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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.

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