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Tuesday, 11 October 2022

Real estate developers call on gov’t to expand financing options ahead of economic conference

Real estate players should tune in to the government’s economic conference: Prime Minister Mdbouly said there would be a dedicated session for the sector at the conference scheduled for 23-25 October, according to a statement. Madbouly made the comments at meeting with real estate developers and Housing Minister Assem Al Gazzar on ways to boost the sector. El Gazzar said the government was particularly interested in proposals to attract foreign and Egyptian expat property buyers. Developers at the meeting called on the government to help diversify financing options for would-be homebuyers, and asked for permission to sell to foreign buyers in USD.

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

  • The Madbouly government is looking to launch a national tourism strategy in 1Q2023 to help the country attract 30 mn tourists a year. Some 13 mn tourists visited Egypt in 2019. (Statement)
  • Egypt-based T&D Design plans to begin operating a EGP 150 mn office furniture factory in 1Q 2023. (Al Mal)
  • Saudi SME fintech player Geidea is partnering with Visa on e-payments (Statement)
  • UAE proptech startup Stella Stays is setting up furnished apartments and coworking spaces in New Cairo through a partnership with real estate developer Tameer. (Statement)
  • El Badr Plastic is now qualified to move from the small-cap Nilex to the EGX after the company’s board approved raising its authorized capital to EGP 250 mn from EGP 17 mn. EGX listing requirements include a minimum issued capital of EGP 100 mn or its equivalent in foreign currency. (EGX statement)
  • UAE-based G42 and Benya Technologies will develop AI and other digital infrastructure including data centers, telecom towers, and cloud technology here as part of an equity-based partnership. (Zawya)
  • President Abdel Fattah El Sisi approved a KWD 750k (USD 2.4 mn) loan from Kuwait to fund the feasibility study of a planned railway linking Egypt with Sudan. (Al Mal)

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