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Wednesday, 23 February 2022

Edita’s Molto Sandwich gets a rebrand with three new flavors + EFG Hermes’ valU launches new algo-based risk management tool

Edita’s Molto Sandwich is now Molto Fino, with new flavors: Edita Food Industries is introducing three new flavors as part of a rebranding of its Molto Sandwich line to “Molto Fino,” the company announced in a press release (pdf). Molto Fino, which retails at EGP 5 per pack, now comes in Mexican cheese, roumy cheese and pastrami flavors, in addition to the five existing flavors. The launch comes as the snackfoods maker aims to tap into demand for savory products in baked goods, in which it holds a 60% market share, and migrate buyers to higher price points. The launch comes just a week after Edita unveiled its Oniro Lava biscuits.

EFG Hermes’ fintech buy-now-pay-later firm ValU has launched (pdf) a new algorithmic tool to assess the creditworthiness of borrowers that it says will translate into higher approval rates.

TE partners on new Europe-Asia data cable: Work has begun (pdf) on a new 19.2k km high-speed data cable linking France and Singapore that will transit through Egypt. Telecom Egypt is among the 12-strong consortium that is working with global fiber company Subcom to lay the cable, which is expected to come online in 1Q2025. The cable will land from Singapore at Ras Ghareb before transiting on-land to Port Said, which will connect to Marseille in the south of France.

We’ll soon have subsea cables coming out of our ears: Some 13 cables currently transmit data from Egypt to Europe, while TE plans to add six more cables over three years. It’s all part of our ambitions to become a data hub between Asia, Europe, and Africa.

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

  • EgyptAir will resume direct flights between Cairo and Bangkok starting 1 June, after halting them in March 2020 due to the pandemic. The national carrier will operate three weekly flights.
  • Uber Bus for Business is landing: Ride-hailing app Uber has staged the global launch (pdf) of its B2B “Uber Bus for Business” service in Egypt.
  • Emirati real estate developer Sky Abu Dhabi is planning to invest EGP 700 mn in its two developments in the new administrative capital this year.

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