M&A WATCH-

Fintech giant Fawry has acquired a 56% stake in Virtual CFO, a financial services and accounting firm catering to SMEs and startups, Virtual CFO CEO Ahmed Farouk said during a presser. Fawry will not take over management despite its controlling stake, Farouk said.

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Remember- The move is part of Fawry’s wider push to snap up stakes in startups that offer complementary services. Earlier this month, CEO Ashraf Sabry announced that the fintech player acquired a majority stake in local hospital and medical institutions manager Code Zone.

EDUCATION-

Twelve new national universities incoming: The Supreme Council of National Universities approved establishing 12 new national universities named Cairo, Kafr El Sheikh, Sohag, Damanhour, Suez, Damietta, Ain Shams, New Valley, Fayoum, Tanta, Luxor, and Sadat City National University, according to a statement. The new universities will open their doors for the 2025-2026 academic year.

TRANSPORT-

Uber eyes monorail integration: Uber Egypt is in talks with the government to integrate the monorail network into its platform to allow users to check and book monorail rides through the Uber app, General Manager of Uber Egypt Youssef Abouseif told AlMal. The initiative aims to enhance public transportation options in the new capital and its surrounding areas.

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