CAPITAL MARKETS- The Abu Dhabi Securities Exchange (ADX) has onboarded Cairo-born investment platform Thndr as its first remote retail trading member, Emirati state news agency Wam reported Thursday. The move will allow more than 4 mn users on Thndr to trade ADX-listed stocks and ETFs directly via its mobile platform, without having to have a physical presence in the UAE.What they said: “This partnership gives our users the chance to invest in one of the region’s strongest-performing markets over the past 5, 10, and 15 years, while also opening doors to exposure within MENA through Tabadul as well as beyond MENA. As an Egyptian founder, this moment is personal, it’s about building on the historic ties between Egypt and the UAE and creating new bridges for our communities to grow, invest, and win together,” said CEO Ahmad Hammouda.The move marks the company’s first step into Gulf markets, with operations in Saudi Arabia set to follow in 2026, Hammouda previously said. Following its regional expansion, the trading platform is planning on listing on the EGX, according to Hammouda.STARTUPS- #1- Flat6Labs has launched a seed stage investment firm dubbed F6 Ventures, which will sit alongside Flat6Labs as a startup accelerator platform under the newly created F6 Group umbrella, according to a statement from Flat6Labs. The move represents a “bold evolution of the company’s 14-year journey, bringing sharper focus, expanded reach, and deeper capabilities to support founders and ecosystems across the Middle East and Africa,” according to the statement.F6 Group’s dedicated venture capital arm F6 Ventures will manage some USD 90 mn in assets under management, which will be spread across six funds. F6 Ventures will focus on seed and early-stage startups in the Middle East and Africa through its headquarters in Cairo and offices in KSA, UAE, Jordan, Tunisia, and Kenya, with the aim of increasing assets under management to USD 200 mn within five years.The newly founded parent structure F6 Group will be led by Dina El Shenoufy (LinkedIn) as its CEO, with Hany Al Sonbaty as its chairman (LinkedIn). Flat6Labs will now be headed by Yehia Houry (LinkedIn) as its CEO, after having previously served as its chief programs officer and managing director of its Tunisia operations.#2- The Information Technology Industry Development Agency (ITIDA) welcomed the latest cohort to its Start IT incubation program, according to a statement (pdf) from the agency. Included on the list are healthtech platform Cluster, food waste solution Mystery Bag, AI medical consultation service Converse2Note, e-commerce platform Coccarohome, sports talent startup Sportyano, edtech LRNOVA, logistics startup Tanker, and tax assistant eDariba — each of which will benefit from an EGP 480k incubation package and USD 10k in cloud credits from Amazon Web Services.M&A-A CIB-led consortium led by CIB Egypt will acquire a majority stake in B Investments Holding's investment arm B Healthcare Investments, Asharq Business reported yesterday, citing two unnamed sources. The fresh funds from the acquisition will fund new acquisitions in specialized healthcare.The acquisition will be made via a roughly EGP 500 mn capital increase that will see CIB acquire around 25% of the company, Misr Ins. 10%, Misr Life Ins. 10%, and Al Baraka Bank Egypt with 5%. B Investments Holding will hold 25% of the company following the acquisition, while Egypt’s Sovereign Fund healthcare sub-fund and another investor will own the remaining 25%.MANUFACTURING-Elamir Group is planning to invest EGP 500 mn in a new facility for fruit and tomato concentrate production and packaging, CEO Osama El Faham told Al Borsa.The new facility in Sadat City has received a golden license and will open up annual export revenues of USD 25 mn.The first phase of the project will kick off production in 2027, followed by a second phase that will include a legume and fruit drying facility in 2028.REAL ESTATE-#1- Al Ahly Sabbour clocked in over EGP 10 bn in sales within two days of launching its new Ras El Hekma project Youd, the local real estate player said in a statement (pdf) yesterday. The 164 feddan project is being developed in partnership with Jedar Real Estate.#2- Marakez has signed a long-term EGP 2 bn financing agreement with the Arab African International Bank to help fund the development of its Crescent Walk project, according to a statement from the bank seen by EnterpriseAM. The loan is tailored to facilitate construction of the 118-feddan project in New Cairo and to ensure on-time delivery of units.

