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Wednesday, 17 August 2022

Aman / Taqa fintech to launch in 4Q, IDH’s CEO ups stake in company

Aman + Taqa’s fintech venture to launch in 4Q 2022: Raya Holding subsidiary Aman and Qalaa Holdings’ Taqa Arabia hope to launch their fintech company in 4Q 2022, Raya Holding CFO Hossam Hussein told CNBC Arabia (watch, runtime: 8:29). The as-yet unnamed joint venture — which was announced earlier this year — will provide e-payment services to Taqa customers, and will be 51% owned by Aman. An Aman representative earlier told us that Aman will invest EGP 300 mn in the venture over the next three years, but declined to disclose the company’s start-up capital.

Hend El Sherbini ups IDH stake: Integrated Diagnostics Holdings (IDH) CEO Hend El Sherbini has raised her stake in the company from 25.5% to 26.71%, after acquiring 7.3 mn new London-listed shares, the company said in a statement (pdf) yesterday. El Sherbini purchased the shares during the first two weeks of August. El Sherbini said she believes the company is “well-placed to take full advantage of the vast growth opportunities offered by our markets.”

CIB has launched an instant payment network allowing customers to transfer money from different banks and types of accounts, including Meeza cards and e-wallets. (Press release, pdf)

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

  • Appetito gets Saudi partner: Saudi-based IT firm Purity will finance Cairo-based grocery delivery startup Appetito’s expansion in Saudi Arabia and across the MENA region. The company declined to provide further details when we reached out. (Statement, pdf)
  • Elmenus will provide offers to Etisalat customers via its My Etisalat app after signing an agreement with the Emirati telecom operator. (Statement, pdf)
  • Corporate bond transactions on the EGX will now be settled during the same trading session after the Financial Regulatory Authority approved executive rules that were put forward by Misr for Central Clearing, Depository and Registry (MCDR). (Statement, pdf)

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