{"id":656435,"date":"2024-12-04T00:00:00","date_gmt":"2024-12-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/04\/holding-company-for-roads-and-bridges-looks-to-secure-usd-500-mn-worth-of-iraqi-rail-projects-plus-mermec-fawry-amoun-atlas-ebrd-cib\/"},"modified":"2024-12-04T00:00:00","modified_gmt":"2024-12-04T00:00:00","slug":"holding-company-for-roads-and-bridges-looks-to-secure-usd-500-mn-worth-of-iraqi-rail-projects-plus-mermec-fawry-amoun-atlas-ebrd-cib","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/04\/holding-company-for-roads-and-bridges-looks-to-secure-usd-500-mn-worth-of-iraqi-rail-projects-plus-mermec-fawry-amoun-atlas-ebrd-cib\/","title":{"rendered":"Holding Company for Roads and Bridges looks to secure USD 500 mn worth of Iraqi rail projects. PLUS: Mermec, Fawry, Amoun + Atlas, EBRD + CIB"},"content":{"rendered":"

LOCOMOTIVE-<\/p>\n

#1- Egypt eyes USD 500 mn in railway projects in Iraq:<\/strong> State-owned Holding Company for Roads and Bridges is looking to secure USD 500 mn worth of railway projects with the Iraqi government as a part of Iraq\u2019s plan to spend USD 100 bn on infrastructure over three years, two unnamed sources tell Asharq Business<\/a>. The company has submitted technical and financial proposals for the projects, with negotiations ongoing and a final agreement expected by March 2025. <\/p>\n

Remember:<\/strong> Iraq has been emerging as a prime destination<\/a> for infrastructure investment of late, with a delegation from the Contractors Union visiting Baghdad last month<\/a> to check out construction sector investment opportunities at the Iraq Investment Forum. A number of local players have made plans to enter the country, with Talaat Moustafa Group<\/a>, Ora Developers<\/a>, Elsewedy Electric<\/a> and Algammal for Contracting<\/a> among those getting ready to penetrate the Iraqi market.<\/p>\n

\n

#2- Italy\u2019s Mermec could embark on a railway signalling and control systems factory: <\/strong>Transport and Industry Minister Kamel El Wazir called on Mermec<\/a> to establish a factory to localize the production of signalling and control systems for railways, according to a ministry statement<\/a>. The project aims to enhance railway safety and reduce the reliance on imported components, and eventually make Egypt a regional hub for railway parts and components.<\/p>\n

We\u2019re also getting new sleeper trains:<\/strong> The Egyptian National Railways also finalized an agreement with Spain\u2019s high-speed train manufacturer Talgo<\/a> to supply seven new luxury sleeper trains, following the recent delivery of six similar models. A EUR 200 mn loan to import sleeper trains from the company was given the presidential thumbs up<\/a> in August after being passed<\/a> by the House in June.<\/p>\n

FINANCIAL SERVICES-<\/p>\n

Fawry MSME facilitated some EGP 2 bn in payments:<\/strong> Fawry\u2019s SME-focused subsidiary Fawry MSME<\/a> has facilitated over EGP 2 bn in loan transactions over 750k transactions with its buy now, pay later overdraft feature \u2014 dubbed Al Nota<\/a> \u2014 since the beginning of the year, according to a press release<\/a>(pdf)<\/a>. Al Nota offers merchants a digital limit that can be used to finance working capital needs, \u201ctransforming bill payments and B2B transactions into short-term loans with maturities ranging from 3 to 15 days,\u201d according to the statement.<\/p>\n

ECONOMY-<\/p>\n

Kuwait renewed a USD 2 bn Central Bank of Egypt deposit certificate<\/strong> due for repayment in April for another year, according to a report (pdf)<\/a> from the central bank. The report, which shows the status of bank deposits through June 2024, does not clarify whether Kuwait\u2019s other USD 2 bn tranche due for repayment in September was renewed or repaid.<\/p>\n

Total long-term deposits fell to USD 9.3 bn<\/strong>, down from the USD 14.9 bn recorded at the end of June 2023 due to the UAE converting its deposits to help fund its Ras El Hekma mega project.<\/p>\n

Remember:<\/strong>Unconfirmed reports in October suggested that the Gulf nation was mulling converting its USD 4 bn in deposits<\/a> with the central bank into direct investments. The news followed Saudi Investment Minister Khalid Al Falih telling Prime Minister Moustafa Madbouly in August that the kingdom was looking to convert<\/a> some of its USD 5.3 bn worth of deposits at the CBE into investments.<\/p>\n

M&A-<\/p>\n

Amoun for Real Estate and Tourism Development acquired a 30.7% stake in Atlas For <\/strong>Investment and Food Industries<\/strong>, purchasing 199.9 mn shares for EGP 155.9 mn at an average price of EGP 0.78 per share, according to a EGX disclosure (pdf)<\/a>. The Financial Regulatory Authority had previously extended<\/a> the offer period to facilitate Amon\u2019s bid for up to 65.59% of Atlas\u2019s capital.<\/p>\n

DIPLOMACY-<\/p>\n

Foreign Minister Badr Abdelatty was in Port Sudan yesterday<\/strong>, becoming the first Egyptian foreign minister to visit the country since the civil war began in April 2023, according to a statement<\/a> from the ministry. Abdelatty met with Sudan\u2019s de-facto ruler Abdel Fattah Al Burhan and his Sudanese counterpart and reiterated calls for an immediate ceasefire, the ramping up of humanitarian aid, and safeguarding of shared water resources.<\/p>\n

EXPANSION-<\/p>\n

All roads lead to Riyadh:<\/strong> Five unnamed Egyptian engineering firms plan to establish factories in Saudi Arabia with total investments worth around SAR 500 mn, head of the Egyptian-Saudi Business Council\u2019s industry committee, Mohamed Genedy, told Mubasher<\/a>. The companies aim to use the investments to strengthen their presence in Gulf export markets <\/p>\n

DEBT-<\/p>\n

EBRD greenlights EUR 50 mn risk-sharing agreement with CIB for SME on-lending: <\/strong>The European Bank for Reconstruction and Development (EBRD) has given final approval for a risk-sharing facility<\/a> with CIB to support SME lending in Egypt, CIB said in a statement<\/a>. The EBRD will guarantee 50% of a EUR 50 mn loan portfolio, allowing CIB to expand its lending capacity to underserved SMEs over the next five years.<\/p>\n","protected":false},"excerpt":{"rendered":"

Iraq has a plan to spend USD 100 bn on infrastructure over the next three years<\/p>\n","protected":false},"author":1,"featured_media":656436,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[111,144,240,130,7106,168,571,104,6740,7001,72,503,183,7111,78,552,7128,131,83,219,287,207],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-656435","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-automotive","tag-cib","tag-construction","tag-debt","tag-diplomacy","tag-ebrd","tag-economy","tag-egypt-iraq-relations","tag-egypt-sudan-relations","tag-enterpriseam","tag-financial-services","tag-fintech","tag-infrastructure","tag-ipo-watch","tag-iraq","tag-ma-watch","tag-manufacturing","tag-real-estate","tag-saudi-arabia","tag-smes","tag-transport","wpautop","entry"],"acf":{"mongo_id":"25bead7e-76c4-4ee1-9458-537e57c974bb","order":"12","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/1140.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Holding Company for Roads and Bridges looks to secure USD 500 mn worth of Iraqi rail projects. 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