OIL AND GAS- Is Chevron the latest to exit Egypt’s Red Sea? Chevron — the operator of the last active exploration block in the Red Sea — is reportedly on its way out of the block it operates, Asharq Business reported, citing an unnamed government source. We had reported last month that Shell and its partners exited Red Sea blocks 3 and 4, leaving Chevron’s Block 1 — held with Woodside and Tharwa — as the only concession still on the books.The government is pushing back, citing strong fundamentals for a relaunch. A senior Oil Ministry source told EnterpriseAM that recent seismic surveys in the Red Sea have shown promising results, but that the terrain’s complexity and high drilling costs may have prompted the recent wave of exits. The government is now working on a more attractive economic model for upcoming offerings and is open to revisiting production-sharing terms to better align with investor expectations. The revised concessions would come alongside broader efforts to encourage reinvestment in exploration and boost Egypt’s domestic output, with Red Sea acreage still considered a strategic priority.REAL ESTATE-Somabay developer Abu Soma Development Company plans to invest EGP 3 bn in new hotel developments over the coming three years, a company representative told EnterpriseAM. The developer is also targeting EGP 12 bn in real estate sales this year. The developer plans to build four new hotels in Somabay, bringing its total properties there to ten, Group CEO Ibrahim El Missiri told Al Borsa.Azza Fahmy is partnering with Marakez to head to Ras El Hekma, where the two will set up a beach club house at the mixed-use developer’s Ramla project, the two companies announced in a joint statement seen by EnterpriseAM. The space — slated to open in the summer of 2026 — will bring together coastal living and contemporary Egyptian design across 750 sqm of indoor and outdoor areas, according to the statement.SPORTS-Orascom Development is mulling setting up a sports subsidiary which would take over the ownership of El Gouna Sports Club, according to an EGX disclosure (pdf). The move is still subject to shareholders’ approval at the upcoming general assembly meeting scheduled for 11 May.

!_ImageURLWeb_! https://ent.news/2025/2/151.jpgHOSPITALITY- Our friends at real estate developer Marakez signed an agreement with Credence Hospitality Developments to develop and operate Urbane, a new urban business hotel in New Cairo’s District 5, according to a press release (pdf). The 100-key project will include “state-of-the-art meeting rooms, a conference hall, a rooftop restaurant, retail outlets, a spa, and outdoor sports facilities.” The project is slated to open in early 2027.(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)DIPLOMACY- Madbouly, UAE ministers discuss joint projects: Prime Minister Moustafa Madbouly met with the Emirati minister of industry and investment to review progress on joint projects, including the industrial projects being set up in Ras El Hekma, according to a statement. The discussion also covered the latest on joint energy, data centers, and renewable energy projects, as well as airport management. POLICY-The Political Affairs Committee held its first meeting yesterday, which saw its members — headed by Prime Minister Moustafa Madbouly — discuss regional developments and national security concerns, according to a cabinet statement. The discussion covered Egypt’s diplomatic efforts, including President Abdel Fattah El Sisi’s phone call with US President Donald Trump and the ministerial meeting on Palestine Egypt hosted over the weekend. Political Affairs Committee? The committee is one of six newly-formed advisory committees that will work to ensure continued and deepened communication between policymakers and the private sector as the state pushes its reform drive into the new year. We put together a rundown of the committees and their members after the news broke last week. Read the story here.ENERGY- The Oil Ministry increased natural gas supplies allocated for the industrial sector by 10% in 1H 2025, an unnamed government official told Al Arabiya. The notoriously energy-intensive sector — accounting for around a quarter of the country’s gas use — draws around 1.6 bn cubic feet of gas per day, according to the source.Export-orientated industries are prioritized for receiving gas supplies, with industries like petrochemicals that open up FX revenues reportedly being at the front of the line.INVESTMENT-Ugreen steps foot into Egypt: Electronics and mobile accessories manufacturer Ugreen, in collaboration with Blooms Group, has officially launched in Egypt with a USD 5 mn investment, according to a statement (pdf). The company will offer a range of power banks and audio devices, with more devices to be introduced later this year.MANUFACTURING-Fresh has three new component factories in the pipeline: Home appliance manufacturer Fresh is planning to set up three component manufacturing plants with combined investments exceeding EGP 200 mn, Al Borsa reports. The company expects to have the factories up and running next year. DEBT-Agrana Nile Fruits secures EUR 3 mn loan from EBRD: Agrana Nile Fruits, a JV between Austrian food company Agrana and the UAE’s Naama Investment Holding, secured a senior unsecured loan of up to EUR 3 mn from the European Bank for Reconstruction and Development (EBRD), according to a bank website. The funds will be used to finance a new production line and refurbish the company’s Obour City factory, increasing annual production capacity and expanding its export base.

