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Careem becomes MENA’s second unicorn, raises $350m

  Ride-hailing app Careem announced closing an initial investment round of $350m, as part of a $500m funding round. The investment of $350m was co-led by Japan’s Rakuten Inc. and telecom operator Saudi Telecom Company (STC). Up until now, investors in Careem include Abraaj Group, Al Tayyar Group, Beco Capital, El Sewedy Investments, Endure Capital, …

Daily News Egypt

ARCO announces launch of Oriental Bay Resort Jabbal El Rosas

Al Arabia Real Estate (ARCO) announced on Thursday the launch of the Oriental Bay Resort Jabbal El Rosas project, located on the Red Sea coast in the city of Marsa Allam. The project will occupy 650,000 sqm, have a panoramic view of the area and include various forms of beachside entertainment. Being located in what …

Daily News Egypt

Upper Egypt Mills Co. allocates EGP 50m for real estate investments

Upper Egypt Mills Company allocated EGP 50m to utilise two plots of land for residential buildings in Sohag early next year, said chairperson Rabie Kulaiay. He added that construction will begin in January and is expected to be completed in two years; the buildings will include 130 apartments, as well as stores. The company is …

Mohamed Ahmed

How should the government pace its reforms after the IMF loan approval?

On 11 November, the executive board of the International Monetary Fund (IMF) approved a $12bn three-year extended fund facility for Egypt, in support of the government’s economic reform programme. Ever since negotiations with the IMF started, the government has implemented a number of economic reforms, including passing the civil service and value-added tax laws, floating …

Hisham Salah

Prime Minister Ibrahim Mehleb

Mahlab calls on French companies to invest in Egypt

  Ibrahim Mahlab, the president’s assistant for national projects and former acting prime minister, called on French investors to invest in Egypt on Monday. Mahlab held a speech during a conference organised by the French-language newspaper Al-Ahram Hebdo, in which he said the government has taken a number of steps aimed at reforming Egypt’s business …

Mostafa Fahmy

China and Japan take a trip to Cuba

In the next few days, the prime ministers of Japan and China will visit Havana to talk about trade and investment. The two countries hope to gain a foothold in a market that is still off- limits to US companies.

Deutsche Welle