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MANUFACTURING-
Eastern cancels investment in heated tobacco production on FX crunch: State-owned tobacco firm Eastern Company is abandoning plans to invest in heated tobacco production lines due to the shortage of foreign currency, CEO Hany Aman said in an interview with Asharq Business. The company is prioritizing using its FX to source tobacco to manufacture its cigarettes, he added.
CAPITAL MARKETS-
A license to IR? The EGX is in discussions with the Financial Regulatory Authority to introduce a license for investor relations managers in 2H 2023, EGX boss Ramy El Dokany said during a conference, according to Al Mal. The license would operate on a points system whereby IR professionals who violate the rules would get points deducted, El Dokany is quoted as saying.
ENERGY-
EgyptAir to increase biofuel use: EgyptAir plans to increase its biofuel use to 2% in 2025 and 6% by 2030, the company’s fuel and emissions director, Ahmed Mattar, told Asharq Business.
FINTECH-
Paymob x Chefaa: Fintech startup Paymob will provide its payment services to local pharma delivery platform Chefaa and its customers under an agreement signed between the two firms, according to a joint statement (pdf) out Tuesday. This includes issuing e-payment cards and providing POS payment and buy now pay later (BNPL) solutions to the platform’s users and pharmacies.
HEALTH-
No more smoking on Health Ministry property: The Health Ministry has issued a decreebanning smoking in all of the ministry’s facilities. Managers who fail to implement these rules will face fines between EGP 1-20k, while smokers will face an EGP 50-100 fine.
REAL ESTATE-
Madinet Masrannounces new project in Sarai: Real estate developer Madinet Masrlaunched Elan, its new project in Sarai, the company said in a press release (pdf) yesterday. The mixed-use development near the New Administrative Capital on the Cairo-Suez Road will include more than 2.8k residential units, as well as shopping areas, restaurants, an international school, a luxury hotel, a lake, and a commercial area. Its launch comes after the company (FKA Madinet Nasr) rebranded to reflect its plan to expand across the country.
