2 Chinese companies provide 250 million USD loan for Egypt’s LRT
2 Chinese companies provide 250 million USD loan for Egypt’s LRT. The Chinese companies AVIC Intel and China Railway Major Bridge Engineering Group Co will back Egypt’s National Authority for Tunnels (NAT) with a concessional loan worth 250 million USD. The loan will finance the fourth phase of the light electric train (LRT). NAT will use the loan to pay for the costs of electrical, mechanical, signaling, communications, and central control systems of the project. On the other hand, the authority will handle the costs of the civil works. In September, the Export-Import Bank of China (Chexim) provided Egypt with a new loan worth 400 million USD to finance the construction works of the LRT. (Asharq Business)
- Egypt launches 1st ATM to sell gold bars.
Egypt has launched the first automated teller machine (ATM) to sell gold bars to citizens, in collaboration with Banque Misr. This came on the sidelines of the 3rd International Exhibition for Gold and Jewelry (NEBU) being held from November 26th to 28th. The ATM will provide one-gram bars and will be updated continuously and in real-time so that the buyer is correctly billed. (Al Mal)
- El-Sisi reappoints Hassan Abdalla as CBE’s governor for 1-year term.
President Abdel Fattah El-Sisi has reappointed Hassan Abdalla as the Acting Governor of the Central Bank of Egypt (CBE) for another one-year term. Under the decree, Tarek El Kholy and Ramy Aboulnaga have been reappointed as deputy governors for a one-year term as of November 27th. On a related note, the CBE has appointed Mohamed Abou Moussa as the bank’s first Assistant Governor. Abou Moussa has over 25 years of experience in the banking sector and previously served as the CBE’s Sub-Governor of the Banking Supervision Unit. (Al Ahram Gate)
- Banque Misr to offer e-payment, financing services to Tropi 2, Qasatli.
Banque Misr has signed two cooperation protocols with Amer Group and the real estate company Qasatli in the fields of e-payment and real estate financing. Under the protocols, the bank has partnered with Tropi 2 for Touristic Development, a subsidiary of Amer Group, to supply point of sale (POS) machines to the company’s premises and connecting them to the e-collection system of electricity bills. This is along with the administrative fees concerning the services provided by the company via its customer service center. (Arab Finance)
- Majid Al Futtaim to invest 1 billion USD in Egypt soon: CEO.
Majid Al Futtaim Holding is planning to invest 1 billion USD in the Egyptian market over the coming period. Moreover, the group is working on doubling the number of Carrefour’s branches to 140 across 25 cities from the current 70 branches. The new branch of Carrefour would be inaugurated in the New Administrative Capital in February 2024. Additionally, the company is targeting injecting 20 billion EGP into new projects in Egypt, along with expanding and revamping the current malls and entertainment centers until 2023. It will also allocate an additional sum of 4.6 billion EGP for local investments. (Economy Plus)
- SKY AD. Developments invests EGP 12bn in three projects within less than two years.
SKY AD. Developments, a division of the Emirati Diamond Group in Egypt, invested 12 billion EGP in three projects within the country in under two years. The company achieved total sales of 3.2 billion EGP in the first nine months of the year. The company recorded 600 million EGP in sales during the Cityscape Egypt 2023 exhibition. While international expansion is a possibility, the current focus is on the Egyptian market, with potential consideration for a stock exchange listing in the future. (Daily News)
- The Administrative Capital has received three requests from Gulf companies to implement projects.
Khaled Abbas, Chairman of the Board and Managing Director of the Administrative Capital for Urban Development, during a special session to review the latest developments in the Administrative Capital and the goals for the coming period, stated that current global economic conditions are causing foreign investments to proceed cautiously with project implementation. He also affirmed that the Investment Authority would approve an increase in the company's capital from 20 billion to 57.7 billion EGP. (Hapi Journal)
- The cost of 34 service projects in the "New Borg El Arab" is 6 billion EGP.
Dr. Assem El Gazzar, the Minister of Housing, stated that infrastructure projects in the New Borg El Arab City have exceeded 34 projects, covering sectors such as utilities, roads, electricity, agriculture, and more, along with periodic maintenance projects, at a cost approaching 2.6 billion Egyptian pounds. This came during El Gazzar's follow-up on the progress of several projects to enhance the sewage system and develop roads in the New Borg El Arab City. (Al Borsa News)
- On the global front, in the final days of the ceasefire, Israel raids camps in the West Bank and arrests dozens.
Israel conducted a series of raids and incursions in the West Bank on Monday, arresting several individuals, including 26 people from the town of Bani Na'im east of Hebron. Palestinian media published the names of the 26 individuals known so far to have been arrested by Israeli forces in the raids in Bani Na'im. It also reported the arrest of a released prisoner named Zahi Al-Kawas from the Al-Dahiya Al-Aliya neighborhood in Nablus. Earlier in the day, Palestinian television reported that Israeli special forces had raided the Jalazone camp in Ramallah in the West Bank, detained a young man, and conducted another raid in the Aqabat Jaber camp in Jericho. (Hapi Journal)
- Decrease in oil prices amid anticipation for the OPEC+ meeting.
Oil prices fell during today's trading session amid anticipation from market participants for the postponed meeting of the "OPEC+" alliance. The OPEC organization decided to delay the alliance's meeting by 4 days until November 30th, amidst disagreements among members over oil production quotas. Yesterday’s session marks the fourth consecutive one where crude oil prices have experienced a decline. Brent crude dropped below the $80 per barrel level after decreasing by 2.3% over the past three sessions. West Texas Intermediate (WTI) crude approached the 75 USD per barrel level. (Economy Plus)
- Russia begins delivering free shipments of grains to several African countries.
In the coming days, the shipments of grains donated by Russia will commence for several African countries in an attempt to enhance its influence on the continent. The total shipments are expected to reach 200,000 tons by the end of this year, as reported by the Russian news agency Interfax, quoting the Ministry of Agriculture. Somalia and Burkina Faso are expected to be the first recipients. This follows a promise made by President Vladimir Putin in July to send free grains to six African countries that have strong ties with Moscow. (Economy Plus)
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