{"id":640252,"date":"2024-08-22T00:00:00","date_gmt":"2024-08-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/22\/al-ismaelia-to-complete-two-new-downtown-hotels-by-2025-plus-egpc-goes-solar-cib-ostuka-noornation-kbw-ventures-radwan-rowan-university-heads-to-the-nac\/"},"modified":"2024-08-22T00:00:00","modified_gmt":"2024-08-22T00:00:00","slug":"al-ismaelia-to-complete-two-new-downtown-hotels-by-2025-plus-egpc-goes-solar-cib-ostuka-noornation-kbw-ventures-radwan-rowan-university-heads-to-the-nac","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/22\/al-ismaelia-to-complete-two-new-downtown-hotels-by-2025-plus-egpc-goes-solar-cib-ostuka-noornation-kbw-ventures-radwan-rowan-university-heads-to-the-nac\/","title":{"rendered":"Al Ismaelia to complete two new Downtown hotels by 2025. PLUS: EGPC goes solar, CIB + Ostuka, NoorNation + KBW Ventures, Radwan, Rowan university heads to the NAC"},"content":{"rendered":"

REAL ESTATE-<\/p>\n

Al Ismaelia has a plan to expand Downtown\u2019s hotel capacity: <\/strong>Downtown Cairo-focused real estate firm Al Ismaelia for Real Estate Investment<\/a> wants to invest some EGP 300 mn to set up two new hotels and EGP 50 mn to develop a number of hotel apartments in Downtown Cairo, Chairman Karim Shafei told Al Borsa<\/a>. <\/p>\n

What\u2019s next? <\/strong>The company plans to start working on the projects early next year and have them ready before the end of 2025, he added. The projects will add a combined 120 units to the area\u2019s hotel capacity.<\/p>\n

Who\u2019s paying? <\/strong>The company has secured<\/a> a EGP 145 mn loan from the European Bank for Reconstruction and Development to fund the project, with tranches to be distributed through 2025, Shafei added. <\/p>\n

M&A-<\/p>\n

CIB exits Egypt Otsuka:<\/strong> The country\u2019s largest private bank has sold its stake in local pharma company Egypt Otsuka Pharma<\/a> to the latter\u2019s Japan-based parent company Otsuka Holdings<\/a>, CIB said in a statement (pdf)<\/a> yesterday.<\/p>\n

What\u2019s next for the company?<\/strong> Following the acquisition, \u201cOtsuka intends to continue strengthening its activities in the Middle East and North Africa, particularly in Egypt, to meet the growing demand for the group's products in the region,\u201d Egypt Otsuka CEO Ahmed Zaghloul said.<\/p>\n

Advisors: <\/strong>Zaki Hashem & Partners was CIB\u2019s legal counsel on the transaction, while Matouk Bassiouny & Hennawy represented Otsuka Holdings.<\/p>\n

RENEWABLES-<\/p>\n

#1- The <\/strong>EGPC <\/strong>looks to solar energy to help run its oil production wells:<\/strong> The Egyptian General Petroleum Corporation (EGPC) is doubling down on using solar energy instead of diesel for the operation of oil production wells at sites of companies that include Norpetco, PetroFarah, and OSOCO, according to an Oil Ministry statement<\/a>. <\/p>\n

By the numbers: <\/strong>The initiative will help save EGP 4.3 mn in annual diesel costs, enabling the ministry to recoup investment costs in under two years. <\/p>\n

\n

#2- NoorNation receives funding from Saudi VC firm:<\/strong> Local renewable energy firm NoorNation<\/a> has received an undisclosed investment from Saudi firm KBW ventures<\/a>, the asset management company said in a statement<\/a>. The investment represents KBW Ventures\u2019s first investment in the Egyptian market.<\/p>\n

DEBT-<\/p>\n

Radwan seeks USD 100 mn for billet production factory:<\/strong> Local manufacturer Radwan<\/a>for Steel Products<\/a> is in advanced talks with the National Bank of Egypt and QNB for a USD 100 mn loan to partially fund the USD 200 mn billet production factory its setting up in Ain Sokhna, the company\u2019s chairman Ahmed Radwan told Al Borsa<\/a>. The company will finance the other half of the factory\u2019s costs using its earnings.<\/p>\n

EDUCATION-<\/p>\n

Rowan Un<\/strong>iversity to set up shop in new administrative capital:<\/strong> New Jersey\u2019s Rowan University is set to establish a branch in the New Administrative Capital following the signing of an MoU with the Modern Group University Foundation, which will host the branch, according to a statement<\/a> from the Higher Education Ministry. The branch is planning to open its doors for students by September 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"

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The Japanese International Cooperation Agency (JICA) will provide USD 65 mn to finance the project as well\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":592688,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/04\/sovereign-wealth-fund-capital-to-quintuple-to-egp-1-tn\/","url_meta":{"origin":640252,"position":1},"title":"Sovereign wealth fund capital to quintuple to EGP 1 tn","author":"enterpriseam admin","date":"4 November 2019","format":false,"excerpt":"Speaking of the sovereign wealth fund: Egypt\u2019s SWF will see its initial capital rise fivefold to EGP 1 tn from EGP 200 bn after President Abdel Fattah El Sisi directed officials to raise its authorized capital, Planning Minister Hala El Said recently said. 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