Egypt’s banks processed 1 bn electronic transactions in 2021

Egypt’s banks processed 1 bn electronic transactions in 2021 worth a total of EGP 2.8 tn, said the Central Bank of Egypt’s Sub-Governor for Payment Systems and Business Technology Ayman Hussein, according to Hapi Journal. Hussein didn’t give a comparative figure for 2020.

Atrees Group acquires 100% of Remco subsidiary Empain: Tourism developer Remco has approved the EGP 364.4 mn sale of its subsidiary Empain Tourism Investments to Atrees Group, according to astatement to the EGX (pdf). The sale matches the fair value set in a study by Alpha Capital, and is slightly higher than an initial valuation which valued the company at EGP 347.7 mn .

Other things we’re keeping an eye on this morning:

• Cabinet discussed last week a draft law proposing harsher penalties for people who illegally build on agricultural land, including revoking subsidies from owners and penalizing contractors.
• Work to more than triple the capacity of the Egypt-Sudan electricityinterlink to 300 MW from 80 MW will be complete within five months.