Our friends at mixed-use real estate developer Marakez have partnered with Adrère Amellal to bring a 71-room-and-suite ecolodge to Ramla, Ras El Hekma, Marakez’s signature project on the North Coast, the developer said in a statement (pdf). Adrère Amellal is the developer and operator of the unique 54-room ecolodge of the same name in Siwa Oasis, which first opened its doors in 2000. What we know: Construction of the Adrère Amellal “The Ramla Nature Lodge” will begin towards the end of this year with its opening scheduled for 2027. First deliveries at Ramla will begin by next summer.What they said: “We are committed to pushing the boundaries of development by creating spaces that are not only luxurious, but also deeply rooted in sustainability and community,” said Marakez Executive Vice-Chairman Dasha Badrawi. “The Adrère Amellal hotel at Ramla is a testament to our dedication to crafting unique experiences which resonate with international travelers and Egyptians alike.”Why it matters: The Siwa ecolodge is one of the most visible pillars of the tourism industry, generating interest and publicity far out of proportion to its size. It’s regularly written up in the global travel press and has welcomed high-profile guests including King Charles III and Queen Camilla, the actors Juliette Binoche and Isabella Rossellini, the late artist Peter Beard, and Greek Prime Minister Kyriakos Mitsotakis, among dozens of others.Why we like Ramla: 1.4 km of pure white sand and crystal-clear water — what more do you want in summer?

