Presidential Decree in Official Gazette approves USD 500 million loan for social welfare expansion
Presidential Decree in Official Gazette approves USD 500 million loan for social welfare expansion. A presidential decree featured in the Official Gazette details the agreement between the Arab Republic of Egypt and the International Bank for Reconstruction and Development (IBRD) for a USD 500 million loan. This loan is designated for the expansion project of the Takaful and Karama Cash Transfer and Systems Building Program, signed on April 9, 2023. (Arab Finance)
- Government to initiate trial phase for mandatory carbon market in 2024.
The government is planning to launch a pilot phase for a proposed mandatory carbon market in 1Q 2024, two government sources told Enterprise. The market — which will take efforts to reduce greenhouse gas emissions up a notch from the EGX’s planned voluntary carbon market — will be piloted during a non-compulsory first phase, before it goes live following approval from the EGX and the Financial Regulatory Authority (FRA). (Enterprise)
- Accor CEO notes resilience in Egyptian tourism post Israeli war on Gaza.
Accor CEO Sebastian Bazin reports a robust rebound in hotel bookings across the region following the Israeli war on Gaza. Despite initial cancellations, particularly in the aftermath of the conflict, occupancy rates in key Egyptian destinations such as Sharm el-Sheikh and Cairo have bounced back significantly. The tourism sector in Egypt remains resilient, and the country is on track to meet its goal of attracting 15 million tourists this year. (Arab Finance)
- Raya Holding increases its ownership in Ostool.
Raya Holding for Financial Investments has officially confirmed the signing of an agreement to acquire a 27.7% share of Ostool, its freight subsidiary, from Egyptian Gulf Holding Financial Investments, which serves as EGBank’s investment arm. Through this transaction, Raya's ownership in Ostool is set to rise to 90%. (Enterprise)
- B Investments greenlights mandatory tender offer for majority stake in Orascom Financial Holding.
The board of directors at B Investments has given the green light to a mandatory tender offer (MTO) aimed at securing approximately 90% ownership of Orascom Financial Holding (OFH), totaling around 4.2 billion shares. This acquisition will be facilitated through a share swap. (Enterprise)
- SODIC earns prestigious green building certification.
SODIC's Eastown District in New Cairo achieves the prestigious EDGE Advanced Green Building Certificate, endorsed by the International Finance Corporation (IFC), marking Egypt's first business park to attain this distinction. Recognized for its energy efficiency, water conservation, and use of sustainable building materials, the certification positions the project for financial benefits like green bonds and loans. (Economy Plus)
- EFG Holding Launches Vortex Fund subscription for USD 300 million.
EFG Holding Group initiates subscriptions for Vortex Energy's fourth Vortex Fund, aiming to raise USD 300 million before year-end. Targeting Gulf sovereign funds and European investors, the fund anticipates exceeding USD 500 million in capital after the second close. (Arab Finance)
- Drive Finance, GB Corp's Auto Financing division, raises EGP 1.47 billion in second bond issuance.
Drive Finance, the car finance subsidiary of GB Corp, successfully gathered EGP 1.47 billion through its second securitized bond issuance in the current month. The announcement was made in a statement by CIB, the entity responsible for advising, leading, and promoting the sale. (Enterprise)
- Egypt and Spain partner for advanced water management.
Egypt's Ministry of Water Resources and Irrigation and Spain's Agency for International Development Cooperation signed a memorandum of understanding (MoU) to enhance water resource development. The collaboration focuses on modernizing irrigation, efficient water planning, joint research, and a pilot project in selected governorates to implement advanced techniques. (Arab Finance)
- Sunway Egypt eyes acquisition for solar energy expansion.
Ahmed El-Ghandour, head of Sunway Egypt, a renewable energy firm, revealed plans for acquiring two solar energy installation contracting companies in Egypt. Discussions are ongoing regarding the acquisition method, whether by cash payment or share swap. Sunway aims to boost capital by 30% to fund these acquisitions and its expansion strategy. El-Ghandour anticipates a 200% revenue surge next year by expanding projects in Egypt and venturing into the Saudi market. (Hapi)
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