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Monday, 1 November 2021

IDH hit by arbitration cases by Saudi-based Al Muhaidib Company

Saudi Arabia’s Al Muhaidib Company is in the midst of international arbitration case and two administrative cases against LSE- and EGX-listed Integrated Diagnostics Holding (IDH), IDH CEO Hend El Sherbini, and Al Mokhtabar Chair Moamena Kamel, IDH said in a disclosure. The claim pertains to a 2007 MoU to sell 49% of Al Mokhtabar — which is now under IDH’s umbrella — to Al Muhaidib.

Oil Minister Tarek El Molla yesterday broke ground on a USD 1.8 bn coal and diesel production complex in Suez, according to a ministry statement. The plant will produce high-value petroleum products — particularly butane and diesel — geared towards use in newer car models in an attempt to reduce imports. Ministry-affiliated firms Enppi and Petrojet are implementing the project, according to the statement. No details were provided on when the plant is expected to come online.

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

  • MoneyFellows customers will be able to receive their funds through MasterCard prepaid cards, under a partnership (pdf) between the two through which users will be able to make their monthly “gameya” payments and collect their share.
  • A signalling upgrade completed by Alstom to the 20-km El Fashn section of the Beni Suef-Assiut railway line started operating yesterday, a company statement (pdf) said. The French company completed a similar project on the 15-km Quseia section of the line over the summer.

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