REAL ESTATE-

Madinet Masr goes national: Real estate developer Madinet Masr (FKA Madinet Nasr for Housing and Development) launched its first project outside Cairo, the company said in an EGX disclosure(pdf) on Sunday. The Zahw mixed-use development in Assiut will eventually include nearly 1.3k residential units, CEO Abdallah Salam said in the statement. Its launch comes after the company rebranded to reflect its plan to expand across the country.

DEBT-

The Central Bank of Egypt sold USD 554.1 mn of USD-denominated one-year treasury bills at an average 5.149% yield in an auction yesterday, according to central bank figures. Investors submitted bids worth USD 644.1 mn with yields averaging 5.270%.

That’s 25 bps higher than a month ago: A similar auction in May saw the government sell one-year USD t-bills at a 4.900% yield.

HOSPITALITY-

IHG to manage and operate North Coast hotel: Intercontinental Hotels Group (IHG) has signed an agreement to manage and operate a hotel at Akam Al Rajhi Development’s North Coast development, DOSE, the Tourism Ministry said yesterday.

COMMODITIES-

GASC announces fresh wheat shipment for July: The General Authority for Supply Commodities (GASC) launched an international wheat tender on Monday, with a deadline of Tuesday, according to a statement picked up by Reuters. The shipment will take place between 21-31 July and payment will be funded by the International Islamic Trade Finance Corporation.

INFRASTRUCTURE-

Weitz to establish meds warehouses across Egypt: Orascom Construction subsidiary Weitz is set to build six warehouses for medicines and medical supplies across the country under an agreement it signed with a JV company established by the Sovereign Fund of Egypt (SFE), Unified Procurement Authority, and the Armed Forces Land Projects Authority, cabinet said in a statement yesterday.

CIT-

Raya CX launches third site in KSA: Raya Holding subsidiary Raya Customer Experience has opened a new customer service center in Riyadh as it looks to strengthen its operations in the region, the company said in a statement (pdf) yesterday. The company plans to hire 1.5k Saudis this year, CEO Ahmed Aboulezz said.

Three-year streak: The site marks Raya CX’s third opening in the kingdom following its Riyadh debut in 2022 and its acquisition of Gulf CX in Al Khobar in 2021.

HEALTH-

Universal health ins. system reduces personal health bills: Personal spending on health fell by almost 48% in Port Said following the introduction of a comprehensive health ins. system, according to Health Ministry figures. The National Health Accounts Report, which was released by the ministry on Sunday in partnership with the World Health Organization, reported that personal health expenditure across Egypt has fallen to 59.3% from 62.7%, while government spending has risen to 33% from 28%. Medicine was the greatest state expenditure, Health Minister Khaled Abdel Ghaffar said, with additional focus on basic care and mental health services.

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