Latest news with #AshraqBusiness
Zawya
26-05-2025
- Business
- Zawya
Chinese banks fund 85% of Egypt's New Administrative Capital's CBD towers: Report
A consortium of Chinese banks led by the Industrial and Commercial Bank of China (ICBC) has provided 85 percent of funding for the 20 towers in the central business district (CBD) of the New Administrative Capital in Egypt, a media report said. The remaining 15 percent was funded by the Egyptian government, Ashraq Business reported, citing an unnamed source. The total cost of development was $3.8 billion, the report said, adding that the handover for 15 towers will start next month. The remaining five towers will be completed as per the schedule finalised by the state-backed China State Construction Engineering Corporation, but no details were given. The loan will be repaid in over 10 years, starting with the handover of the towers, the report said. (Writing by P Deol; Editing by Anoop Menon) (
Zawya
08-05-2025
- Business
- Zawya
Egypt's railway authority to borrow $494mln to fund projects: Report
State-owned Egyptian Railways Authority plans to borrow nearly 25 billion Egyptian pounds ($493.60 million) from a consortium of local banks to fund a package of projects and finalise ongoing ones, according to a news report. The loan will be guaranteed by the Ministry of Finance, Ashraq Business reported, citing unnamed sources. The funds will be used to develop and renovate train tracks and complete the development of operating systems on the main tracks linking the governorates of Upper and Lower Egypt. Additionally, funds would be used to renew maintenance contracts with foreign companies for rolling stock and locomotives. Egypt's railway network extends 9,570 km, serving 23 governorates and transporting 420 million citizens annually. (Writing by P Deol; Editing by Anoop Menon) ( Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
Zawya
14-04-2025
- Business
- Zawya
Saudi Arabia to announce football club privatisation winners in Q2 2025: Report
Saudi Arabia will announce the winning bidders under its football club privatisation programme in the second quarter of 2025, a news report said. The sports ministry is currently evaluating the applications, Ashraq Business reported, quoting Adel Al-Zahrani, Undersecretary for Media and Marketing of the Ministry of Sports. He disclosed that the ministry received more than 22 offers in acquiring clubs, which includes bids from foreign companies. In June 2023, the Saudi Crown Prince and Prime Minister Mohammed bin Salman launched an investment and privatisation plan for sports clubs. Al-Zahrani said work is progressing as per the specified timetables, with King Fahd Stadium in Riyadh set for inauguration before the Asian Cup in early 2027. (Editing by Anoop Menon) (
Zawya
09-04-2025
- Business
- Zawya
Saudi Arabia seeks private sector investment in sports industry: Report
Saudi Arabia expects substantial private sector investment in its sports industry as the Kingdom prepares to host the 2034 FIFA World Cup, a senior government official said. 'There are significant investment opportunities in the sports sector,' Basem Ibrahim, Director of Sports Investment Development at the Saudi Ministry of Investment, told Ashraq Business. While the government will develop large sports facilities, the private sector will support by developing residential communities, hotels, fan zones, and national team training camps, he said. Investments in infrastructure projects will range from 10 million to SAR 80 million Saudi riyals ($2.7-21.3 million), Ibrahim revealed. According to the official, the Kingdom has received requests to establish sports academies from Brazil, Europe, North America, Australia, Asia, Japan, and South Korea. (Editing by Anoop Menon) (
Zawya
11-03-2025
- Business
- Zawya
UAE's Majid Al Futtaim plans to develop hotel, residential project in Egypt: Report
Majid Al Futtaim, the UAE-based developer and operator of shopping malls, communities, retail, and leisure projects across the Middle East, Africa, and Central Asia, plans to build a residential and hotel project in collaboration with Egypt-based master developer MIDAR, according to a news report. The project, covering 1,000 acres, will be located within the 5,800-acre Mada development in East Cairo, with the agreement expected to be signed in the third quarter of 2025, Ashraq Business, an Arabic financial website, reported citing an unnamed source. Mada, covering 6,032 acres, is positioned as Egypt's largest entertainment city and MIDAR's second master-planned development in East Cairo, following the 5,408-acre Mostakbal City. The Mada master plan is anticipated to attract total investments of 100 billion Egyptian pounds in the coming years. Last month, MIDAR and Emaar Misr, the local subsidiary of Dubai-listed real estate giant Emaar Properties, signed an agreement worth EGP14 billion to develop Mada's first integrated residential project. (1 US Dollar = 50.63 Egyptian pounds) (Writing by P Deol; Editing by Anoop Menon) (
