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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)

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