Beltone Financial Holding Set to Acquire Majority Stake in Egyptian E-Payment Company “CashCall”
Beltone Financial Holding Set to Acquire Majority Stake in Egyptian E-Payment Company “CashCall”. Beltone Financial Holding, a prominent player in Egypt’s financial market, is planning to acquire a 60% stake in the Egyptian electronic payment firm “CashCall.” Valued at approximately 500 million Egyptian pounds, the deal is expected to be finalized by the end of the year. This strategic step follows Beltone’s historic capital increase of 10 billion Egyptian pounds in July, the largest ever in the Egyptian stock exchange, aimed at expanding its non-banking financial services. CashCall, established in late 2018, offers digital payment services including bill collection and mobile credit top-ups. The acquisition aims to bolster the acquired company’s capital and facilitate the exit of some existing investors. Beltone Financial Holding currently oversees around 18 specialized companies engaged in investment activities, asset management, securities, and underwriting coverage. The company was founded as an Egyptian joint-stock entity in May 2006 and its shares were listed on the Egyptian stock exchange in April 2008. (Alsharq Bloomberg)
- Network International Injects EGP 1 Billion into Egypt's Thriving Digital Payments Sector.
Network International, a key player in payment solutions, has committed a substantial investment of EGP 1 billion into Egypt's rapidly expanding digital payments sector. The investment underscores the growing importance of digital financial services in the country. With the digital payments landscape evolving swiftly, Network International's infusion of funds is poised to further catalyze the development of innovative payment solutions and infrastructure. This strategic investment not only reflects Network International's confidence in Egypt's digital economy but also signifies a potential boost to financial inclusion and the overall modernization of Egypt's payment ecosystem. (Daily News)
- Egyptian Deputy Minister Clarifies Misinformation Regarding Subsidized Bread and Flour.
Deputy Minister of Supply and Internal Trade, Ibrahim Ashmawy, has debunked rumors circulating about the Egyptian government's plans to replace subsidized bread with subsidized flour. In an interview with Sada El-Balad satellite channel, Ashmawy dismissed these claims as entirely false, emphasizing that subsidized flour is an optional alternative, not a mandatory replacement for subsidized bread. Ashmawy highlighted that the distribution of flour as an alternative to bread has been in practice since 2018, providing citizens with the choice of receiving 150 loaves of bread or 10 kilograms of flour each month. The preference for flour is more common among those in rural areas who possess the means to bake it, while urban residents tend to favor bread. The deputy supply minister firmly denied any intentions to alter the subsidy system, reiterating that the subsidized loaf, weighing 90 grams and provided at a rate of 5 per day, will remain unchanged.(Al Ahram)
- Egypt Initiates Construction of Strategic Food Warehouse in Luxor Governorate.
A significant milestone was achieved on Sunday with the commencement of the construction of a strategic food warehouse project in the Luxor Governorate of southern Egypt. The ceremony, attended by Egyptian Minister of Supply and Internal Trade, Ali Moselhy marked the laying of the warehouse's foundation stone. This warehouse is the second in a series of seven planned strategic food storage facilities across Egypt, the first of which was initiated in the Suez Governorate in June. The newly launched project is expected to serve Luxor and its neighboring governorates. The Minister announced that the warehouse will be built over an expansive area of 10 acres, with an investment of approximately EGP 1.5 billion ($48.52 million). These warehouses are designed and will be operated according to international technical standards, aligning with Egypt's pursuit of sustainable development objectives. Moselhy emphasized that the project's implementation will bolster year-round commodity stocks and result in a significant advancement in the country's internal trade system. The move comes at a critical time for Egypt, the most populous Arab nation, which has faced disruptions in global grain supply due to the Russia-Ukraine conflict. (Xinhua News Agency)
- Egyptian and Italian Foreign Ministers Discuss Bilateral Cooperation and Mediterranean Challenges.
In a phone conversation, Egyptian Foreign Minister Sameh Shoukry and his Italian counterpart Antonio Tajani explored avenues to strengthen economic and investment ties between their nations. The ministers also delved into common concerns and challenges in the Mediterranean region, particularly focusing on the issue of illegal migration across the sea. Minister Shoukry updated Minister Tajani on efforts to diplomatically resolve the crisis in Niger while safeguarding the region's security and stability. They agreed to maintain their close consultations and scheduled a meeting on the sidelines of the UN General Assembly in New York in September. (Al Ahram)
- Suez Canal Economic Zone Collaborates with TEDA-Egypt to Establish High-Quality Textile Factory.
