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Sunday, 17 January 2021

Also on our radar on 17 January 2021

Some 25k stores and cafes have been temporarily shut down for not complying with new seasonal opening hours that went into effect on 1 December 2020, according to a Local Development Ministry statement. Winter hours require shops to close at 10pm and restaurants and cafes at midnight. Summer hours start on the last Thursday of April (mid-Ramadan this year) and winter hours on the last Thursday of September. We have more on the hours here.

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

  • Arabia Investment Holdings sold all of its treasury stock last week, reeling in EGP 45.5 mn for the 67.5 mn shares it had originally purchased for EGP 19.4 mn.
  • Steel rolling mills again demanding the government reverse its decision to impose import tariffs on iron billet, saying the fees are causing raw material shortages that could cause the closure of plants.
  • The Red Sea Water company inaugurated a new wastewater treatment plant in Marsa Alam with a daily capacity of 700 cbm to be used for irrigation.
  • The Social Solidarity Ministry is considering adding 500k beneficiaries to the Takaful and Karama welfare programs in FY2021-2022.

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