{"id":655425,"date":"2024-11-18T00:00:00","date_gmt":"2024-11-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/18\/efg-hermes-launches-a-new-usd-300-mn-education-fund-in-saudi-arabia\/"},"modified":"2024-11-18T00:00:00","modified_gmt":"2024-11-18T00:00:00","slug":"efg-hermes-launches-a-new-usd-300-mn-education-fund-in-saudi-arabia","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/18\/efg-hermes-launches-a-new-usd-300-mn-education-fund-in-saudi-arabia\/","title":{"rendered":"EFG Hermes launches a new USD 300 mn education fund in Saudi Arabia"},"content":{"rendered":"

Good afternoon folks, and happy Monday. <\/strong>The weather may be cooling down but the presses are just heating up for the week \u2014 and we\u2019ve got all the details for you below.<\/p>\n

\n

THE BIG STORY TODAY-<\/p>\n

EFG Hermes launches USD 300 mn Saudi Education Fund: <\/strong>Our friends at EFG Hermes are investing USD 300 mn to establish a K-12 operator in the Kingdom through their newly-launched Saudi Education Fund (SEF), according to a press release (pdf)<\/a>. The fund has acquired seven schools \u2014 four in the Kingdom and the rest in the UAE and Bahrain \u2014 from GFH Financial Group under the Britus Education<\/a> brand. Together, the schools are equipped to serve up to 12k students, with 8k already enrolled. The new venture builds on the successes of EFG Hermes Egyptian K-12 operator Egypt Education Platform<\/a>, with the firm set to \u201cdeliver exceptional educational services to our new student populations,\u201d according to co-CEO Karim Moussa.<\/p>\n

Beltone logs impressive growth in 9M 2024: <\/strong>Beltone Holding recorded EGP 1.1 bn in net income during 9M 2024, up from EGP 86 mn during the same period last year, according to its latest earnings release (pdf)<\/a>. Beltone\u2019s revenues were also up 405% y-o-y during the nine-month period to record EGP 4.8 bn. \u201cThis solid financial and operational performance across all business lines is a direct result of the group\u2019s swift and adaptable data-driven business model, its fully-fledged product offering, and its extraordinary talent,\u201d Group CEO Dalia Khorshid said.<\/p>\n

Palm Hills Developments (PHD) saw its bottom line rise 124% y-o-y <\/strong>to EGP 2.3 bn in 9M 2024, with revenues increasing 59% y-o-y to EGP 17.9 bn, the company said in a statement (pdf)<\/a>. The real estate company also saw sales grow 3.8x y-o-y to reach EGP 130 bn in the first nine months of the year. \u201cWe are pleased to report our best nine months results, fueled largely by strong sales in our North Coast developments. Albeit we applied a sales phasing strategy that led us receiving only 14% of demand in our Hacienda Heneish project,\u201d Chairman Yasseen Mansour said. <\/p>\n

\n

THE BIG STORY ABROAD-<\/p>\n

Moscow turns up the diplomatic heat as Biden takes the brakes off Ukraine: <\/strong>The Kremlin said this morning that an official US decision to allow Ukraine to carry out limited strikes on Russian territory<\/a> using US-made long-range missiles would mean \u201ca qualitatively new round of tension and a qualitatively new situation from the point of view of US involvement in this conflict,\u201d according to comments from Kremlin spokesman Dmitry Peskov. He added that official confirmation of such a decision by the US would be interpreted as direct involvement by the US and NATO, saying that these moves show that the Biden administration \u201cintends to take steps to continue adding fuel to the fire and continue to provoke tension around this conflict.\u201d (Financial Times<\/a>, Reuters<\/a>)<\/p>\n

PLUS- Trump taps Big Tech critic, Musk fan for FCC chair: <\/strong>President-elect Donald Trump has given noted Big Tech skeptic and SpaceX aficionado Brendan Carr the nod for chairman of the Federal Communications Commission (FCC), with many expecting Carr to use the position to crack down on what he has called mainstream media\u2019s \u201ccensorship\u201d of right-wing views. (Washington Post<\/a>, Reuters<\/a>) <\/p>\n

\n
\n
\n
\n

Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM:<\/strong><\/p>\n