BANKING-

Another major bank imposes new FX withdrawal restrictions: State-run Banque Misr has changed its monthly ceiling on the amount credit card holders are able to withdraw abroad to the equivalent of EGP 3k-6k, depending on the card type. The bank also cut the monthly cap on FX purchases made abroad to the equivalent of EGP 3k-90k, down from USD 100-4k,according to the bank’s new limits and fees list (pdf).

Remember: The move comes only a few days after the National Bank of Egypt announced lower credit limits on FX transactions, following similar cuts by CIB, Abu Dhabi Islamic Bank (ADIB), and other lenders.

STARTUPS-

Cosmetics startup Mira secures USD 200k:Mira Cosmetics and Skincare has raisedUSD 200k from Egyptian tech company Wingoo Investment and Technology, according to a statement(pdf). The homegrown startup released its first locally-made product at the end of last year and aims to launch a wider range of cosmetic and skincare products throughout 2024 and reach a customer base numbering 100k with plans to step into new markets over the coming few years.

REAL ESTATE-

Another Heliopolis Housing project in the works?: State-owned real estate developer Heliopolis Housingand Development (HHD) is in talks with an unnamed real estate developer to partner up for a new residential project in New Heliopolis that is expected to generate EGP 150 bn in revenues, CEO Sameh Hammouda told Asharq Business. The company will use proceeds from the EGP 15 bn sale of Heliopark to develop New Heliopolis, purchase new land plots, and meet financial obligations, Hammouda added.

FINTECH-

Introducing CoorB: Dubai-based CoorB — an IT and digital financial services firm —has started operations and will initially focus on Egypt, Saudi Arabia, and the UAE, the company said in a statement. The company is backed by tech solutions provider CME and industry veterans Yasser Zaidan (LinkedIn) and Ahmed Gaber (LinkedIn).

ENERGY-

Egypt + Malta ink MoU on energy collaboration: Egypt and Malta have signed amemorandum of understanding (MoU) to work together on diversifying their energy sources and securing supply, according to a statement from Egypt’s Electricity Ministry. The agreement will also see both countries promote energy efficiency across the public and private sectors, indirectly link their power grids, and work on green hydrogen projects.

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