REGULATION-

GAFI continues its war on paperwork: The General Authority for Investment and Freezones (GAFI) has canceled some of the documents that it requires companies to provide for a number of post-incorporation services in a bid to “improve the investment environment” by simplifying procedures, it said in a statement. Among the papers companies no longer need to provide are those related to nominating board members, holding board meetings, appointing auditors, and reporting the death of partners or shareholders.

REMEMBER- The authority last week began operating its new digital platform, which provides investors with services to establish companies, authenticate contracts at notary offices, and register using electronic signatures among other services.

REAL ESTATE-

#1- SODIC is set to deliver the first units at its North Coast June project in 3Q 2023 , Al Mal reports, quoting the company’s general manager Ayman Amer. The upmarket real estate developer sold more than half (55%) of the units in the 281-feddan project, he said. The company reported net income of EGP 148 mn in 2Q 2023, up 126% y-o-y. The project accounted for 15% of the company’s gross contracted sales in the first six months of 2023, it said.

#2- Compass has a USD 100 mn real estate fund in the works: Private equity firm Compass Capital plans to set up a USD 100 mn real estate investment fund within a year, Asharq Busin ess reports, citing an interview with Managing Partner Tarek Abdel Rahman. The fund could invest in office and commercial projects in east and west Cairo, he added.

TOURISM-

London to Cairo on a budget: Hungarian budget airlineWizz Air is opening a new route connecting Cairo’s Sphinx International Airport to London’s Luton Airport, the airline said on its website. The airline will operate three flights a week starting 30 October, with fares from GBP 53.99 (EGP 2.1k) one way.

TRADE-

This Chinese shipping line is coming to Egypt: A new shipping line launched by Chinese logistics firm Torgmoll linking Chinese and Russian ports has begun servicing Egypt, Al Mal reports, quoting Walid El Saiedy, chairman of Royal Trade Agency and a member of the Damietta Shipping Chamber. The New New Shipping line began operating a regular container shipping service between Russia and China via the Arctic Ocean earlier this year, and according to El Saiedy recently made its first stop at Dekheila port. The service will link Egypt’s Dekheila and Damietta ports with ports in Russia and China, he said.

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