Back to the complete issue
Wednesday, 9 March 2022

Gov’t to pay EUR 150 mn to Alstom consortium for monorail work

The Transport Ministry will soon pay out EUR 150 mn to the Alstom-led consortium implementing the Sixth of October-new capital monorail for recent construction work, Al Mal reported, citing sources it claims have knowledge of the matter. This is the second payment to the consortium, which also includes Orascom Construction and Arab Contractors, after it received USD 280 mn from the government in October, the sources reportedly said. The USD 4.5 bn project is expected to be completed in May 2023.

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

  • EFG Hermes’ fintech platform valU has partnered (pdf) with online marketplace Noon to provide installment plans for customers.
  • Contact Financial Holdings has signed an EGP 100 mn factoring agreement providing finance for B2B marketplace Capiter.
  • Juhayna will temporarily resume operations at the Assiut yogurt factory it shuttered in 2016, as the dairy giant starts preparing for Ramadan when demand is expected to triple.
  • Abu Dhabi Islamic Bank will lend HoldiPharma EGP 1 bn to bring its meds production up to international standards in a bid to boost exports.
  • Palm Hills Developments has acquired (pdf) a 7.97% stake in Incolease in an EGP 65.4 mn transaction.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

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.