receivables to UK-based oil and gas firm Capricorn Energy last week, it said in its 2023 earnings announcement<\/a>. EGPC\u2019s outstanding receivables to Capricorn rose to USD 169 mn as of the end of 2023, USD 143 mn of which are overdue. <\/p>\n

Preparing for the worst: <\/strong>Capricorn, along with Egyptian partner Cheiron, are \u201cseeking waivers from lenders for several potential events of default under the facilities, all related to a lack of a payment plan from EGPC to resolve the receivables position.\u201d <\/p>\n

Remember:<\/strong> This comes just a few days after the government announced it started paying back<\/a>nearly 20% of the arrears<\/a> it owes to international oil companies operating in the country, with a structured plan to clear the remaining debt in stages over the coming period.<\/p>\n

\n

M&A-<\/p>\n

NBE snaps up 24% of Hyde Park: <\/strong>The National Bank of Egypt (NBE) has acquired the Egyptian Arab Land Bank\u2019s entire 24% stake in property developer Hyde Park Developments<\/a> for an undisclosed sum, according to a statement (pdf)<\/a>.<\/p>\n

\n

FINTECH-<\/p>\n

Al Ahly Momkn stake sale is pending CBE approval:<\/strong> Shareholders of e-payments company Al Ahly Momkn<\/a> \u2014 a subsidiary of the National Bank of Egypt\u2019s investment arm Al Ahly Capital Holding \u2014 are currently awaiting the greenlight from the Central Bank of Egypt to sell 25% of the firm\u2019s shares to an unnamed local financial services player, Al Mal<\/a> reports, citing sources it says are familiar with the transaction. Al Ahly Momkn is currently valued at over EGP 1 bn, the sources said. <\/p>\n

Remember:<\/strong> A group of private equity firms, including Tana Africa, Lorax Capital Partners, and US-based Ultra Capital, have been bidding<\/a> to acquire a 25% stake in Al Ahly Momkn, Al Mal reported in July.<\/p>\n

\n

MANUFACTURING-<\/p>\n

Locally-made routers:<\/strong> The Information Technology Industry Development Agency (ITIDA) and Telecom Egypt will work with a number of private players to design and develop CPE-VDSL routers locally, as part of the government\u2019s Egypt Makes Electronics<\/a> initiative, according to a statement (pdf)<\/a>.<\/p>\n

The players? <\/strong>ITIDA and Telecom Egypt will be working with El Sewedy Electrometer, ElAraby Group, local electro-medical and electronic equipment manufacturer BioBusiness<\/a>, and \ufb01ber optic cabling solutions manufacturer HitekNOFAL OPTIX<\/a>.<\/p>\n

\n

STARTUPS-<\/p>\n

#1- Roboost wants to step foot in the Gulf:<\/strong> AI-powered logistics startup Roboost is looking to expand into the Saudi and Emirati markets during 2Q 2024, as it looks to expand its footstep across the region, co-founder and CEO Mohamed Gessraha reportedly told Al Mal<\/a>. The Egypt-born startup announced<\/a> in January that it had raised USD 3 mn in an investment round led by Jordan-based VC Silicon Badia and unveiled its plans to use the funds to to scale up its business \u201cacross the MENA region\u2019s entire delivery market.\u201d<\/p>\n

#2- Nawy to get its mortgage finance license in 1H: <\/strong>Proptech startup Nawy<\/a> is currently in talks with the Financial Regulatory Authority as it looks to get its mortgage finance license, co-founder Ahmed Rafea reportedly told Al<\/a>Mal<\/a>. Rafea expects the company to receive its license by the end of 1H 2024. <\/p>\n","protected":false},"excerpt":{"rendered":"

Three industrial developers have so far submitted offers for 1 mn sqm plots each in phase 2 of the new capital<\/p>\n","protected":false},"author":1,"featured_media":617915,"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":[7127,8500,111,726,598,72,183,759,1635,131,248,875,91,8337,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-617914","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-acud","tag-al-ahly-momkn","tag-also-on-our-radar","tag-banque-du-caire","tag-capricorn-energy","tag-enterpriseam","tag-fintech","tag-international-finance-corporation","tag-itida","tag-manufacturing","tag-national-bank-of-egypt","tag-new-administrative-capital","tag-oil-and-gas","tag-roboost","tag-startups","wpautop","entry"],"acf":{"mongo_id":"48283890-d6a0-4e52-841d-ea932866d2e3","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/2645.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The Administrative Capital for Urban Development\u2019s assets have tripled in value post float","related_issue":[617896],"teaser":"Three industrial developers have so far submitted offers for 1 mn sqm plots each in phase 2 of the new capital","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.73c5ce64-06b9-49d2-a3c0-bcc2708019a1.mp3"},"yoast_head":"\nACUD\u2019s assets have tripled in value post float. 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