Cairo-based energy-focussed investment firm Qalaa Holdings – formerly Citadel Capital – plans to reduce its debt to E£4bn by the end of 2017, having already reduced its money owed from E£10bn in 2014 to E£6.5bn ($735mn) at present, according to MD Hisham al-Khazindar.

Qalaa needs to slash its $200mn of dollar-denominated debt, Mr Khazindar says. The value of this debt has soared in Egyptian pounds terms after repeated devaluations of the local currency (MEES, 18 March). (CONTINUED - 221 WORDS)