Back to the complete issue
Tuesday, 20 September 2022

The drive of your life + USAID backs CFC technical schools

Shalakany Law Office successfully defended a “major French automotive company” against an EGP 3 bn claim before a Cairo Court, the law firm said in an emailed statement. Shalakany partner Omar Sherif declined to comment on the subject of the litigation or disclose the names of the parties.

Guess who: Those looking to decode the mystery French company might look to Peugeot and its years-long legal battle with Arabia Investments Holding (AIH). AIH filed an EUR 150 mn lawsuit against Peugeot in 2018, after the French firm unexpectedly ended the 41 year-old partnership. A Cairo court in March upheld AIH’s appeal of a January 2021 ruling from an Egyptian court that it lacked jurisdiction to consider the case.

CFC to launch two technical schools to train industrial workers: Emirati fertilizer company CFC Group will establish two technical schools for heavy industries and fertilizer production at a total investment cost of EGP 70 mn, in cooperation with our friends at USAID and the Education Ministry, CFC CEO Ahmed Khalifa reportedly told Al Mal. The schools will be located in Qena and Menoufia and are set to kick off operations in the 2023-2024 academic year. CFC will earmark EGP 12 mn for the projects. CFC recently said it will invest USD 400 mn to build an industrial complex in Qena under the new joint industrial partnership between Egypt, the UAE, Jordan and Bahrain.

More polymer banknotes in the making: The Central Bank of Egypt (CBE) will kick off 2023 with the release of EGP 20 polymer banknotes, Masrawy reports, citing unnamed banking sources. The central bank introduced the first polymer notes in July with the debut of the EGP 10 note.

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.