REAL ESTATE-

Talaat Moustafa Group (TMG) is looking into developing a new project in the North Coast “among various other potential projects,” it said in an EGX disclosure (pdf). The project is still in the evaluation stage and the group has not acquired the land plot yet, contrary to what local media has reported, the disclosure said.

Market reax:TMG’s shares rose 10.3% yesterday to close at EGP 37.5.

DEFENSE-

We’re getting drones from Turkey: Egypt is set to receive drones from Turkey under an agreement inked between the two sides, Turkish Foreign Minister Hakan Fidan said on Turkey’s A Haber television channel, Reuters reports. “Normalization in our relations is important for Egypt to have certain technologies. We have an agreement to provide (Egypt) unmanned air vehicles and other technologies,” the newswire quotes Fidan as saying.

ICYMI- Turkish President Recep Tayyip Erdogan will meet with President Abdel Fattah El Sisi when he touches down in Egypt next week. This will be Erdogan’s first visit to the country since Egypt and Turkey restored diplomatic ties and reappointed ambassadors in July.

TELECOMS-

Egypt-Albania subsea cable in the works:Telecom Egypt and Hungarian telecom company 4iG have formed a JV to build a subsea cable between Albania and Egypt, according to a joint statement (pdf). The move follows an MoU for the same project inked by the two parties in October.

Remember: “More than 90% of the international traffic data between the East and the West passes through [Egypt] thanks to its distinguished geographical location,” Communications Minister Amr Talaat said in the statement. Egypt is currently home to 14 in-service international subsea cables and “work is underway” to establish five additional international subsea cables in partnership with international alliances, Talaat added.

ICYMI- Telecom Egypt last month inked an agreement with Jordanian telecom service provider NaiTel to build a subsea cable linking the two countries.

DEBT WATCH-

The Central Bank of Egypt has sold USD 1 bn of USD-denominated one-year T-bills at an average yield of 5.149%, according to data on its website. The treasuries refinance USD 1.07 bn of USD-denominated one-year T-bills at an average yield of 4.90% due to mature today.

Tags: