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Sunday, 13 May 2018

On the horizon

The IMF should issue its progress report on Egypt’s economic reform program in two weeks’ time, Deputy Chief of Media Relations Alistair Thomson tells Al Masry Al Youm. A delegation from the fund is currently in town until 17 May, conducting a review of the reform agenda that is set to unlock a USD 2 bn tranche of the USD 12 bn IMF Extended Fund Facility. Egypt is expecting the IMF to disburse the funds in June or July.

Contracts to connect our electric grid to Saudi Arabia’s could be signed by the end of June, sources say.

Uber / Careem appeal postponed to next Saturday: The Supreme Administrative Court postponed yesterday its hearing of an appeal by Uber and Careem against a lower court decision ordering the suspension of the companies’ operations, Al Mal reports. The hearing is now scheduled to take place on Saturday, 19 May. The two companies are currently operating under a Court of Urgent Matters ruling that stayed the initial suspension. The House of Representatives had also passed last week the Ride-Hailing Apps Act, which governs the two companies’ operations, and grants them six months to comply with the legislation and legalize their status.

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