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Wednesday, 10 November 2021

The gov’t is making it harder for you to get that replacement engine for your tuk-tuk

Tuk-tuks be gone: Trade Minister Nevine Gamea has issued a decision to stop importing the basic components needed for the local assembly of tuk-tuks, a move that was telegraphed earlier this week.

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

  • Pump it up: The world’s largest water pump manufacturer, Grundfos, could set up a new EUR 6 mn factory to produce water pumps in Egypt in the next five years.
  • Altus strikes gold in new Eastern Desert concessions: Altus Strategies subsidiary Akh Gold has discovered 14 hard rock artisanal gold workings in two of its 100%-owned Eastern Desert sites acquired in the recent exploration tender, according to a company statement. Altus, which is backed by b’naire Naguib Sawiris, is in “a strong position to aggressively advance exploration” following the finds at the two sites, the statement read.
  • Justice on a platter: Three of the individuals accused of involvement in the infamous Fairmont case have been handed lengthy jail terms in a separate case relating to the [redacted] assault of a girl on the North Coast in 2015. The trial, which was held in absentia due to the defendants being on the run, resulted in two being given life sentences while a third 15 years behind bars.

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