ECONOMY-

Core inflation bounces back up: Annual core inflation — which excludes volatile items like food and fuel — increased 1 percentage point in April from the month before to 10.4% y-o-y — up from March’s 9.4%, according to data from the central bank. On a monthly basis, core inflation stood at 1.2% last month, up from 0.9% the month before.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

ICYMI- Annual headline urban inflation rose for the second month running in April to hit 13.9%, marking 0.3 percentage point increase from the 13.6% recorded in March. On a monthly basis, inflation eased by 0.3 percentage points to 1.3%.

LEGISLATION-

House gives final nod to fatwa regulation bill: The House of Representatives has given the final approval for a draft law designating the entities that are authorized to issue fatwas (religious edicts), according to a statement. The legislation sets a legal framework to ensure fatwas are consistent with Islamic law and the country’s existing legal system. The bill mandates that fatwas shared by the press must come from licensed specialists. The draft law received the green light from the cabinet in March.

REAL ESTATE-

Madinet Masr will earmark a share of its annual investments to support real estate development startups, without reliance on external investors for funding, according to a disclosure (pdf) to the EGX. “This move comes as part of the company's previously announced strategic direction since the launch of its innovation arm, Innovation Labs, which focuses on fostering innovation in the real estate development sector,” the disclosure read. The move also supports the company's “vision to keep pace with technological advancements and meet the evolving needs of new generations for innovative real estate products.” The exact amount and timeline for the investment was not disclosed.

AVIATION-

Gulf carriers land in Alamein: Saudia, Flynas, and Etihad will launch 17 weekly flights to El Alamein International Airport starting in June — their first direct routes to the North Coast city, Asharq Business reports, citing a government official. Saudia will operate six weekly flights from Riyadh and Jeddah, Flynas will run nine, and Etihad will fly twice weekly from July through mid-September. Flydubai will also ramp up its flights to Alamien to seven a week starting 21 June, up from just one last summer.

EDUCATION-

The Social Solidary Ministry is looking to increase nursery coverage for pre-school children in the country to 30% from 8%, Social Solidarity Minister Maya Morsy told Kelma Akhira’s Lamees El Hadidi (watch, runtime: 2:34). The ministry will offer state-owned spaces for the private sector and associations to establish nurseries, Morsy said. It also plans to simplify licensing requirements for nurseries, helping those unlicensed legalize their status. and will soon be out with the executive regulations for nurseries licensing.

EXPANSION-

Tabarak Holding is in talks with Saudi Arabia’s National Housing Company to acquire a 50-feddan land plot — either via purchase or partnership — for a new real estate project, Chairman Ali Al Shorbany told Al Arabiya. The company is also expanding its footprint in the Gulf with new offices to diversify its portfolio and tap into FX inflows, he added.

Back home, Tabarak plans to deliver some 500 hotel rooms this year in Greater Cairo, the North Coast, and Sinai, with investments exceeding USD 40 mn, he said.

We knew this was coming: Tabarak Holding signaled back in December that it was eyeing expansion into Europe and Saudi Arabia as part of a wider growth push.

TRANSPORT-

Homegrown ride-hailing platform Zed’s launched its services in Alexandria, with plans to expand nationwide within nine months, it said in a statement (pdf). The company aims to create 200k driver jobs and reach 2 mn users by the end of 2025, offering low commission rates, safety features like live trip monitoring and “Pink Mode” for female passengers, and flexible payment options including BNPL.

Tags: