Also on our Radar on 16 March 2021
Palm Hills is bringing the UK’s King’s College brand to Egypt: Palm Hills Development (PHD) has partnered with multinational schools operator Inspired Education Group to open a King’s College branded British school in PHD’s The Crown compound in West Cairo by 2022, when it will take in students from pre-kindergarten through year 12. PHD, King’s College and Inspired will set up four of the school’s campuses across PHD’s communities, with the remaining three planned for Palm Hills Alexandria, Palm Hills New Cairo, and Badya, according to an EGX disclosure (pdf).
GB Auto’s consumer finance arm, Drive Finance, plans to roll out consumer finance services in 2H2021, Managing Director Ahmed Osama told the local press. The company currently only offers car loans but will later expand its lending services to encompass consumer goods, GB Auto’s IR Manager Marina Kamal told us. The company received a license from the Financial Regulatory Authority at the end of last year to offer consumer finance services beyond its core auto finance and factoring business. Drive is targeting 35% y-o-y growth this year, raising its share of the market to 25%, Osama said.
Egypt’s arms imports have more than doubled over the past decade, according to figures released yesterday by the Stockholm International Peace Research Institute. The institute, which collects data on the global arms trade, said that Egypt’s imports rose 136% between 2016–2020 compared to its imports between 2011–2015, with big investments seen in its navy and airforce.
The Transport Ministry is looking to secure more than USD 1 bn of funding from international institutions to finance the development of a cross-border railway between Egypt and Sudan.