Amer Group Signs Financing Contract with Banque Misr🤝

Local Pickup🌇

Amer Group Signs Financing Contract with Banque Misr🤝

Amer Group (AMER) subsidiary “Amer for Tourism Development” has signed a financing contract with Banque Misr, amounting to EGP 650 million.

More Details🧐 EGP 350 million will go towards a medium-term loan in order to finance the ​​250 thousand square meters Porto Minya project. 

EGP 300 million will be provided as a credit facility to finance the ​​400,000 square meters Porto Said project.

A Credit Facility?🤨 A credit facility is a type of financing businesses use to finance ongoing capital needs. While a loan is appropriate for only a specific requirement. 

Al Ahly Adds “valU” to its Membership Payments💳

Al Ahly Sports Club partnered With EFG Hermes (HRHO) subsidiary “valU”, enabling the fintech platform to finance the Club’s memberships.

More Details🧐 The partnership extends over three years & covers the Gezira, Nasr City, Sheikh Zayed & New Cairo branches. The partnership will allow individuals to pay for new memberships & renewals with up to 10 years tenor plans.

Why this Matters🤔 valU will have an on-ground presence at the club’s branches, enabling customers to activate their accounts on the spot in just a few simple steps.

More Travelers Could be Coming to The Red Sea🌊

 Colliers International – a Canada-based investment management company – maintained its optimistic forecast for Egypt’s hotel occupancy.

More Details🧐 Egyptian destinations including Cairo, Alexandria, Sharm El Sheikh & Hurghada are expected to see occupancy rates rise, ranging from 19% to 29% during 2022. 

Why this Matters🤔 Tensions are rising between Russia & Ukraine, however, two of Egypt’s most prominent tourist markets by volume.

What else is Clapping👏

  • Heliopolis (HELI) Sets 15th March as Deadline for Submitting Offers for Renting the Showland & Children’s Garden at Merryland Park

Global Pickup🌎

Amazon & Visa Are Buddies Again💳

Amazon has reached a global agreement with Visa to settle a dispute over credit card fees. 

Backstory🔙 In November 2021, Amazon cited high fees charged by Visa and planned to stop accepting payments made via Visa credit cards issued in the U.K.

More Details🧐 The deal will enable Amazon customers in the U.K. to continue using Visa credit cards. Amazon will also drop a 0.5% additional charge on Visa credit card transactions in Singapore & Australia, which it introduced last year.

Why is this Important🤔 Amazon has been piling pressure on Visa to lower its fees, in moves that signaled growing frustration from retailers over the costs associated with major card networks.

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