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.