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Madinet Masr is earmarking over EGP 480 million for a project in Taj City
Madinet Masr for Housing and Development (Masr) inked a memorandum of understanding with Korra Energi to expedite construction at Taj City in New Cairo with investments exceeding EGP 480 million, it said in an EGX disclosure.
The agreement will see Korra execute construction of a showroom in Taj’s Tajed, with construction penciled for completion by the end of 2025.
Remember, huge investments are planned to develop Taj
Late last month, the company signed an agreement with Majid Al Futtaim to establish a carrefour branch in Taj City at an EGP 500 million investment under a nine-year contract.
Masr also said it plans to establish two hotels within Taj, and construction for the first one is expected to kick off by the end of this year.
To fund Taj – which spans 3.5 million square meters — and its other mega project Sarai, the company applied for and secured an EGP 9 billion loan from a coalition of Egyptian and foreign banks including CIB last year, we wrote at the time.
And Korra Energi is making moves of its own
In December, the company began looking for a financial advisor ahead of its plan to publicly list 20% of its shares on the EGX in 1H 2025.
The Egyptian Stock Exchange last month approved the temporary listing of 2.3 billion shares at EGP 00.20 apiece of Korra ahead of its public debut.
TAQA plans to develop the infrastructure for Safaga’s industrial zone
TAQA Arabia yesterday signed a cooperation protocol with the Golden Triangle Economic Zone Authority that will see both ensure supply of critical utilities to investors in the 9.1 industrial zone in Safaga City.
Spanning about 9,000 square kilometers, Safaga’s Golden Triangle is being developed with the aim of tapping into Upper Egypt’s mineral resources, coastal assets, and fertile land.
The details
Both parties will handle establishment and operation of electricity networks, using both traditional and green energy sources. They also will develop natural gas distribution systems, handle provision of water for industrial and agricultural use, establish sewage and industrial drainage networks, and develop facilities for waste management.
TAQA has been doing well
The company saw its net profits rise 16% YoY in the first nine months of last year to reach nearly EGP 425 million, we previously wrote. Its revenues also surged 34% to over EGP 13 billion during the period.
This came after a comprehensive debt restructuring plan
Back in October, TAQA’s parent company “Qalaa Holdings” completed a settlement agreement that saw it write off EGP 4.5 billion in debt to four local banks in return for a 17.68% stake in TAQA, and a plot of land on the Nile River.
In case you missed it, we covered the debt restructuring program in detail earlier in May. Go deeper on the company’s plan here.
What else is clapping?
- The Egyptian government, represented by the National Authority for Tunnels, is looking to borrow EUR 318 million from the Islamic Development Bank (IsDB) to finance a package of works on the first line of the “Sokhna-Alamein-Matrouh” high-speed electric train network spanning 675 kilometers, Asharq Business reported yesterday.
The network is being established by a consortium of Egyptian and German companies that includes Orascom Construction and Siemens Mobility.
If approved, the financing from the IsDB would mark the third loan extended to the state to finance the project.
- Bonyan’s Executive Chairman Shamel Aboul Fadl yesterday said in an interview with Hapi newspaper that his company intends to list 49% of its shares on the EGX during the first half of 2025.
He said the firm is looking to IPO in February, but noted there is a possibility of postponement to April in case of delays in completing necessary regulatory procedures.
The company is implementing a promotional strategy targeting both local and Gulf markets, with the bulk of the offering set to be snapped up by institutional investors.
The plan is in line with a strategy to strengthen the stock’s liquidity amid current market challenges, Aboul Fadl said.
- Through an EGP 3.38 billion transaction, Saudi Sovereign Wealth Fund-backed Social Impact Capital has successfully raised its ownership in CIRA Education from 51.2% to 88.7%.
The company previously said it does not plan on delisting CIRA from the EGX.
- Earlier this week, Edita Food Industries launched its new HOHOs Family Roll cake offering under plans to boost its sales volume.
Entering a new price point of EGP 18 per pouch, the new range is designed to cater to families, the company said in a press release.
Remember, the EGX-listed snackmaker recorded a net profit of EGP 1.25 billion during the first nine months 2024, reflecting an 0.8% YoY downtick.
Its sales increased to EGP 11.9 billion from EGP 8.75 billion in the same period of 2023, however.
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