Saudi Bugshan is eyeing Egypt’s auto market
Saudi conglomerate Bugshan Group is eyeing Egypt’s auto market, as the family-owned company is studying acquiring dealerships that sell and provide after-sales services for Chinese vehicles, Al Mal reports, citing unnamed sources. Bugshan has already held discussions with international car companies about acquiring agency rights in Egypt, but no agreements have been reached. The company may collaborate with local partners to accelerate the project, the sources added.
Bugshan also likes the idea of local assembly and manufacturing, pointing to the government’s incentive program for localizing the auto industry, according to the outlet’s sources.
TELECOMS-
Vodafone Egypt pilots world’s first 50Gbps microwave link: Vodafone Egypt has carried out the world’s first test of a commercial 50Gbps microwave link in partnership with Huawei Egypt and under the supervision of the National Telecom Regulatory Authority’s (NTRA), according to a company statement. The test used the E-Band (80 GHz) spectrum and Full-Duplex technology, which allows data to be sent and received at the same time, improving speed and efficiency. The new link delivers high-capacity data transmission that can support faster mobile and 5G services.
What they said: “We are thrilled to be the first to test this advanced global technology for data transmission in Egypt. This achievement reflects our firm commitment to leading the telecommunications market in Egypt and driving technological progress that positions the country as a regional center for innovation in the Middle East and Africa. It also opens new horizons for internet services, enabling reduced operational costs and unmatched data transfer speeds, setting new standards of internet capacity that benefit individuals and enterprises alike,” Vodafone Egypt’s Chief Technology Officer Catalin Buliga said.
DEBT WATCH-
Real estate developer Tameer secured a EGP 2.1 bn syndicated loan led by Emirates NBD, which will go toward the company’s Azad Views project, according to a statement from the bank seen by EnterpriseAM.
ADVISORS- Emirates NBD acted as the lead arranger, bookrunner, facility agent, and security agent. SAIB and Al Baraka Bank served as co-arrangers and lenders, while the Industrial Development Bank acted as co-arranger and compensation account bank. Law firm Sarie Eldin & Partners provided counsel to the lenders.