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Tuesday, 5 July 2022

Construction begins on the BRT system

One step closer to a clearer Ring Road: The government has begun construction of the bus rapid transit system (BRT) on the Ring Road, with the General Authority for Roads and Bridges yesterday showcasing the Al Salam Station in a video on its social media (watch, runtime: 1:45). The BRT system on the Ring Road is part of a massive EGP 8 bn overhaul of the critical freeway, The project should be fully operational and ready for passengers by December.

Saudi dairy company Almarai is not considering acquiring a majority stake in Cairo Poultry as part of its expansion plans in Egypt, Bloomberg Asharq reported yesterday, while Cairo Poultry said that it hadn’t received any official offers in a disclosure (pdf) to the EGX on Sunday. Both stories deny a report by Al Shorouk at the weekend that the Saudi firm is considering bidding for a majority stake in the company.

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

  • Real estate developer Marakez could soon receive an EGP 2.5 bn loan from the National Bank of Egypt (NBE), Banque Misr and Banque du Caire, a source with knowledge of the matter told Enterprise.
  • Kuwaiti authorities have imposed new regulations on imports of Egyptian food, Al Borsa reports, citing a statement from the country’s Public Authority for Food and Nutrition (PAFN).
  • Taqa Arabia and Abu Soma Tourism Development Company agreed to establish a solar-powered seawater desalination plant at Somabay. (Shorouk)
  • Saudi budget carrier Flynas will launch its first direct flight between Cairo and the Saudi city of Al Ula in October. (Statement)
  • Ezz Elarab Group has partnered with Ferrari to open a service center and showroom for the luxury car brand in Sheikh Zayed. (Press release, pdf)

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