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Thursday, 3 March 2022

NI Capital’s fixed income fund closes early on high demand

National Investment Bank subsidiary NI Capital’s fixed income fund closed 30x oversubscribed yesterday, attracting EGP 1.5 bn of inflows, Planning Minister Hala El Said announced in a statement. The fund, which launched in mid-February, closed early on the back of the strong demand. It will invest in treasury bills and bonds, corporate bonds, sukuk, bank deposits and securitized paper.

Egyptian fruit and vegetable exports to the UAE now need pesticide residue certificates again. The requirement was put on hold during the pandemic.

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

  • Pharaonic Sinai: An archaeological mission uncovered a number of groundwater wells dating back to the Pharaonic era in the Tell El-Kedwa site in North Sinai.
  • EGX-listed MB Engineering will set up an EGP 10 mn electric vehicle charging subsidiary.
  • El Tarek Automotive has acquired a 23% stake (pdf) in Incolease in an EGP 189 mn transaction.
  • Fixed Solutions gets an e-signature license: The Information Technology Industry Development Agency granted its fourth license for e-signature services to IT company Fixed Solutions.

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