REAL ESTATE-

Who will manage the new capital finance hub? An international consortium has submitted a proposal to manage the Cairo International Financial Center (CIFC), an area of the new capital that will house financial institutions, according to a cabinet statement. Prime MInister Mostafa Madbouly asked the consortium to submit a detailed proposal with its plans for the center.

Remember: An Emirati consortium — including Promax Investments and Gulf DataInternational — signed an MoU with the General Authority for Freezones and Investment last year to set up a finance hub in the new administrative capital.

Big plans ahead: The state is working on regulations to govern the center as we inch towards its inauguration date, Madbouly said, adding that he is looking forward to receiving proposals regarding the matter.

URBAN DEVELOPMENT-

No more converting green areas into commercial areas: Prime Minister Moustafa Madbouly has directed Egypt’s governors to refrain from turning existing green areas into commercial areas as part of the government’s greening plans, according to a cabinet statement. Madbouly also issued directives to greenify all road axes as part of the plan to plant 100 mn trees.

M&A-

An Egyptian-Emirati consortium is looking to acquire a 25-30% stake in one of the companies owned by the Public Enterprise Ministry’s Cotton and Textile Industries Holding Company, Al Borsa reports, citing informed sources. The ministry is in the process of reviewing the offer and is set to make its decision by the end of the month.

MINING-

BRICS nations to set up joint geological platform: Egypt and its fellow BRICS member states have agreed to set up a shared geological platform to facilitate the exchange of knowledge, technological development, and practical experience in mineral resource management, according to a statement. The platform will prioritize geological exploration, regional geological studies, and digitalization in geology.

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