Fintech startup CreditFins secures Pre-Seed funding round

EGYPT – CreditFins, Credit Card management platform and fintech startup, has successfully acquired an undisclosed amount in a Pre-Seed funding round led by Flat6Labs, AUC Angels, TA Telecom Holding, and other strategic angel investors with backgrounds in technology and investment. This latest funding round adds to the 10PP growth in early-stage investments (of ticket sizes lower than US$500,000) Egypt observed in H1 2021 YoY. Fintech startup CreditFins helps users repay their Credit Card debt while saving money. It is a cheaper, more convenient solution for debt repayment through fixed, lower…

Read More

IHG Hotels & Resorts launches four new Hotel Indigo branded properties in Egypt

EGYPT – IHG Hotels & Resorts, one of the world’s leading hotel companies, is expanding its presence in Egypt with four new Hotel Indigo branded properties. As part of a Management Agreement signed with real-estate specialists Mountain View, IHG will introduce the world’s first globally branded boutique hotel brand, Hotel Indigo, to Egypt with Hotel Indigo Mountain View North Coast, Hotel Indigo Mountain View iCity New Cairo, Hotel Indigo Mountain View iCity 6th of October City and Hotel Indigo Mountain View Ain El Sokhna. The four new hotels will reflect…

Read More

Mobility company Swvl plans to go public in US$1.5bn merger with Gambit Growth Capital

EGYPT – Dubai-based mobility company Swvl has announced plans to go public through a reverse merger with Queen’s Gambit Growth Capital, a special purpose acquisition company (SPAC). Queen’s Gambit Growth Capital was created earlier this year by a team of female executives (which claims to be the first women-led SPAC). Its CEO Victoria Grace is the founder of New York-based VC fund Colle Capital. The two companies have entered into a definitive agreement for a business combination that would result in Swvl becoming a publicly listed company on NASDAQ after…

Read More

American University in Cairo, International Financial Corporation to support entrepreneurship

EGYPT – The Center for Entrepreneurship and Innovation (CEI) at The American University in Cairo (AUC) signed an agreement with the International Financial Corporation (IFC) to support entrepreneurship. IFC will provide support to CEI within the next 18 months, to adopt and customize the Massachusetts Institute of Technology – Venture Mentoring Services (MIT VMS) program to the local context.  CEI will receive the MIT VMS license to become a certified MIT VMS member and will establish a network of qualified mentors to guide aspiring and established entrepreneurs in Egypt throughout…

Read More

October Dry Port Company secures US$29.6m loan from EBRD

EGYPT – The European Bank for Reconstruction and Development (EBRD) has approved a €25 million (US$29.6 million) loan in favour of Egypt’s October Dry Port Company (ODP), a joint stock company established to construct Egypt’s first inland dry port located in 6th of October City, the bank announced. The EBRD said that the loan is part of a total investment package of worth US$60 million to finance the design, development, construction, and operation, as well as maintenance of the port. The project will be Egypt’s trigger investment under the EBRD’s…

Read More

SODIC announces successful completion of US$21.79m 1st issuance security bond

EGYPT – Sixth of October Development and Investment (SODIC) announced the success of its subsidiary SODIC Securitization in completing the first issue of securitization bonds worth LE 343 million (US$21.79m). The company explained in a statement to the Egyptian Exchange that securitization bonds worth LE 343 million (US$21.79m) are secured by a portfolio of notes worth LE 384 million (US$24.40m), representing the value of the special future instalments of 753 units that were delivered in the Eastown Residences project in East Cairo, and the Caesar project in the North Coast.…

Read More

Contact Financial Holding partners online real estate platform Sakneen

EGYPT – Contact Financial Holding, a leading structured finance investment firm, has partnered with Sakneen, an online real estate platform, to enable clients to search for homes and finance them all through one platform. Sakneen’s search engine provides users with a wide inventory of high-quality listings with accurate prices and a seamless user experience. The platform is unique in offering new properties from over 110+ developers, as well as existing homes on the secondary market.  Also, users can access all the information they need to make the right investment decision…

Read More

Arab Banking Corporation submits offer to buy all shares of BLOM Bank – Egypt

EGYPT – The Arab Banking Corporation (ABC) has submitted an offer to buy up to 300 million shares representing 100% of the issued capital of BLOM Bank – Egypt at EGP 22.33 (US$1.42) per share. The Egyptian Exchange (EGX) also said that the validity period of the offer is 10 working days, starting from the day following the date of the purchase offer’s publication, and will run until the end of trading on 5 August. Implementation will be carried out on the EGX within five working from the end of…

Read More

E-commerce platform Capiter aims to achieve US$1bn in revenue by 2023

EGYPT – Capiter, the e-commerce platform specialising in the field of fast-moving consumer goods (FMCG) and foodstuffs, has announced that it aims to achieve revenues of US$1 billion by 2023. The target comes as part of the company’s ambitious plan to multiply the volume of its business tenfold, after achieving fruitful results during 2020 despite the novel coronavirus (COVID-19) pandemic crisis. Capiter presents a new concept for the Egyptian market in retail trade, by serving as a link between consumer goods makers, major companies, and wholesalers in the field of…

Read More

E-commerce website Amazon set to launch in Egypt in 2021

EGYPT – Amazon, a global e-commerce website, has revealed its intention to launch its Egypt website this year, to give entrepreneurs, business owners, and local sellers the opportunity to reach a larger number of customers nationwide. The company said the registration for local sellers would take place through the Amazon Seller Partner Center, a tool dedicated to managing their businesses. Amazon clarified that sales partners previously registered on Amazon’s Souq.com affiliate can access their accounts through the Amazon Seller Center. They will also be able to verify the accuracy of…

Read More