CAPITAL MARKETS-

First entrant in the race to set up a second credit rating agency: MGM Financial and Banking Consultants Chairman Gamal Moharam have partnered up with unnamed investors to bid for a license to build a new credit agency, he is quoted as telling Al Ma l.

We had an idea this was coming: Moharam’s consortium has been in talks with the FRA to form the country’s second credit rating agency since last year. The investors were at the time looking to hire an ex-Moody’s industry expert to head the firm, Dreny and Partners Founding Partner Moataz Dreny told us.

REMEMBER- The FRA last month opened applications for a new local credit rating agency, saying that it would award a license to just one company. Firms have until 22 November to apply. The country currently only has one domestic credit rating agency, the Middle East Rating and Investors Service (MERIS).

BANKING-

#1- Midbank gets on the Instapay bandwagon: Midbank has announced that its clients will have access to instant payment network Instapay, it said in a LinkedIn post. Instapay allows users to transfer money instantly between bank accounts and digital wallets.

#2- Banque Misr x Tatweer Misr: Banque Misr is set to provide real estate developer Tatweer Misr’s smart cities, BM said in a statement (pdf). Banque Misr will roll out its services to customers across six of the developer’s smart projects in Cairo, Ain Sokhna, the Red Sea, and the North Coast.

CONSTRUCTION-

Local construction companies eyeing business in Iraq: The Housing Ministry is putting together a list of local construction companies that it recommends for taking on infrastructure projects in Iraq,Housing Minister Assem El Gazzar said in a meeting with Iraqi Ambassador to Egypt Ahmed Al Dulaimi. El Gazzar met with his Iraqi counterpart last month to discuss the potential involvement of Egyptian construction companies in Iraqi development projects. Egypt has long advocated to get our firms involved in the country’s reconstruction.

TRANSPORT-

EgyptAir lands in Sao Paulo: EgyptAir yesterday touched down in Sao Paulo, Brazil, for the first time, according to Youm7. The national flag carrier will make two flights a month between Cairo and the Brazilian city.

PHARMA-

Some relief for the pharma sector: A backlog of pharma raw materials imports worth some USD 120-130 mn stuck at our ports could be cleared this month, Gamal El Leithy, head of the Federation of Egyptian Industries’ pharma division, is quoted as telling Al Borsa. The FX crunch has meant that companies have only been able to access 30% of the needed imported raw materials in recent months, putting pressure on local medical supplies and triggering fears of shortages.

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