DEBT-

Emirates NBD extended over EGP 20 bn in credit facilities to Elsewedy Electric to fund its expansion plans in Egypt, Saudi Arabia, and the UAE, according to a statement from the banking group. The financing, arranged by Emirates NBD teams across the three markets, will back Elsewedy’s regional projects in power, manufacturing, and infrastructure.

BANKING-

The Central Bank of Egypt has reportedly fined First Abu Dhabi Bank Misr over loans to financial services firm Beltone Holding; Beltone denies wrongdoing. Asharq Business reported that the Central Bank of Egypt has imposed fines on at least three Egyptian lenders for alleged violations of banking regulations related to loans made to Beltone Holding. The website says FAB Misr was handed a fine of EGP 1 bn (USD 77.7 mn), while at least two other banks, including NBK Egypt, were fined smaller amounts. It also reported that the regulator ordered the dismissal of a top credit officer at FAB Misr.

The CBE has not issued a statement on the matter, while FAB Misr responded briefly to Asharq Business, saying it complies with the laws and regulations of the central bank and can’t comment on matters related to its clients.

FAB’s ADX-listed shares were up 1.2% at Wednesday’s close.

M&A-

Al Batha Healthcare expands into diagnostics with acquisition: UAE-based healthcare solutions provider Al Batha Healthcare has acquired medical and laboratory solutions firm Milab Scientific (Milab), according to a press release. The value of the takeover wasn’t specified. Milab will deploy its laboratory equipment and solutions through Al Batha’s integrated network to boost the latter’s advanced diagnostics and molecular biology offerings.

ICYMI- Al Batha also recently acquired parts of Emirati drugmaker Julphar’s retail and distribution business.

HOSPITALITY-

Rotana expands footprint in KSA: Abu Dhabi-based hotel management firm Rotana Group inked an agreement to develop Rotana Jabal Omar Makkah, further expanding its presence in Saudi Arabia, according to a press release. The agreement, featuring a multi-tower complex, is part of Saudi Arabia’s broader efforts of expanding its capacity for Hajj and Umrah pilgrims, targeting 150 mn visitors by 2030.

BACKGROUND- Earlier this year the firm said it was planning to open 36 hotels across the Middle East, Turkey, Africa, and Europe, including nine it was planning to launch in Saudi Arabia. At the time, Rotana said it was planning to add five hotels to the Kingdom, and 6k rooms, this year.

PAYMENTS-

UAE-based fintech Ziina has launched a new digital card, backed by Visa and available through Apple Wallet, targeting both individuals and businesses, TechAfrica News reports. The service allows for instant spending and aims to streamline cashflow management for businesses where delayed client payments can disrupt day-to-day operations. The new digital card will offer business rewards, including price reductions for tools like Microsoft 365 and Google Workspace.

ICYMI- The new digital payment service builds on Ziina’s addition of Tap to Pay to its infrastructure earlier this year, enabling contactless, in-person payments.

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