INVESTMENT- #1- EKH may be interested in getting in on the state’s privatization program: Our friends at EGX-listed investment company Egypt Kuwait Holding (EKH) have taken an interest in and are open to investing in stakes in companies being offered up by the state asset sale program, EKH chairman Loay Jassim Al Kharafi told Prime Minister Mostafa Madbouly yesterday, according to a cabinet statement.That’s not all: EKH wants to set up electricity distribution stations under build-own-transfer agreements with the government. The investment company also has its eyes set on completing work on its hotel project in Arish and other touristic investments in the city. EKH is also gearing up to soon run trial operations at a new USD 120 mn factory for producing MDF wood.#2- SEII to invest USD 20 mn in Egypt this year:Saudi Egyptian Industrial Investment (SEII) is set to invest some USD 20 mn into Egypt’s market this year, with a particular focus on industrial projects, Al Borsa reports, citing company CEO Ahmed Ata. STARTUPS- #1- Sawari Ventures looks to invest USD 150 mn in local startups: Cairo-based venture capital firm Sawari Ventures is setting up a new USD 150 mn fund for Egyptian startups, the company’s managing partner Hany Al Sonbaty told Al Arabiya Business. The fund will be primarily interested in investing in fintech, edtech, and healthtec companies, Al Sonbaty added.#2- Fincart to open up regional HQ in KSA: Local shipping and financing solutionsprovider Fincart plans to open its regional headquarters in Saudi Arabia during the second quarter of the year, CEO Mostafa Masry told Al Mal. The startup also aims to launch operations throughout the whole of GCC by 2025 and in Morocco, Kenya, and Ethiopia later down the line, Masry said. The startup will soon close a funding round, which will be spent on improving its tech infrastructure and marketing. Fincart? The startup connects small businesses with local and international shipping companies, helping them scale up operations and has plans to work with fintech firms and banks to provide financing to small and micro enterprises. CAPITAL MARKETS- Another gold investment fund from Evolve? Evolve Investment Holding wants tolaunch another gold investment fund during the first half of the year, CEO Sameh El Torgoman told Asharq Business. The company launched the country’s first gold fund with Azimut in May 2023 and launched another — dubbed Beltone Evolve Gold — with Beltone Securities Holding last month.ENERGY-Tamar gas field to expand production 60%: Chevron’s Tamar gas field in Israel — which also supplies gas to Egypt and Jordan — will increase daily production to o 1.6 bn cubic feet per day, from a current 1 bn cubic feet per day, Reuters reports, citing the American oil and gas giant. DEBT- Marakez’s District 5 is getting a EGP 1.2 bn loan from NBE and Banque Misr: Fawaz Alhokair Group’s real estate and mall developer subsidiary Marakez is seeking a long-term, syndicated loan of EGP 1.2 bn from the National Bank of Egypt and Banque Misr to fund its New Cairo project District 5, Al Mal reported, citing sources it says are in the know. The loan agreement is expected to be signed in March.MINING-Shalateen’s gold deliveries to the central bank up 14% in 2023: The state-owned Shalateen Mineral Resources Company has delivered 720 kg of gold — worth EGP 1.3 bn (USD 42 mn) — to the Central Bank of Egypt in 2023, Asharq Business reported, citing an anonymous government source. The 14% y-o-y increase is below half of the targeted 32% increase to 830 kg announced by the company’s chairman in July. Looking ahead: The company now targets to boost its 2024 deliveries by around 40% to reach 1 ton of gold, the source added.

EFG Hermes’ leasing and factoring arm has signed an EGP 750 mn sale and leaseback agreement with real estate developer Marakez to refinance the Mall of Arabia in Sixth of October, EFG Hermes announced in a statement (pdf). The two-tranche transaction is part of a wider EGP 2.25 bn financing package arranged by the company.A very EFG affair: EFG’s investment banking division was the sole financial advisor and arranger on the issuance. EFG Hermes’ Corp-Solutions was the leasing partner, and the Arab Investment Bank (aiBank), which EFG acquired late last year, was the lender.“This transaction is a testament to our ability to seamlessly cross-sell products across EFG Hermes, with this transaction seeing the first-time participation of both EFG Hermes Corp-Solutions and aiBANK alongside the Investment Banking division, cementing our positioning as a one-stop-shop for our clients’ ever-evolving financing needs” said Maged El Ayouti, managing director and deputy head of investment banking at EFG.EFG Corp-Solutions is growing its commercial property portfolio: This is the latest in a string of sale and leaseback agreements for EFG Hermes Corp-Solutions, which is looking to make further inroads in the real estate sector. The firm signed an EGP 600 mn agreement with LMD in March, a EGP 750 mn transaction with MNHD in December, and a EGP 750 mn agreement with Misr Italia in October.

More than a quarter of a tn EGP now invested in CDs: More than EGP 260 bn has been poured into the 18% CDs launched by Banque Misr and the National Bank of Egypt (NBE) last Monday in the wake of the Central Bank of Egypt’s 100-bps rate hike. Savers have put EGP 180 bn into the certificates with the NBE and EGP 87 bn with Banque Misr, according to senior officials from the two banks.Supermarket chain Seoudi will open two new stores at Marakez’s Mall of Arabia in Sixth of October and D5M in New Cairo in 2H2022. (Statement)

