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Friday, 1 October 2021

Your top 5 pieces of business and economic news in September 2021.

Your top 5 pieces of business and economic news in September:

  • MNT-Halan closed what we believe is the largest fintech round ever to take place in MENA, raising c. USD 120 mn from a group of investors that includes financial services-focused PE house Apis, the UK’s Development Partners International (DPI) and Lorax Capital Partner.
  • The UAE’s Aldar Properties and sovereign wealth fund ADQ launched a bid for SODIC, submitting a mandatory tender offer for up to 90% of upmarket real estate developer SODIC.
  • Healthcare provider Alameda plans to invest EGP 5 bn over the coming 3-5 years to expand its services in Egypt.
  • Africa-focused, Paris-headquartered private equity outfit Amethis could invest more than EUR 30 mn in Egyptian SMEs after it hit a first close of its second MENA fund.
  • We smashed growth expectations in 4Q2020-2021: Egypt’s economy grew at a 7.7% clip in 4Q2020-2021, accelerating from a contraction of 1.7% during the final quarter of the previous fiscal year.

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Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.