Back to the complete issue
Sunday, 11 September 2022

Karmell, take two + everything is set for the National Dialogue to begin

SODIC has relaunched its Sheikh Zayed residential project Karmell, which was put on hold last year after the Housing Ministry decided to rezone the New Zayed area, the developer said in a disclosure to the bourse (pdf) on Thursday.

Things are finally in place for the National Dialogue to begin after the board of trustees selected the remaining rapporteurs for the three main political, economic and social committees and the 19 subcommittees in a meeting yesterday, it said in a statement. It didn’t announce a date for the start of the dialogue.

Al Ahly named Swiss manager Marcel Koller as its new coach, taking over from Portugal’s Ricardo Soares, who was sacked last month after failing to improve performances following the departure of Pitso Mosimane. (Twitter)

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

  • Representatives of renewable energy developers Scatec and Fortescue Future Industries (FFI) held talks with President Abdel Fattah El Sisi over the weekend. Scatec is working with Orascom Construction and Fertiglobe on Egypt’s first green hydrogen plant and FFI is conducting feasibility studies for a 9.2 GW green hydrogen facility. (Statement | Statement)
  • Pesticide imports will be exempt from the requirement to use letters of credit after the Agriculture Ministry approved categorizing pesticides as production inputs rather than final products, exempting them from the central bank’s import restrictions. (Al Mal)
  • FMCG player Dabur Egypt will double its production capacity with a new factory in Tenth of Ramadan City. The first phase is set to start operations in March 2023. (Zawya)
  • The US Department of Defense plans to pay USD 83 mn to Egypt to reimburse it for border security operations along the Libyan border. (Bloomberg Asharq)
  • Authorities released 33 pre-trial detainees on Friday in the latest in a string of releases ahead of the National Dialogue. (Statement)

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.