Latest news with #EmiratesNBDEgypt
CairoScene
17-03-2025
- Business
- CairoScene
EGP 3 Billion Secured for Egypt's Public Transport Expansion
Emirates NBD's funding will support key metro and monorail projects under the National Authority for Tunnels. Mar 17, 2025 Egypt's public transport infrastructure is set for further development following a new EGP 3 billion financing agreement between Emirates NBD Egypt and the National Authority for Tunnels (NAT). The funding will support ongoing and future projects aimed at expanding and modernising Egypt's metro and monorail networks. The agreement was signed by Tamer Ragheb, Head of Corporate and Institutional Banking at Emirates NBD Egypt, and Tarek Hamed Goueili, Chairman of NAT. This initiative aligns with Egypt's broader push to enhance sustainable urban mobility, particularly through metro expansions and high-speed monorail projects that connect Greater Cairo to New Administrative Capital and 6th of October City. Emirates NBD Egypt stated that the investment reflects its commitment to financing strategic sectors that drive economic growth, with public transportation playing a key role in easing congestion, reducing emissions, and improving daily commutes for millions. Egypt's public transport sector has seen major developments in recent years, with projects such as the Cairo Metro's Line 4 extension and the monorail system being among the most significant.
Egypt Today
13-03-2025
- Business
- Egypt Today
Dubai's Emirates NBD reportedly looking to purchase stake in in Banque du Caire
Cairo – March 13, 2025: Emirates NBD, Dubai's largest bank by assets, has initiated due diligence to acquire a stake in Banque du Caire, Egypt's sixth-largest commercial bank. This potential purchase is part of Egypt's ongoing efforts to privatize state-owned assets, a program that has faced delays, according to regional media reports. The sale of Banque du Caire would be the latest in a series of state asset sales, as Egypt aims to raise up to $2.5 billion during the 2024-2025 fiscal year through privatizations. This is in line with broader economic reforms after securing an $8 billion loan from the International Monetary Fund (IMF) last year. However, the IMF recently stressed that more decisive reform implementation will be crucial for Egypt's recovery. Banque du Caire, owned by the state-run Banque Misr, holds assets of $9.4 billion (LE 478 billion) as of September 30. Reports suggest that Banque Misr plans to sell a 45 percent stake in Banque du Caire for up to $1.2 billion, with additional shares potentially being listed on the Egyptian stock exchange. Sources say the deal could be finalized within six weeks. Emirates NBD Egypt, the local branch of Emirates NBD, has assets totaling $3.1 billion, making it the 20th-largest bank in Egypt, according to S&P Global Ratings. Both Banque du Caire and Emirates NBD Egypt have seen strong profit growth, mainly due to increased net interest income from higher interest rates. Banque du Caire reported a net profit of $277 million (LE 8.6 billion) for the nine months ending September 30, nearly doubling its profit from the previous year. Emirates NBD Egypt also saw a 64 percent rise in net profit for 2024, reaching $172 million (LE 5.3 billion). This surge in profits follows a significant hike in Egypt's benchmark interest rate, which rose to 27.25 percent from 19.25 percent at the end of 2023, boosting lending margins for banks. Fitch Ratings upgraded Banque du Caire's credit rating to B from B- last November, reflecting a similar upgrade of Egypt's sovereign rating. The ratings agency anticipates improvements in Egypt's real GDP growth, inflation reduction, and the stability of the Egyptian pound by the end of 2025.
Economic Key
11-03-2025
- Business
- Economic Key
Emirates NBD Egypt Signs EGP 3 Billion Financing Agreement with the National Authority for Tunnels
Emirates NBD Egypt has signed an EGP 3 billion financing agreement with the National Authority for Tunnels (NAT), to provide long-term credit facilities to support public transportation development projects in Egypt. This strategic funding comes as part of the bank's commitment to strengthening key sectors, aligning with the state's vision to modernize transportation and elevate the quality of services provided to citizens. The agreement was signed by Tamer Ragheb, Head of Corporate and Institutional Banking at Emirates NBD Egypt; and Eng. Tarek Hamed Goueili, Chairman of the National Authority for Tunnels (NAT). The signing took place in the presence of senior executives from the bank, headed by Moaaz Hashem, Head of Large Corporate Banking at Emirates NBD Egypt; Mona Osama, Head of Debt and Structured Finance at Emirates NBD Egypt; and Haidy Tarek, Senior Relationship Manager at Emirates NBD Egypt. The financing reaffirms Emirates NBD Egypt's leading role in supporting major national projects, aligning with its strategy to stimulate economic growth in accordance with Egypt's Vision 2030. This agreement marks a strategic step towards developing the transportation sector, enhancing its efficiency, and driving a transformative shift in the transport system, ultimately improving the quality of life for citizens. By signing this agreement, Emirates NBD Egypt underscores its strong commitment to supporting the state's ambitious infrastructure development plans. The bank firmly believes that investment in transportation projects is a cornerstone for achieving a tangible and positive economic impact while also fostering sustainable development that benefits society as a whole. As part of this commitment, the bank continues to provide innovative financing solutions that advance public transport, drive economic growth, and contribute to Egypt's broader development agenda. This agreement comes as part of Emirates NBD Egypt's ongoing efforts to support strategic sectors, particularly transportation, which is essential for holistic development. The bank remains dedicated to offering a diverse range of credit products and services, including short- and long-term loans, reaffirming its strong belief in the banking sector's pivotal role in driving economic growth. تم نسخ الرابط
Al-Ahram Weekly
10-03-2025
- Business
- Al-Ahram Weekly
NAT, Emirates NBD Egypt ink EGP 3 bln deal to support public transportation - Economy
Emirates NBD Egypt has signed an EGP 3 billion financing agreement with the National Authority for Tunnels (NAT) to support public transportation development projects in Egypt, the bank announced through a statement on Monday. Signed by the head of corporate and institutional banking at Emirates NBD Egypt Tamer Ragheb and NAT chairman Tarek Hamed Goueili, this deal will help modernize public transportation and improve services for citizens. This financing agreement aligns with Egypt's Vision 2030, which focuses on economic growth. The bank's statement emphasized that investing in transportation is essential for enhancing citizens' quality of life and fostering sustainable development. Egypt's public transportation market is projected to generate $966.4 million in review this year, with an annual growth rate of 7.4 percent through 2029, according to Statista. Meanwhile, the projected market volume will reach $1.3 billion by 2029. Statista data projects that the number of users in this market will rise to 79.2 million by 2029, with the user penetration reaching 64.2 percent. Additionally, 22 percent of the market's total revenue will be generated via online sales. Follow us on: Facebook Instagram Whatsapp Short link:
Zawya
10-03-2025
- Business
- Zawya
Emirates NBD Egypt signs $59mln financing deal with National Authority for Tunnels
Emirates NBD Egypt annnounced on Monday that signed an 3 billion Egyptin pounds ($59 million ) financing agreement with the National Authority for Tunnels (NAT) to provide long-term credit facilities to support public transportation development projects in Egypt. The agreement was signed by Tamer Ragheb, Head of Corporate and Institutional Banking at Emirates NBD Egypt and Tarek Hamed Goueili, Chairman of the National Authority for Tunnels (NAT). The Bank said the agreement comes as part of its ongoing efforts to support strategic sectors, particularly transportation, which is essential for holistic development. NAT comes under the Ministry of Transport and is mandated to oversee the planning, design, and execution of tunnel and metro projects across Egypt. (1 US Dollar = 50.62 Egyptian Pounds) (Writing by Eman Hamed; Editing by Anoop Menon) (
