GMG to open 100+ branches in Egypt by 2026
UAE-based retailer GMG plans to open over 100 sports retail stores in Egypt by 2026, it said in a statement (pdf) yesterday. The conglomerate has established a local office in Cairo to support the expansion, which will start by opening several stores in the capital this year. GMG sports retailer Sun & Sand Sports will open branches at the City Center Almaza and the Mall of Egypt. The company is also considering entering the local e-commerce market alongside local distributors, the statement said.
MEANWHILE- The Central Bank of Egypt has issued a circular (pdf) that puts in place a mechanism under which it could in the future provide emergency liquidity to banks that request it. The mechanism is primarily designed to provide liquidity to solvent banks if they are unable to obtain it from the interbank or financial markets. The mechanism is purely a precautionary move mandated by the Central Bank and Banking Act of 2020, bank deputy governor Gamal Negm told Al Arabiya late yesterday. Having the mechanism in place is both good governance and in line with international norms.
Negm stressed that local lenders have some of the strongest liquidity positions in emerging markets. His interview is getting domestic attention from Ahram Gate.
Other things we’re keeping an eye on this morning:
- MoneyFellows and e-Finance subsidiary e-Cards are partnering (pdf) to provide financing for recipients of government and union pensions and state support programs.
- e-Finance will provide smart cards to distribute fuel quotas to parties contracted with Misr Petroleum.
- Carton manufacturer El Wessam Pack will ramp up its investments to EGP 400 mn over the next two years to add new production lines and revamp existing ones.
- President Abdel Fattah El Sisi has given the green light to the establishment of ‘Innovation University’ — a private, nonprofit university in Tenth of Ramadan City that will teach scientific subjects such as engineering, IT, business administration and physiotherapy, according to a decision published yesterday in the Official Gazette.