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Wednesday, 5 May 2021

Also on our Radar on 5 April 2021

Misr Life Ins. Company and Misr Capital have launched a EGP 100 mn money market fund that will invest in liquid assets such as treasury bills and short-term corporate debt, Masrawy reports. Subscription to the fund, dubbed “Misr Life Ins. Investment Fund,” will be through Misr Capital and Misr Capital Fixed Income Brokerage. Misr Capital launched a similar type of fund in partnership with Sarwa Life Ins. earlier this year.

The first direct flight from St. Petersburg to Cairo since 2018 landed at Cairo International Airport last night. The flight was operated by Russian carrier Nordwind airlines, with more legs expected to be added in the near future. The re-introduction of this flight route comes ahead of the anticipated resumption of direct flights from Russia to Egypt’s Red Sea destinations starting June.

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

  • The Senate has approved legislative amendments regulating the Engineering Syndicate’s elections and general assembly, which will now be shipped to the House for discussion.
  • Hydrocarbon exploration company APA’s Western Desert assets will be consolidated into a single new concession comprising 90% of its production volumes in Egypt under an agreement between the company and the Oil Ministry.
  • Some 22 mn properties have been registered on the government’s newly launched online property database since January as part of a push to minimize property tax evasion.

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