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Thursday, 16 December 2021

Arco inks EGP 720 mn financial leasing agreement

Real estate development firm Arco is borrowing EGP 720 mn via a financial leasing agreement with a syndicate of Gulf and local lenders, lead arranger ADIFinance — Abu Dhabi Islamic Bank’s leasing unit — said in a statement (pdf). The transaction also features participation from Arabia Investments Holdings’ UE Finance and Banque du Caire’s Cairo Financial Leasing.

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

  • Mitsubishi interested in Egypt green hydro projects? Representatives of Mitsubishi discussed working with the Oil Ministry on clean energy projects such as green hydrogen and carbon capture during talks with Minister Tarek El Molla yesterday, as the government looks to ramp up emission-reducing initiatives ahead of next year’s COP27 summit in Sharm El Sheikh.
  • ADQ sets up shop in Egypt: Abu Dhabi sovereign wealth fund ADQ has opened a Cairo office to build on a strategic investment platform launched earlier between the fund and the Sovereign Fund of Egypt.
  • A commercial and logistical zone is coming to Dakahlia’s Talkha: Investors will be able to purchase units in the EGP 2 bn, 46-feddan zone in 1Q2022. The zone will be the first of three being launched in Dakahlia next year as the governorate works to create specialized economic and commercial zones.
  • 13k clay fragments engraved with demotic, hieratic, Coptic, Greek and Arabic text were unearthed in Sohag by a German-Egyptian archeological mission.

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