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Nakheel Secures Strategic Finance of $4.6 bln

Dubai Islands of Nakheel (Asharq Al-Awsat)
Dubai Islands of Nakheel (Asharq Al-Awsat)
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Nakheel Secures Strategic Finance of $4.6 bln

Dubai Islands of Nakheel (Asharq Al-Awsat)
Dubai Islands of Nakheel (Asharq Al-Awsat)

Nakheel has secured 17 billion dirhams ($4.6 billion) in financing as the group behind the palm-shaped islands accelerates plans for “its new projects including Dubai Islands and other large waterfront projects”.

Nakheel said in a statement on Tuesday that the transaction comprised 11 billion dirhams ($2.9 billion) in refinancing and additional funds of 6 billion dirhams ($1.6 billion) through a syndicate from Emirates NBD, Mashreqbank, and Dubai Islamic Bank.

A Nakheel spokesperson said the transactions will further strengthen its financial position and reflect the confidence of the banking institutions in the strategic new focus of the company.

“Dubai’s real estate sector is recording robust growth, driven by regulatory reforms, such as the issuance of long-term visas, and a buoyant economy supported by the robust growth of retail, leisure, and hospitality,” according to the spokesman.

“As Dubai’s pioneering master developer with high-performing assets in these core economic sectors, we are entering a new phase of growth placing our customers at the heart of everything we do.

This new era of Nakheel will be defined by our commitment to developing exceptional communities, enhancing customer-oriented services, and delivering value across all touch points.”

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Egypt Approves $91 Billion Budget for 2025/26

The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
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Egypt Approves $91 Billion Budget for 2025/26

The sun rises in Cairo, Egypt March 25, 2025. (Reuters)
The sun rises in Cairo, Egypt March 25, 2025. (Reuters)

Egypt's cabinet approved a 4.6 trillion Egyptian pound ($91 billion) draft state budget for the financial year that will begin in July, a government statement said on Wednesday, as it continues to tighten its finances under an IMF program.

Expenditures will rise by 18% and revenue by 19% over the current 2024/25 budget. Revenue is expected to hit 3.1 trillion pounds, working out to a deficit of about 1.5 trillion pounds ($30 billion).

The increased expenditure partly reflects elevated headline inflation, which was running at an annual 12.8% in February.

Financial reforms under an $8 billion financial reform program signed in March 2024 with the International Monetary Fund have helped Egypt bring inflation down from a peak of 38% in September 2023.

The IMF this month approved the disbursement of $1.2 billion to Egypt after its fourth review of the program.

The new budget targets a primary surplus of 795 billion pounds, equal to 4% of GDP, up from the 3.5% primary surplus originally targeted in the 2024/25 budget.

The IMF granted the government a waiver in the fourth review after the surplus came in 0.5% of GDP lower than Egypt's earlier commitment.

In its third review in June, the IMF praised Egypt for its "strict control of spending".

The new budget also lowers public debt to 82.9% of GDP from an expected 92% in 2024/25, the cabinet statement said.

The cabinet said 732.6 billion pounds in spending in the new budget would be allocated for subsidies, grants and social benefits, an increase of 15.2%.

The budget increases commodities and bread subsidies by 20% to 160 billion pounds. It will also include 75 billion pounds to subsidize petroleum products, 75 billion pounds to subsidize electricity and 3.5 billion pounds to subsidize natural gas deliveries to households, the statement added.