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Sunday, 22 January 2023

Forbes International Tower: Coming to a new administrative capital near you

REAL ESTATE-

Magnom + Forbes to build tower in new capital: Magnom Properties, a unit of Saudi Arabia’s Rawabi Holding, signed a MoU with business magazine Forbes to build the zero-carbon Forbes International Tower in the new capital, Magnom said in a statement (pdf). The agreement was signed on the sidelines of the World Economic Forum in Davos last week.

COMMODITIES-

Offers roll in for GASC’s first corn tender: The lowest offer in our first international corn tender was USD 336 per ton for 30k tons of Ukrainian corn on a cost and freight basis (C&F), traders said Thursday, Reuters reports. Suppliers offering corn from Argentina, Brazil, Romania, and the US also bid in the tender, which sought offers on a C&F or cost, ins. and freight (CIF) basis. The shipment will be delivered between 10-25 February. The International Islamic Trade Finance Corporation will finance the purchase and the corn will be used for feed.

CUSTOMS-

No more long trips on ACID: The Finance Ministry has decided to stop granting importers extensions on the validity of their ACID numbers, a unique ID number that importers obtain through the digital Nafeza customs window at least 48 hours before their goods are shipped, according to Al Mal. ACIDs are usually valid for a six-month period and are sometimes extended for an additional six months.

DEBT-

NBE to finance Magic Land redevelopment: The National Bank of Egypt will finance two-thirds of Magic Land Al Hokair’s EGP 1.1 bn redevelopment of Magic Land, it said in a statement (pdf) last week. The state-owned bank agreed to lend the Al Hokair Group subsidiary EGP 723.5 mn over seven years for the project.

LAW-

Lawyers strike in protest at colleagues' imprisonment: The Egyptian Bar Association announced an indefinite strike starting last Thursday in protest at the imprisonment of six colleagues last week, the association said in a statement. Last week, the Marsa Matrouh criminal court sentenced six lawyers to two years in prison after they clashed with court clerks, Masrawy reported. The news got attention from AFP.

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