Egyptian Actor Faces Default on $11 Billion EGP Debt

Reports revealed that Egyptian actor and businessman Emad Ziada is facing difficulties repaying debts estimated at 11 billion EGP to several banks.

The debts are linked to his company operating in the oil production and trading sector.

“Oilex” company, co-owned with his brother Sherif Ziada, is experiencing major financial challenges.

The company failed to meet obligations despite previous restructuring attempts.

A local investor has offered to acquire the company.

In exchange for settling a large portion of the debt.