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Wednesday, 28 July 2021

Also on our Radar on 28 July 2021

Tobacco and molasses manufacturing facilities have until the end of this year to legalize their status under a decision (pdf) by the Trade Ministry to set a deadline for companies to complete licensing procedures. The decision comes in response to several complaints by molasses manufacturers after the Industrial Development Authority stopped renewing expired licenses, which led to the closure of over 37 plants, Federation of Egyptian Industries’ tobacco division Ibrahim Imbaby told the local press.

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

  • IHG Hotels will launch four new Hotel Indigo branches in Sahel, New Cairo, Sixth of October, and Ain Sokhna between 2024 and 2028 after reaching an agreement with property developer Mountain View.
  • The board of tourism developer Remco has approved (pdf) a study (pdf) that sets the fair value of subsidiary Empain Tourism Investments at EGP 76 per share or a total of EGP 347.68 mn, ahead of a potential sale to unnamed local investors.
  • A female TikTok influencer and her friend have been handed a four-day detention order on charges of indecency and inciting debauchery.

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