Egypt | - Part 4

Egypt Qalaa’s $3.7 Billion Oil Refinery to Start Up in September

CAIRO (Capital Markets in Africa) – Egyptian Refining Co.’s new $3.7 billion processing plant will begin operations in September and save the government some $300 million a year by reducing the country’s reliance on imported fuel, its chairman said. Ahmed Heikal, who is also chairman of investment company Qalaa Holding, a 19 percent shareholder in the project, said construction of the refinery will be completed in June, with operations to begin in September. The Cairo…

Carlyle Is Said to Target Egypt Deals as Reforms Revive Economy

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Carlyle Group LP is targeting possible investments in Egypt as the U.S. buyout firm seeks to take advantage of an economic revival in Africa’s third-biggest economy, according to people familiar with the matter. The company is in talks to buy a controlling stake in chocolate maker Covertina, the people said, asking not to be identified as the information is private. It’s also looking at other potential investments in the country,…

RenCap Hires Banker From CI Capital as It Opens Doors in Egypt

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Renaissance Capital, the investment bank controlled by Russian billionaire Mikhail Prokhorov, is hiring investment bankers and analysts in Egypt as more vibrant capital markets attract financial services firms to the country. Mohamed Younis will be chief executive officer of the investment bank in Egypt, said Ahmed Badr, RenCap’s CEO for the Middle East and North Africa. Younis, previously at CI Capital Holding, an arm of Commercial International Bank Egypt SAE, will…

IFC and banks close $653 mln in funding for Egypt solar plants

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – International Finance Corporation (IFC), a member of the World Bank Group, on Sunday said it had completed a $653 million debt package to finance building 13 solar power plants near Aswan in Egypt, planned to be part of the largest solar park in the world. Generating up to 752 megawatts of solar power, the Nubian Suns Feed-in-Tariff Financing Program is targeted to provide power to more than 350,000 residents…

Egypt Calls for Less LNG in Tender as Domestic Gas Boost Looms

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – State-run Egyptian Natural Gas Holding Co. is seeking 12 LNG cargoes for delivery in the first quarter of 2018 in a tender, according to two people with direct knowledge. That compares with more than 100 cargoes it planned to purchase via tenders or government-to-government contracts for this year. Traders are monitoring how much LNG Egypt will buy next year as Africa’s biggest gas market weighs it needs for imports against a…

Busy IPO Season Beckons for Cairo as Reforms Yield Results

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Egypt’s stock market is shaping up to be the Middle East’s hot spot for initial public offerings next year. At least six companies plan IPOs by the end of 2018, following two sales since January, according to data compiled by Bloomberg. That’s a marked increase on the average of three in the past three years as foreign investors fretted that a severe dollar shortage would trap their money. Between…

Egypt’s $18 Billion Debt Inflows Seen Peaking as Rate Cut Looms

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Foreign investors may be finally curbing their enthusiasm for Egyptian local-currency debt. After almost a year and $18 billion of purchases, some investors have allocated all they can to Egypt. The inflows from foreign funds are still growing, but the pace has slowed to an average of 2 percent a week since mid-August, down from 8 percent, as policy makers signaled they may lower record interest rates once inflation eases. The surge…

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