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Monday, 29 November 2021

CIB + NBE take further steps for financial inclusion

CIB will allow clients to open bank accounts without proof of income under a new type of account dubbed Bedaya that aims to give youth, home-makers and freelancers access to financial services as part of its drive for financial inclusion, according to a statement (pdf).

A retail investor is selling a 5% stake (49 mn shares) in Rameda Pharma to an unnamed foreign institutional investor, after shareholders approved the sale during their annual general meeting on Thursday, the company said in a disclosure to the bourse (pdf). The shareholder — Seddik Mohamed Seddik — is selling the shares on the condition that the investor holds onto the shares for the remainder of the post-IPO lock-up period.

French hotelier Accor will open a Movenpick residential property featuring 150 serviced apartments in the new administrative capital in 2026, in partnership with Al Burouj Egypt.

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