Edita Food Industries is expanding its biscuits segment with the launch of Oniro Mini Lava at a retail price of EGP 3 per pack, the company announced in a press release (pdf). The four-stick biscuit packs come in vanilla and chocolate flavors. The launch comes as part of Edita’s efforts to grow its biscuits segment, which the snackfoods maker says grew at a rate of 79.2% y-o-y in 9M2021, making it Edita’s second fastest-growing segment.Other things we’re keeping an eye on this morning: UAE’s Tabreed is coming to Egypt: National Central Cooling Company (Tabreed) has partnered with real estate developer Marakez and the Egyptian Company for Energy and Cooling Projects (Gascool) to provide cooling services for Marakez’s D5M Mall in New Cairo.Russia releases our oranges: Russian customs authorities have released Egyptian citrus exports that were held for days due to a reported sudden change in import rules at Russian ports.EgyptAir reportedly plans to set up Air Sphinx, a low-cost airline subsidiary, this year.Emirati firm Al Nowais’ subsidiary AMEA Power is set to send proposals to the government on two projects in seawater desalination and green hydrogen.Recycling company BariQ has secured EUR 8 mn in funding from three foreign institutions and two local banks to finance expansions. The company is working (pdf) on expanding its bottle recycling factory to double production capacity to 60k tonnes/year.

EU drafts EUR 20 bn investment plan in Africa — and some of it could head our way: The European Union (EU) is drafting a EUR 20 bn financing package to support African infrastructure projects in a bid to rival China’s reach in the continent, Bloomberg reports. The plan includes “investments in strategic corridors, international submarine cables, new energy interconnections and investments in renewable sources” in Egypt, Senegal, Cote d’Ivoire, Morocco and Kenya, according to a draft seen by Bloomberg. Most of the funds are directed towards the Global Gateway, Europe’s answer to China’s Belt and Road infrastructure initiative. This comes as the bloc looks to strengthen ties with the continent at the European Union-African Union summit happening later this week.In other funding news from Europe: The EBRD has signed off on its new Egypt country strategy. The European Bank for Reconstruction and Development’s (EBRD) board last week approved its 2022-2027 Egypt country strategy, International Cooperation Minister Rania Al Mashat said in a statement. The five-year strategy is set to see the EBRD provide support for Egypt’s economic growth, our shift toward a green economy, and increased private sector participation. No details have yet been announced on the type and value of EBRD activity in Egypt under the strategy.EBRD is a top foreign investor in Egypt, having deployed more than EUR 8.7 billion in 145 projects (76% in the private sector) since it started operating here a decade ago.

Our friends at homegrown food ordering platform Elmenus closed a USD 10 mn pre-series C funding round led by Fawry, Marakez, and Luxor Capital (in the latter’s first-ever investment in MENA), according to Magnitt. Fawry’s investment comes as it targets the country’s large, fragmented restaurant industry. Elmenus will use the investment to expand their operations and increase their user base.Elmenus expects by the end of this year to have 12k restaurants from 20 Egyptian cities on its platform and offer them new data tools to help them scale their businesses. The company is also planning to expand into new markets in Africa by the end of the year, CEO Amir Allam said in April. The statement came after former Just Eat CEO David Buttress invested an undisclosed amount in Elmenus earlier this year and joined the company’s board of directors.ALSO FROM PLANET STARTUP- 10 startups could receive investments of up to EGP 1 mn each under a new corporate accelerator program titled Raya FutureTECH that is being launched by Raya Holdings subsidiary Raya Customer Experience and VC firm Openner, according to a press release (pdf). Under Raya FutureTECH, selected customer experience startups will participate in a three-day bootcamp, after which 10 will land investment. Participants will also receive hands-on support from Openner including mentorship on design, technology, and growth plans. Applications are open until 31 July on the Raya FutureTECH website.

Marakez has begun (pdf) construction of its mall in Mansoura, in which it will invest EGP 1 bn during the first phase.Saipem is interested in taking part in the planned construction of Cairo Metro’s sixth line, which is expected to be led by US infrastructure giant Bechtel, the Transport Ministry said in a statement. The Italian contractor is currently bidding in the ministry’s tender to convert Alexandria’s Abu Qir railway into an underground metro, the statement said without providing further details.Other things we’re keeping an eye on this morning: Tenders for four water desalination plant projects in El Hammam, El Quseir, Marsa Alam, and Safaga with a combined daily output capacity of 240 cbm will be launched shortly for private sector participation.Italian travel companies are looking to resume charter flights between Italy and some of Egypt’s tourist destinations, including Sharm El Sheikh, starting this summer.Telecom Egypt will establish a new fiber optic connection between the Red Sea and the Mediterranean under an agreement with the Suez Canal Authority and the Armed Forces’ Signal Corps.Car owners now only need to have owned their vehicles for two years to qualify for a replacement under the state’s natural gas transition plan, down from a minimum three years previously.

