TOURISM-

Giza Pyramids redevelopment to open next quarter: Orascom Pyramids has pushed the inauguration of the Giza plateau redevelopment to 1Q 2024 while it finishes construction, Al Borsa reports, citing statements from chairman Amr Gazarin. The Orascom Investment Holding (OIH) subsidiary had initially planned to open the EGP 1 bn development to visitors in December. About 95% of construction works are finished, and expects his company to completely finish them by year’s end, Gazarin said.

CHEMICALS-

TCI Sanmar x United Gas Derivatives Company: Indian chemicals producer TCI Sanmar has inked a MoU with the state-owned United Gas Derivatives Company(UGDC) allowing it to use its Damietta port facilities for importing raw materials, TCI Sanmar said in a statement (pdf) Monday. The imported materials will be used by TCI Sanmer for its projects and expansion plans, it said. The port facilities have an investment cost of USD 150 mn, it said, without disclosing further details about the infrastructure.

LEGISLATION-

Another step towards allowing foreign firms to become importers: The House Economic Committee yesterday approved changes to the law regulating the importers registry, allowing foreign companies to register as importers under 10-year licenses. The move was one of 22 decisions introduced by the Supreme Investment Council in May in efforts to boost investment, and received the greenlight from the Madbouly cabinet in July. The House will discuss and vote on the amendments when it reconvenes next week.

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