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Wednesday, 8 February 2023

A USD 10 bn Emirati tech fund could be looking at Egyptian firms

INVESTMENT-

Local firms could get a piece of a new USD 10 bn Abu Dhabi tech fund: Emirati AI firm G42 is setting up a USD 10 bn tech fund — dubbed 42X Fund — to invest in tech firms in Egypt, Saudi Arabia, Singapore, Indonesia, China, and Israel, people familiar with the matter told Bloomberg. The AI firm is also looking into partnering on investments with a number of unnamed hedge funds. G42 is backed by Abu Dhabi wealth fund Mubadala, and is chaired by UAE royal Sheikh Tahnoon Bin Zayed, who also heads ADQ, another wealth fund that targets investments in emerging markets.

FINTECH-

Fawry to boost Orange Egypt’s e-wallet services: EGX-listed e-payment giant Fawry inked an agreement on Monday with mobile network operator Orange Egypt to add more payment services to the Orange Cash e-wallet, the telecoms firm said (pdf) yesterday.

Paymob + Khazna partner up: Retailers on Paymob’s network will be able to offer services by financial super app Khazna through their integrated POS devices per a partnership agreement signed by the two companies, according to a press release.

INFRASTRUCTURE-

New logistics zone in the works near Libyan border: A coalition of three local firms will build, manage, and operate an integrated logistics zone in the city of Salloum under an MoU signed with the General Authority for Land and Dry Ports, the Transport Ministry said yesterday. The three firms — Misr Europe for Industrial Development, Middle East Development (Mirad), and Lenza Egypt — have developed a financing plan for the zone through the European Investment Bank, the ministry said, without giving further details. Local media had previously reported that China’s AVIC had received the authority’s approval to build an EGP 5 bn logistics zone in Salloum.

POLITICS-

More pre-trial detainees released: Authorities released 35 pre-trial detainees yesterday, Tarek El Awady, a member of the Presidential Pardon Committee, said.

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