Basil Ramzy, CEO of Marakez: Each week, my Morning / WFH Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Basil Ramzy (Linkedin). Edited excerpts from our conversation:Professionally, I'm the CEO of Marakez, a mixed-use real estate developer. We focus on retail and commercial developments but also have a growing residential business. I’m responsible for making sure we have a strong team that is aligned and working in the same direction to achieve Marakez’s goals.Bigger picture: I’m a husband and father to a 16-year-old girl and a 13-year-old boy. I wake up at about 6:30 everyday and get the kids up and ready for school. I then settle down to drink a lot of coffee while reading Enterprise and a few other news outlets. Next are my morning phone calls, which are determined based on my priorities that week, and then jump into a daily huddle call with the full Marakez team.Except for the first two and a half months, I’ve mainly been working from the office since the beginning of the pandemic. We implemented a WFH protocol for departments where it makes sense and for individual cases where health conditions or personal circumstances make it important, but some of us still trek to our desks in the morning.When covid-19 first hit, we had a lot of big decisions to make on how to move ahead, after talking and listening to our partners and stakeholders. Construction has remained on track in all our projects. We decided to continue operating our business with caution: At Mall of Arabia, we canceled all events and implemented hygiene and safety protocols, but decided to stay open and keep operating to provide essential services to the community. We kept our business obligations to our customers and continued building.Like the rest of the world, our team became proficient in online communication. We started having daily huddle calls from before the pandemic, and that habit helped carry us through that transitional period. We invested more time and funding into technology by adding infrastructure such as digital sign-offs, internal cloud file sharing, reporting CRM software, and other project management tools.One of the results of increasing our connectedness is that the “clean break” at the end of the workday isn’t that clean anymore. Right now, it’s not something that’s bothering me but it’s something I’m keeping an eye on to make sure it doesn’t become too intrusive.This year was unique to everybody, with its unique challenges — but it’s not the first challenging period we’ve had to get through. My team is excellent at managing turbulence and uncertainty. Marakez as a company is set up this way; we have a culture of taking on challenges and working hard for each other. Many of us have been working together for a very long time so we’ve built a lot of trust and belief in each other and our collective capability.We’re also long-term investors in the Egyptian economy and strong believers in the growth story here. The population is young, dynamic, entrepreneurial, optimistic, resilient, and all the things that make it a great place for us to be doing business.Second-city parity is important to us — to create developments in secondary cities like Tanta and Mansoura that are of the same standard that the residents of these cities see us creating in Cairo and for them not to feel that, just because we’re going to a secondary city then that must mean we’re going to give them something lesser-than.The lesson we’ve learned from the past year is that offices are essential, and we’re still investing heavily in our office space line of business. For us, teams need to be together in the same physical space, but not necessarily 9-5 every day. There’s a healthy shift towards measurable outcomes, rather than hours spent in the office and this is making us more aware of our ability to measure all aspects of our performance.On the weekends, I like to unwind by going mountain biking in Wadi Degla, which is really refreshing and makes me feel like I’ve completely left the city.I got really excited when I saw that there’s another Dune movie coming out, so I re-read the Dune series, which I haven’t read in a while. It’s not necessarily a recommendation, just something that I enjoy. I’ve also been watching the Queen’s Gambit on Netflix.When things go back to normal, I want to travel. I haven’t even thought of where I want to go yet — I just want to get to that point first.

