REGULATION-

Gov’t extends land-for-FX initiative: The New Urban Communities Authority (NUCA) will extend the government’s land-for-FX initiative for six months, Housing Minister Assem El Gazzar said in a s tatem ent yesterday. The NUCA has so far allocated 219 plots of lands for foreign investors under the initiative, which allows foreign investors to bid for state-owned land in exchange for hard currency, the minister said. El Gazzar did not disclose the USD value of the land sold.

INVESTMENT-

Avanz plans fresh investment: Private equity firm Avanz Capital plans to invest more than EGP 450 mn in Egyptian firms, A l M al quotes Managing Director Haitham Wajih as saying. The company is in advanced talks to invest EGP 200 mn into two investment funds, and will deploy an additional EGP 250 mn in three more companies by early 2024, Wajih said.

TRADE-

More measures to unclog Egypt-Sudan border traffic: Transport Minister Kamal El Wazir and his Sudanese counterpart agreed to establish logistics zones in Aswan and Wadi Halfa, Sudan to unclog truck traffic at the Arqin and Qastal border crossings between the two countries, a ministry sta tem ent. This comes a few days after Egypt said it had created two mini logistics zones in Wadi Karkar and Abu Simbel to reduce the truck and vehicle pile up at the crossings.

Tags: