Back to the complete issue
Monday, 24 October 2022

Contact Financial eyes push into African markets, GCC

Contact Financial Holding wants to expand in Africa, GCC: Contact is looking to step into new markets next year including Uganda, countries in the Horn of Africa, and the GCC next year, Contact CEO Said Zater was quoted as saying by Al Borsa. Contact launched operations in Kenya last year, through an EGP 80 mn joint venture with Mansour Group’s Mantrac, which is the distributor of Caterpillar machinery in Egypt. The JV offers financial leasing for heavy and agricultural equipment, with plans to expand to consumer financing, according to Al Borsa.

Green financing products in the pipeline: Contact is looking to launch green financing to cover solar power plants and modern irrigation systems as soon as next month, Zater reportedly said.

MEANWHILE- KarmSolar secured an EGP 47 mn loan from QNB AlAhli to fund its solar power purchase agreement (PPA) battery storage system at Cairo 3A’s Giza poultry farm. (Statement, pdf)

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

  • Ibnsina Pharma signed an agreement to become the primary local distributor of global medical device company Omron Healthcare’s products. (Statement, pdf)
  • Air Cairo will begin operating regular domestic flights from Sphinx International Airport near the Giza pyramids from 1 November, the Civil Aviation Ministry’s media office told us.
  • The International Maritime Organization will open a regional office in Alexandria. (Statement)
  • The government is extending the rice export ban. (Statement)
  • The Musicians’ Syndicate has released new conditions for licensing mahraganat singers, including that they must perform with a twelve-member accompanying band of syndicate member musicians and ensure their lyrics are in line with “Egyptian values.” (Ahram Online)

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.