Egypt’s banks processed 1 bn electronic transactions in 2021
Egypt’s banks processed 1 bn electronic transactions in 2021 worth a total of EGP 2.8 tn, said the Central Bank of Egypt’s Sub-Governor for Payment Systems and Business Technology Ayman Hussein, according to Hapi Journal. Hussein didn’t give a comparative figure for 2020.
Atrees Group acquires 100% of Remco subsidiary Empain: Tourism developer Remco has approved the EGP 364.4 mn sale of its subsidiary Empain Tourism Investments to Atrees Group, according to a statement to the EGX (pdf). The sale matches the fair value set in a study by Alpha Capital, and is slightly higher than an initial valuation which valued the company at EGP 347.7 mn .
Other things we’re keeping an eye on this morning:
- Cabinet discussed last week a draft law proposing harsher penalties for people who illegally build on agricultural land, including revoking subsidies from owners and penalizing contractors.
- Work to more than triple the capacity of the Egypt-Sudan electricity interlink to 300 MW from 80 MW will be complete within five months.