Fawaz AlHokair Group’s mall development company Marakez inaugurated Town Center, its new EGP 260 mn convenience mall on the intersection of the Ring Road and Cairo-Ismailia Road, according to an emailed statement (pdf). The new mall is part of Marakez’s plan to invest USD 45 mn this year in four new shopping malls, which Al Hokair brothers Fawaz, Salman, and Abd Al Hamid had announced earlier this year. Among Town Center’s first retail outlets: Majid Al Futtaim-owned supermarket chain Carrefour Egypt, which invested EGP 70 mn on the new branch, according to Masrawy. The supermarket chain had planned to spend EGP 200 mn to open nine new stores in Cairo and Alexandria before the end of the year, Egypt country manager Jean Luc Graziato said in September. SPEAKING OF BRICK AND MORTAR RETAILERS: Black Friday footfall at Marakez Egypt’s malls was just a little lower this year than it was in 2019, Executive Vice Chairman Ahmed Badrawi told Enterprise. While the day itself saw a little less traffic than last year, overall footfall throughout November was higher than 2019 as retailers extended Black Friday offers for the majority of the month, Badrawi said. Across the pond, the picture is different — in-store traffic dropped 52.1% y-o-y on Black Friday in the US, while spending on e-commerce surged 21.6%, according to CNBC. WANT MORE? We sat down this season of Making It with Majid Al Futtaim Properties CEO Ahmed Galal to debate how online commerce compares to the retail experience. CORRECTION- 2 December 2020 An earlier version of this story incorrectly identified Ahmed Badrawi as CEO of Marakez Egypt.

Fawaz AlHokair Group’s mall development company Marakez has signed a EGP 670 mn syndicated loan agreement with local banks to finance phase two of Mall of Katameya in east Cairo. Each of Banque Misr, Banque du Caire (BdC), an the Arab African International Bank contributed an equal share of the loan arrangement, which covers 50% of the EGP 1.34 bn second phase, BdC Chairman Tarek Fayed said, according to Masrawy.

We have a passel of M&A news to accompany the top story of the day: The suggestion that the CBE may ease off on interest rate cuts this year to bolster the carry trade in a challenging global environment. It’s the final day of the Egypt Petroleum Show, which made its mark on an already busy news cycle yesterday. The three-day event saw several agreements signed yesterday, including a contract between ECHEM and an English consortium to set up a USD 8.5 bn petrochem facility. We have the full story in this morning’s Speed Round, below. Will Egypt, Ethiopia and Sudan finally seal a GERD agreement today? Officials are set to wrap up this evening another round of US-sponsored talks in Washington, DC. The three countries are ostensibly close to shaking hands on a timetable for filling and operating the dam, having committed in January to finally putting pen to paper at the end of this month. Cabinet will likely discuss amendments to the Public Enterprises Act today, Public Enterprises Minister Hisham Tawfik said yesterday, according to Al Mal Global VC group Kauffman Fellows kicks off its three-day visit to the capital today with an evening at the pyramids; the event will be co-hosted by EFG Hermes, Swvl, Marakez, and Vezeeta. Our near-neighbors Elves will host a BBQ tomorrow for the visitors and local startups, while AmCham will co-host a breakfast on Saturday. The Central Bank of Egypt will meet to review interest rates a week from today. The Oil Ministry is going to Canada: The ministry will hold a session at the Prospectors & Developers Association of Canada Convention on 1 March to discuss its legislative agenda to attract foreign companies to the Egyptian mining sector. Big Global Story of the day #1- The number of coronavirus cases has surged after a change in reporting methodology in China saw Hubei province alone reporting 15k new cases yesterday. 242 people died yesterday alone. Closer to home: Africa has no cases, the UAE now has eight, and London reported its first yesterday. You can track the latest on the rolling coverage blogs rolled out by the Financial Times and the New York Times. Business groups are taking note: Mobile World Congress has been canceled. The event, which draws 100k people annually to Barcelona, is the global telecom industry’s premier annual event (Reuters | CNBC). Egypt’s trade and supply chain could be hit hard if the coronavirus outbreak continues, local trade representatives tell Zawya. Agricultural goods — which account for some 20% of our exports to China — have been hit by cancelations and delays recently on concerns from Chinese importers about port closures, while tourism and business visits have been negatively impacted by the outbreak, representatives say. Big Global Story of the day #2- Bernie Sanders won the Democratic Party’s New Hampshire presidential primary, narrowly beating Pete Buttigieg, and that has centrists in the Democratic party in a freakout. The vote highlights the generational divide and competing visions for America’s future within the party, Reuters argues. Amy Klobuchar landed in third place, which the newswire suggests split a vote that initially favored Buttigieg. Elizabeth Warren and Joe Biden trailed behind in fourth and fifth place. Egypt is once again marking its territory as an emerging-market darling, this time in an editorial by the Financial Times, which argues that investors need to look outside the developed world for better returns in an era of potential deglobalization. Today’s EM investor can’t apply a one-size-fits-all approach, but needs to look for less obvious, undervalued markets (such as Egypt) in search of returns. This is in stark contrast to the dominant narrative of the last two decades, in which many EM investors saw exposure to China and India as sufficient given their fast-growing economies and populations. There are still reasons to be optimistic about EMs, with financial conditions being supportive of investment. Monetary policy is just right, and low inflation in particular will offer strong prospects for poorer countries. Better still: EM valuations are lower than those in developed markets, so there are gems to be scooped up. The FT’s message to our readers, whether you’re in business or government: “Countries [need] a specific story about why they, in particular, will do well out of the new world order.” Communications is everything in the scramble for global capital.