The Suez Canal Economic Zone (SCZONE) and Chinese industrial developer TEDA-Egypt have initiated the construction of a new textile factory in the Sokhna Integrated Industrial Zone. The factory, named Egypt Cady Textiles, will employ smart manufacturing methods to produce eco-friendly fabrics and clothing of superior quality. As part of TEDA-Egypt's expansion in the Sokhna zone, which hosts over 130 industrial and service facilities with a total investment of $1.6 billion, this factory holds significance as the largest within the TEDA region, spanning 145,000 square meters. The project will unfold in three phases, with the first slated for completion in 2023 and the entire endeavor anticipated to conclude by the close of 2024. Once fully operational, the factory is projected to manufacture around 50,000 tonnes of environmentally conscious textiles and eight million seamless clothing items annually. The company's planned investment in Egypt stands at $60 million, with an estimated sales volume of $150 million. Chairman of SCZONE, Walid Gamal El-Din, highlighted that the Cady factory aligns with the zone's commitment to sustainable development and a green economy. He emphasized the factory's intentions to export its products to European and American markets.(Al Ahram)
- Egypt's Manufacturing Index for June 2023 Reflects Sectoral Variations
The Central Agency for Public Mobilization and Statistics (CAPMAS) of Egypt has unveiled the preliminary data for the production index of manufacturing and extractive industries for June 2023. Notably, the index's methodology has been revised, employing the base year 2012/2013 and the main categories of industrial activity as defined by the International Standard Industrial Classification (ISIC). Additionally, the index integrates monthly producer prices from January 2020 onwards based on the 2012/2013 framework. The production index, excluding crude oil and petroleum products, recorded a figure of 103.21 for June 2023, a decline from 104.71 observed in May 2023, representing a decrease of 1.43%. However, within specific sectors, there were notable variations. The production index of computer, electronic, and optical products experienced a substantial increase of 32.81%, registering a value of 98.37 in June compared to 74.07 in May. This rise is attributed to heightened market demand in this domain.(Reuters)
- Parliament abolishes old laws on 3 banks, subjects them to new banking law.
The House of Representatives has passed Law No. 170 of 2023, which repeals some old laws related to the establishment of three banks: the Arab Investment Bank (AIB), the Export Development Bank of Egypt (EBank), and the Agricultural Bank of Egypt (ABE). The new law puts these banks under the supervision of the Central Bank and Banking System Law No. 194 of 2020. The new law states that AIB and EBank are licensed banks according to the new banking law and that ABE is a state-owned bank that also follows the same law. The new law also states that the current boards of directors of these banks will continue their duties until their terms end and that the banks have to adjust their positions according to the new law within one year, which can be extended by the Central Bank for up to two more years. (Arab Finance)
- Egypt's FRA plans to ease sukuk issuance rules for SMEs.
The Financial Regulatory Authority (FRA) is considering new amendments to the Capital Market Law that would make it easier for small and medium-sized enterprises (SMEs) to issue sukuk, or Islamic bonds, in the local market. According to sources who spoke to Daily News Egypt, the FRA may exempt SMEs from obtaining a credit rating for their sukuk issuances, as long as they follow the governance standards set by the authority. The sources said that this would reduce the cost and time of issuing sukuk, which is one of the most expensive stages in the process. The sources also said that the FRA may waive the credit rating requirement for sukuk programs that are less than one billion pounds in value, adding that the aim of these amendments is to increase the volume and diversity of sukuk issuances in the Egyptian market. The FRA’s interest in facilitating sukuk issuances comes after Prime Minister Mostafa Madbouly issued a decree earlier this week to amend some provisions of the executive regulations of the Capital Market Law. The amendments included allowing the issuance of a sukuk program in multiple tranches within three years, without needing the FRA’s approval for each tranche, creating and regulating sustainable development investment funds, and expanding the scope of work of traded funds.(Arab Finance)
- Russian Trade Delegation Meet with Egyptian Counterparts to Foster Bilateral Cooperation.
A delegation from Russia, led by Karen Vasilian, the Consul General of the Russian Federation in Alexandria, convened with representatives from the Alexandria Chamber of Commerce to explore collaborative opportunities across diverse sectors. The meeting, attended by the Chamber of Commerce and Industry of Krasnodar Krai, the Russian Commercial Office in Egypt, and Russian company delegates, aimed to strengthen ties between the two nations. Ahmed Hassan, Vice President of the Alexandria Chamber of Commerce, emphasized the significance of bolstering cooperation between Egypt and Russia across various industries. He underlined the pivotal role of the strategic partnership and cooperation agreement in advancing economic, tourism, and political relations. Vasilian lauded the deep-rooted Egyptian-Russian relations and acknowledged Egypt's unique importance to Russia. The meeting aimed to identify potential collaborative ventures between Egyptian and Russian companies, with focus on sectors like food, electric energy, mining, medical facilities, meat processing, poultry farming, cotton, and paper. The Consul General emphasized a forward-looking approach, aiming to implement agreements and partnerships to further strengthen ties and attract increased Russian private-sector investments to the Egyptian market. Noting the interest of Russian companies in exploring new markets and ventures in Egypt, the discussions paved the way for potential future collaborations. (Daily News)
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