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Tuesday, 12 October 2021

Dreamland no longer has beef with the government + branded cotton exports coming soon

Dreamland no longer has beef with state-owned banks: Conglomerate Bahgat Group’s Dreamland Egypt has reached a settlement agreement with state-owned National Bank of Egypt and Banque Misr after years of lawsuits and arbitration proceedings between both sides that ended in the banks’ favor, according to a press release (pdf). The settlement, which relieves Dreamland of its large debt pile owed to both lenders, was reached after the company transferred ownership of 4 mn sqm of land in “premier locations” to a real estate investment arm owned by NBE and Banque Misr, the release noted.

Other things we’re keeping an eye on this morning:

  • Egyptian cotton exports and exports of products made by state-owned Cotton and Textiles Holding Company will soon be labelled with a unique Egyptian brand set to be announced by the Public Enterprises Ministry next January.
  • The Suez Canal Authority was ranked second on Forbes’ 10 Biggest Logistics Companies in MENA, trailing behind Dubai’s DP World, which came in first place.

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