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Wednesday, 2 March 2022

Suez canal revenues jump + regulating the cosmetics industry

Suez Canal revenues jump in February after toll hikes: Revenues were up 15.1% y-o-y to post USD 545.5 mn last month, canal authority head Osama Rabie said in a statement. The authority hiked transit tolls by 6% for most ships at the start of February, followed by another increase of up to 10% for all transiting vessels from yesterday. Canal revenues are expected to hit USD 7 bn this year, up 11.1% from last year’s record haul.

Regulation for the cosmetics industry: The Egyptian Drug Authority (EDA) has launched a new online platform, EgyCosm, to regulate the cosmetics industry through a database for registered products.

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

  • The UAE has launched a distanced-learning school targeting 20k underprivileged children and refugees in Egypt and four other countries.
  • Taqa Arabia signed an MoU (pdf) with Tanzania to cooperate on natural gas distribution.
  • The Cairo Economic Court has imposed (pdf) an EGP 40 mn fine on Speed Medical’s former chairman Mahmoud Lasheen for the two FRA lawsuits filed against the company. Last week the company appointed (pdf) a new board, with Ahmed Farid tapped as non-executive chairman to replace Lasheen.
  • Pfizer eyes investing in digitizing our healthcare system: Pfizer is in discussions with the government and other healthcare stakeholders to help digitally transform Egypt’s healthcare field.
  • The Financial Regulatory Authority has approved raising the maximum policy for microinsurance products to EGP 200k from EGP 100k.

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