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Egypt, China Ink Deal to Fund USD 1.2 bn Electric Train Project

The Egyptian Transportation Ministry has signed a USD 1.2 bn loan agreement with Export-Import Bank of China (EXIM) to fund an electric train project that will make commuting across major areas much easier.

Egypt to Receive 5th IMF Loan Tranche in January

The Egyptian president’s office announced on December 31 that the government will receive the fifth tranche of the USD 12 bn International Monetary Fund (IMF) loan program in January.

Liquidity Shortage Threatens Egypt’s Construction Sector in 2019: Official

Daker Abdellah, a member of the board of directors of the Egyptian Federation for Construction and Building Contractors (EFCBC), said the country's construction sector will face challenges in 2019, as a result of a shortage of liquidity due to delayed payments of contracting companies’ dues

Sorouh Gets Ministerial Approval for NAC’s Entrada Compound

Egypt-based property developer Sorouh Developments has obtained a ministerial approval for implementing Entrada residential project, which spans over 72 acres, in the New Administrative Capital (NAC).

OIH’s Subsidiary to Continue Operating in North Korea

Orascom Investment Holding (OIH) has sought an exemption from the Security Council to operate its subsidiary Koryolink venture in North Korea, which excludes it from a ban on foreign investment in the country.

ALDAU Development Pumps EGP 3 bn in Hurghada

Egypt’s hospitality and property developer ALDAU Development, member of Sami Saad Holding, has unveiled its plans to invest EGP 3 bn in its projects in Red Sea's Hurghada, while aiming to set up a new hotel and condominium complex in 6th of October City, west Cairo, during the forthcoming period.

SECON to Start Implementing New Project in NAC by H2 2019: CEO

Saudi Egyptian Construction Company (SECON) has announced plans to start implementing a new residential project named Bleu Vert in the New Administrative Capital (NAC) during the second half of 2019.

EFG Hermes Leasing, HSBC Egypt Team Up to Finance SMEs’ Capital Expansions

EFG Hermes Leasing, a subsidiary of Egypt's investment bank EFG Hermes, has signed a cooperation agreement with HSBC Bank Egypt to provide small- and medium-sized enterprises’ (SMEs) with EGP 400 mn in leasing and financing services throughout 2019.

ODE Sells Stakes in Makadi to Reduce Debt Balance

Orascom Development Egypt (ODE) has finalized the sale of its stakes in two hotels and a land plot in its Makadi destination on the Red Sea coast, attempting to reduce its debt balance

One of World’s Biggest Mosques to be Opened in NAC Early 2019

State-run Administrative Capital for Urban Development (ACUD), the master developer of the New Administrative Capital (NAC), has announced its plans to inaugurate one of the world's biggest mosques in the new city by early 2019

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