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Thursday, 6 May 2021

Also on our Radar on 6 May 2021

The share transfer process in First Abu Dhabi Bank’s (FAB) acquisition of Bank Audi’s Egypt unit has been completed, sell-side advisor EFG Hermes said in a statement (pdf). The transaction gives FAB 100% ownership of Bank Audi’s assets in Egypt — worth EGP 85.6 bn — with both banks expected to merge their assets and operations and become fully integrated by 2022.

Non-essential exams for non Edadiya / Thanaweya Amma students will be administered from home, the Education Ministry said in a statement. This applies to subjects that won’t count toward the final grades of students attending grades 4-8 and 10-11 and currently wrapping up the academic year.

Egypt is displaying a real royal ancient Egyptian mummy and a number of replicas at Dubai’s 2020 Expo, Egypt’s Commissioner General at the Expo 2020 Ahmed Maghawry Diab told Russian news agency TASS. The real mummy could be one of the 22 that were transported to the new National Museum of Egyptian Civilization in the “Golden Parade” last month. The expo — which will be the first to be held in the Middle East — had been postponed due to covid-19 and will take place in October 2021.

ALSO: Aluminum producers and industry figures are calling on the Trade Ministry to review the decision to impose tariffs on aluminum imports, saying the duties are negatively impacting Egyptian producers.

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