Fawaz AlHokair Group’s Marakez has signed a EGP 395 mn long-term loan agreement with Emirates NBD Egypt to finance a 20k sqm Ikea store at Mall of Arabia, NBD corporate banking head Amr Azab said. Marakez inked a long-term lease agreement last December with Al Futtaim Misr for Retail, which holds the franchise for the Swedish furniture retailer, to open an Ikea store in its flagship mall. A smaller outlet opened its doors earlier this year to serve customers until the large store debuts in 2020.

Marakez for Real Estate Investment is planning to develop a new shopping mall in Salam City on the Cairo-Ismailia road at a cost of EGP 250 mn, Chief Business Development Officer Ashraf Farid said, according to Al Shorouk. The mall will feature both open-air areas and retail stores. The Fawaz AlHokair Group subsidiary is also looking to acquire land in Assiut for its plans to bring more of its shopping malls outside Cairo, Farid said, according to a separate news report. Marakez, whose flagship project is Mall of Arabia in 6 October, is looking to invest over EGP 15 bn over the coming period for its expansion plans, we noted earlier this year. The plans include Mall of Tanta — which opened its doors this month — a planned Mall of Mansoura and a mall in Minya.

Mall developer Marakez has signed a EGP 1.5 bn syndicated loan agreement to finance the first phase of its planned Mall of Katameya in east Cairo, according to an emailed statement (pdf). The lending banks are Banque Misr, Banque du Caire, the Arab African International Bank, Misr Iran Development Bank, and the Arab International Bank.

Real estate developer Marakez has agreed a EGP 1.5 bn syndicated loan with five banks to build a mall in Katameya, banking officials told Al Shorouk. Banque Misr was the lead arranger of the loan, with Banque du Caire, CIB, the Arab African International Bank, and Misr Iran Development Bank also contributing.

Marakez will open its Mall of Tanta this fall, the company said in a statement (pdf). The EGP 1 bn complex spans 33 acres and will house 140 shops, 30 restaurants and cafes, and a cinema. The mall is slated to be the biggest in the Delta, generating more than 10k jobs.

Egypt’s Raneen El Welily and Karim Abdel Gawad were crowned champions of the 2018-19 CIB Professional Squash Association World Tour Finals, which ran from 9-14 June at Cairo’s Mall of Arabia. The tournament, held at Marakez’s Mall of Arabia, featured the world’s top eight male and female players, including women’s world no.1 El Welily and men’s world no.4 Ali Farag, who were crowned 2018-19 PSA Players of the Year before the tournament began.