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Monday, 30 November 2020

Also on our radar on 30 November 2020

Egypt’s drive for commodities self-sufficiency continues: A ban on white and raw sugar import will remain in place for an additional three months starting December, Supply Minister Aly El Moselhy said yesterday, according to Al Mal. Egypt’s strategic reserves of the white stuff is enough to cover 3.7 months of consumption and sugar beet companies have enough stockpiled to cover another two months ahead of the domestic sugar cane and sugar beet harvest which starts in January. The government decided in September to extend the import ban, which was originally imposed in June, through to the final month of the year.

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

  • Hassan Allam Construction holds a 25% share in a construction contract for the first phase of Cairo Metro Line 4 that they secured last week (pdf) alongside Arab Contractors, Petrojet, and Concord.
  • Arabia Investments Holding is planning to invest up to EGP 200 mn next year in its non-banking financial services subsidiaries, and is mulling a split into two separate companies: One for NBFS and another to manage its portfolio companies.

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