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Monday, 17 December 2018

What we’re tracking this week and beyond

The Federation of Egyptian Chambers of Commerce (known by the unfortunate acronym FEDCOC) will meet with its Saudi counterpart in Aswan tomorrow and Wednesday to discuss jointly working to promote the development of SMEs, federation boss Ahmed El Wakeel had said.

The Cairo Economic Court is due to rule on an appeal by pharma distributors on Wednesday, 19 December. The distribution companies, including Ibnsina, Ramco, Multipharma and United Company for Distributions and Trade are appealing an Egyptian Competition Authority demand they pay as much as EGP 5.6 bn in fines for having allegedly colluded to cut credit periods and slash discounts to small pharmacies. The hearing comes amid speculation there could be an out-of-court settlement of the cases.

The Electricity Ministry expected to sign an MoU with Cypriot officials to begin construction on a USD 1.5 bn subsea power cable to link Egypt’s electricity grid with Cyprus’ sometime this month, Al Mal had reported.

FRA to look into an appeal by Raya’s Khalil on 23 December: The Financial Regulatory Authority (FRA) will hold a hearing on 23 December to review the conditions it set for Raya Holding founder Medhat Khalil’s mandatory tender offer (MTO) to take Raya private, local news reported.

The Central Bank’s Monetary Policy Committee will meet to decide on interest rates on Thursday, 27 December.

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