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Tuesday, 26 April 2016

What We’re Tracking Today for 26 April, 2016: CBE to hold regular weekly FX auction, King of Bahrain is in town.

The Central Bank of Egypt is holding its weekly FX auction today, at which it’s expected to inject USD 120 mn into the market. Despite speculation by some sources, the CBE did not hold a one-off special FX auction on Sunday.

Bahrain’s King Hamad Bin Issa Al Khalifa’s visit to Cairo at the head of a ministerial and business delegation made up of 40 companies is expected to kick off the Bahraini-Egyptian Business Forum. The king is scheduled to meet with President Abdel Fattah El Sisi in Ittihadiya today to discuss regional affairs and strengthening bilateral trade and political ties, Al Masry Al Youm reports. Twelve agreements, MoUs, and declarations of intent are expected to be signed, among them: An MoU granting Bahraini investors 5,000 feddans in the 1.5 mn feddan project; cooperation agreements on fertilizer projects; and declarations of intent for a pharmaceutical and cosmetics plant and distribution facilities. According to statements by Egyptian members of the Egyptian-Bahraini Business Council, which will have its second meeting during the visit, Bahrain has signalled that the country will open direct flights between Manama and both Sharm El Sheikh and Hurghada, Al Ahram reports.

Supply ministry to ink agreements with retail store owners: Supply Minister Khalid Hanafy is expected to sign cooperation agreements with a number of retailers and the Internal Trade Development Authority to build retail outlets and logistics centers across Egypt, Al Mal reports.

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