TELECOMS-

Telecom Egypt is bringing the Medusa cable to the Red Sea: Telecom Egypt and submarine infrastructure operator Medusa Submarine Cable System have inked an agreement to extend the cross-Mediterranean Medusa subsea cable to the Red Sea, the state-owned company said Thursday. The 8.8k km-long cable will reach Port Said by the end of 2025 and connect over land to landing stations in the Red Sea in Suez, Zafarana, and Ras Ghareb.

Remember: Telecom Egypt signed an agreement with Africa-focused telecommunications operator AFR-IX Telecom in March last year to extend the Medusa cable to Port Said. The cable, which will become operational in the Western Mediterranean in 2025, will connect 10 countries in North Africa and Europe.

CAPITAL MARKETS-

ADIB is opening up a new sukuk venture: The Financial Regulatory Authority (FRA) has given the go-ahead to Abu Dhabi Islamic Bank to establish a company to issue sukuk, according to an EGX disclosure (pdf). The Abu Dhabi Islamic Taskeek Company will be 98%-owned by the bank.

The decision comes as authorities look to develop the local sukuk market: The FRA recently relaxed capital markets regulations last month to make it easier for companies to issue the shariah-compliant securities.

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