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Sunday, 24 January 2021

Also on our radar on 24 January 2020

Some 1.4 mn tourists visited Egypt between the resumption of international flights on 1 July and the end of the year. We closed 2020 with a total of 3.7 mn tourist arrivals, down almost 75% from 13 mn in 2019.

The Finance Ministry is pulling back a bill that would set up a new agency to look after “repatriated funds” including assets seized by the state and money the government lands through settlements. The draft law was heading to the House Budgeting and Planning Committee for discussion, the local press reports, citing unnamed sources. Cabinet had last year approved the bill to establish the agency.

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

  • The House of Representatives extended the state of emergency for another three months in a vote on Thursday.
  • Crédit Agricole Egypt signed a cooperation protocol with Dsquares to tap the loyalty services provider to design technological solutions for the bank’s new loyalty program.
  • China State Construction Engineering Corporation will manage and operate the new administrative capital’s central business district under an MoU it signed with Egypt’s Housing Ministry.
  • State-owned El Nasr Automotive looking to partner with distributors and after sales services providers for its EV line of cars, Public Enterprises Minister Hisham Tawfik tells Al Mal.

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