Your top 5 pieces of business and economic news in December:

  • SODIC is now Emirati: The Emirati consortium of real estate giant Aldar Properties and Abu Dhabi sovereign wealth fund ADQ acquired 85.5% of SODIC in an all-cash, EGP 6.1 bn transaction.
  • Banque Misr-owned CI Capital is attempting to acquire a 26% stake in leading healthcare company Cleopatra Hospitals.
  • Abu Qir is slightly less state-owned: The fertilizer company raised EGP 2.25 bn selling an additional 10% of its shares on the EGX.
  • Rates unmoved in 2021: The central bank left interest rates unchanged in its final policy meeting of the year, eyeing rising global inflation, the spread of Omicron and higher US rates.
  • You may now legally SPAC: Blank-check firms are now a thing in Egypt after regulators last month gave the all-clear.
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