FINANCIAL SERVICES-

Three consortiums have submitted bids for the credit rating license offered by the Financial Regulatory Authority (FRA), including a joint bid from Beltone Financial Holding and Italy-based CRIF Ratings; MGM Financial Banking and Consultants and India-based Infomerics Valuation and Rating; and a third one from the state-backed credit bureau I-Score and S&P, the regulator said in a statement (pdf).

What’s next:The chosen consortium will be announced before the end of the year, FRA Deputy Chairman Islam Azzam told Asharq Business.

FYI- CBE out with new regs: The Central Bank of Egypt (CBE) has issued a set of regulations(pdf) for credit rating agencies, giving firms a 12-month period to make sure their operations abide by the new rules.

Refresher: The application for the FRA’s license opened in August, allowing a new local creditrating agency to step in with only one license up for grabs. The Middle East Rating and Investors Service (MERIS) is currently our only credit rating agency.

INVESTMENT-

#1- Arab agricultural authority to invest USD 100 mn in Egypt: The pan-Arab ArabAuthority forAgricultural Investment and Development (AAAID) is planning to invest USD 100 mn in Egypt over the next three years, the authority’s chief Mohamed bin Obaid Al Mazrooei told Asharq Business on the sidelines of the Gulf-Egyptian Business Forum during the weekend. The AAAID is interested in agricultural crops and livestock production, with a focus on sugar, oils, dairy, and grains.

#2- Megamind eyeing EGP 4 bn investment in healthcare automation:Saudi-based IT services and consulting firm Megamind is in talks to implement a EGP 4 bn project aimed at automating Egypt’s healthcare sector, CEO Hamza Batterjee told Al Mal last week without elaborating.

Megamind is no stranger to Egypt: Megamind, which has two offices in Egypt, has implemented automation projects for the Saudi German Hospital in Cairo and Alexandria.

#3- Is something finally happening with the proposed Egypt-Oman investment fund?Egypt and Oman are in talks to establish a fund for investing in sectors of agriculture, manufacturing, food, and pharma, the Planning Ministry said Friday following trade talks. The two countries have been talking about this for a while: The idea for a joint fund first surfaced back in 2018,

#4-Speaking of potential Gulf investments: During its time in Cairo to partake in the Egyptian-Bahraini Government Committee, a Bahraini delegation met with a number of Egyptian officials including Prime Minister Moustafa Madbouly to discuss potential investment opportunities in tourism, aluminum, and postal services. The Bahraini side pledged to double trade exchange between the two countries to USD 1 bn and the two sides reached agreements on a number of undisclosed MoUs and initiatives. The delegation also discussed potential investments with the SCZone head Walid Gamal El Din and Trade Minister Ahmed Samir.

We’re gearing up for a lot of investments from the Gulf, especially Saudi investors, who have expressed interest in spending over a combined USD 2 bn in Egyptian investments last week.

CABINET WATCH-

Cabinet earmarks land in New Valley and Aswan to set up renewable energy stations: Ministers approved allocating a 10k sq km land plot in the New Valley governorate and a 46.7 sq km plot in Benban to the New and Renewable Energy Authority (NREA) to build renewable energy stations, the cabinet said Wednesday, without giving further details.

AND- East Qantara is getting a dry port: The cabinet also approved a decision to establish a dry port in East Qantara in Ismailia governorate.

REGULATION-

The CBE’s anti-money laundering unit just got more powerful: The Central Bank of Egypt (CBE) has published the new executive regulations (pdf) for the Anti Money Laundering (AML) Act. The amended regulations authorize the government’s AML and terrorism funding unit to implement the law, deciding the legal requirements to be imposed on financial institutions and businesses and handling interagency communications. Prime Minister Moustafa Madbouly approved amendments in September.

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