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Saudi investments into Egypt tops headlines this week: Top 10 News

Saudi investments into Egypt tops headlines this week: Top 10 News

Arab Finance: The weekend is almost around the corner, however, the news throughout the week have been outstanding, with the remarkable visit of the Saudi Crown Prince Mohammed bin Salman to Egypt amid the prosperous relationship between the two countries topping headlines, along with the promising rules issued by the Egyptian Prime Minister for real estate development in the country.

In terms of corporate news, EFG Hermes Holding’s buy-now-pay-later (BNPL) fintech platform valU has attracted Saudi investors, which builds on its position in the region, while Telecom Egypt has boosted its business in Greece.

So, to wrap up all the key events that occurred throughout the week from June 19th to 23rd, the top 10 news stories of the week are as follows:

1 - Saudi Arabia, Egypt sign $7.7B investment agreements

Egypt and Saudi Arabia have signed 14 investment agreements worth $7.7 billion in various fields including infrastructure, logistics, ports management, food industries, renewable energy, and green hydrogen projects, pharmaceuticals, and e-commerce.

 

2 - Egypt sets new rules for real estate development, sales

Prime Minister Mostafa Madbouly has issued a decree obligating competent authorities to include the new rules for sales of real estate units for the protection of buyers’ rights among tender documents and appendixes of contracts signed with developers.

 

3 - Egypt lifts all Covid-19 entry restrictions

Egypt’s Supreme Committee for the Management of the Epidemiology and Health Pandemic Crisis has decided to lift all the entry restrictions on Egyptians and foreigners to the country.

 

4 - Egypt’s growth to slow down to 4.4% in FY 2022/2023: Fitch Solutions

Growth of the Egyptian economy is expected to slow down to 4.4% in fiscal year (FY) 2022/2023 due to inflation and slow recovery in both public investment and tourism.

 

5 - Members of Saudi Alhokair family to acquire 4.99% stake in Egypt’s valU

valU, a subsidiary of EFG Hermes Holding (HRHO), has entered into an agreement with members of the Saudi Alhokair family to sell a minority stake of 4.99%.

 

6 - Telecom Egypt inks agreement to extend subsea cable to Greece

Telecom Egypt (ETEL) has signed an agreement with Grid Telecom, a subsidiary of Greece’s Independent Power Transmission Operator (IPTO), to connect Egypt to Greece through the extension of a branch from a subsea cable system.

 

7 - Abu Qir Fertilizers to establish management company for $1.2B project

The board of directors of Abu Qir Fertilizers and Chemicals Industries Company (ABUK) has approved in principle to proceed with the establishment of a company to manage a $1.202 billion project planned to be launched on a land area owned by the Egyptian General Petroleum Corporation (EGPC).

 

8 - EFG Hermes’ banking division advises on EGP 651.2M securitization issuance

 EFG Hermes Holding (HRHO) has announced that its investment banking division has closed the first issuance worth EGP 651.2 million of an EGP 3 billion securitization program for Bedaya Mortgage Finance, a non-bank online mortgage provider.

 

9 - Arab Coordination Group launches $10B relief plan for global food crisis

The Arab Coordination Group (ACG) has pledged $10 billion for immediate relief of the global food supply crisis and the long-term support of impacted nations.

 

10 - Italy’s Eni, QatarEnergy to set up JV

Italy’s Eni has signed a partnership agreement with QatarEnergy for the establishment of a new joint venture (JV).

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