Egypt's Administrative Capital for Urban Development (ACUD) and Alliance World Wide Consortium (AWWC) have inked a Memorandum of Understanding (MoU) to develop a fully foreign-funded investment project in the New Administrative Capital (NAC).
Egypt continues to be Africa’s largest recipient of foreign direct investment (FDI) flows in 2019, marking a 10.7% hike, despite the slump in FDI inflows to the entire continent to USD 45 bn (EGP 727.2 bn).
Procter & Gamble (P&G) has announced plans to pump over USD 50 mn (EGP 809 mn) into the Egyptian market by the end of 2021 to expand production capacity.
The European Bank for Reconstruction and Development (EBRD) has granted a USD 200 mn (EGP 3.24 bn) financing package to the National Bank of Egypt (NBE) for trade and on-lending to local Coronavirus-hit companies.
Downtown Cairo’s Grand Continental Hotel is being redeveloped into a 250-key five-star business hotel, with investments estimated at EGP 1.7 bn, after the state began tearing it down in early January.
Ministry of Education and Germany’s KfW Development Bank have agreed on EUR 41.5 mn (EGP 750.5 min) deal to boost and upgrade multiple vocational and applied technology education schools in Egypt.
Head of Real Estate Finance Sector at The United Bank of Egypt Ayman Mohamed has affirmed that 1,000 clients were granted EGP 130 mn worth of mortgage financing in H1 2020.
Egypt has approved three funding agreements with the European Investment Bank (EIB) to finance local sanitation and transportation sectors at a combined value of EUR 122.7 mn (EGP 2.23 bn).
Al Futtaim Group Real Estate Managing Director Ashraf Ezz El-Din said sales of administrative/commercial spaces will drop in the coming period, due to an upward trend for leasing to have the flexibility of changing spaces whenever necessary.
Chairman and CEO of PepsiCo. Egypt Mohamed Shelbaya has asserted the company’s commitment to pump new investments in the Egyptian market up to USD 515 mn from 2018 till 2021, including USD 100 mn in 2020 only.
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