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Monday, 6 February 2023

No talks to sell Suez Port management rights to ADP, says TransMin

INFRASTRUCTURE-

Gov’t denies ADP-Suez Port talks: The Transport Ministry has denied that it’s in talks to sell development and management rights at Suez Port to Abu Dhabi Ports. Asharq Business had reported last month that the ADQ-owned company was in advanced talks to take over management of the port under a usufruct contract, citing sources it said had knowledge of the matter. In a statement yesterday, the ministry denied talks were taking place and called the report “completely false and baseless.”

PHARMA-

Ibnsina Pharma signs second distribution agreement with an int’l drugmaker in as many weeks: Ibnsina Pharma will distribute treatments by German pharma giant Boehringer Ingelheim — including for diabetes, hypertension, respiratory diseases, and stroke — under a new agreement between the two firms, it said in a press release (pdf) yesterday. Ibnsina last week inked an agreement with Swiss pharma giant Sandoz to distribute its OTC medications in Egypt.

REAL ESTATE-

NUCA approves support for real estate players: The New Urban Communities Authority (NUCA) has approved measures announced last week by the Madbouly government to help developers weather a tough economy, according to a statement. The measures grant developers a 20% deadline extension on their projects, allow them to mark projects as complete earlier in the construction timeline, and reduce the interest rate they pay on installments for state-owned land.

TELECOMS-

Telecoms regulator reportedly paving the way for WiFi calling services: The National Telecom Regulatory Authority is working to make WiFi calling services available at some point this year, Al Borsa reports, citing unnamed sources. The regulator is in talks with the country’s mobile network operators on how to implement the service, which would allow mobile phone owners to make calls using their WiFi connection.

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