Somabay to renovate Sheraton resort + Egypt to spend another USD 2.6 bn on US arms
Sheraton Soma Bay to get a new look: Somabay has secured an EGP 143 mn loan from Ahli United Bank Egypt (AUB) to renovate its Sheraton Soma Bay Resort, it said in a statement (pdf) at the weekend. The money will be borrowed under the Central Bank of Egypt’s tourism support program, which offers companies in the tourism industry soft loans at an 8% interest rate. The first phase of the renovation will take two years to complete, the company said.
Another major arms agreement with the US: The US has approved a USD 2.6 bn arms sale to Egypt, the US Department of Defense said in a statement Thursday. The order includes 23 Chinook helicopters, engines, navigation and positioning systems, software, and ammunition. This takes our total spend on US weapons so far this year to around USD 5.8 bn, by our count.
Digital solutions firm Fixed Solutions and Etisalat Misr have launched their e-signature service. (Statement)