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Sunday, 6 June 2021

Banque Misr can now open a branch in KSA

Other things we’re keeping an eye on this morning:

  • The Saudi Central Bank (SAMA) has officially listed Banque Misr among 19 other foreign banks licensed to operate in KSA, paving the way for the state-owned bank to open a branch in the kingdom.
  • London-listed United Oil & Gas has started its production on the ASD-1X well discovery on its jointly-owned Abu Sennan concession in the Western Desert after obtaining an approval for its development lease from the Oil Ministry, MarketWatch reports.
  • The USD 400 mn Japanese International Cooperation Agency (JICA)-funded project to upgrade the Sidi Kerir and Al-Atf power plants is 80% complete and expected to be ready in November 2021.
  • CPC Egypt is working to establish an EGP 350-400 mn logistics zone in Sadat City to provide logistical services to the West Delta region, and is in talks with three unnamed parties to partner on the project.
  • The Trade Ministry has increased the nitrogen fertilizer export duty to align with global prices, according to a statement. Fertilizer businesses will pay EGP 2.5k per tonne for fertilizer exports for the coming 12 months, a jump of over EGP 1.9k from the EGP 600-per-tonne fee imposed last March.

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