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Tuesday, 30 March 2021

Emaar loves Egypt + Edita’s big move in Morocco

Emaar Properties plans to double its Egypt operations to 30% of its overall business, founder Mohamed Alabbar told Asharq Business, describing Emaar Misr as the “star performer” of 2020. This follows the company’s announcement earlier this week of its intention to spend EGP 37.8 bn developing a 500-feddan residential project in Sheikh Zayed.

IN OTHER INVESTMENT NEWS-

Snackfood maker Edita aims to have its Moroccan plant fully operational by mid-year, head of Investor Relations Mennatallah Shams El Din told the local press. The plant’s construction, which began in 4Q2019, has since been completed, and the production lines are in the process of being installed. Edita’s Morocco-based subsidiary acquired a USD 8.2 mn loan last June to fund the facility, which was slated to begin production last year but suffered covid-19 induced delays.

Edita will receive an EGP 90 mn seven-year loan from the National Bank of Kuwait to finance the company’s local capital expenditures, the company announced in an EGX disclosure (pdf). The loan will be issued at low interest rates under a CBE initiative to support manufacturers through covid-19, and follows a EGP 105 mn loan agreement the company signed with Arab Bank last September to finance a new production line.

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