Egypt has received 3.89 million doses of Pfizer vaccine against COVID-19 on 27 November
For Egypt top talks, Egypt has received 3.89 million doses of Pfizer vaccine against COVID-19 on 27 November, in a bid to diversify and expand the shots available for the citizens. The jabs were sent under Gavi COVAX AMC, which ensures that the 92 middle- and lower-income countries that cannot fully afford to pay for the vaccines obtain equal access as higher-income self-financing states and at the same time. The received Pfizer vaccine shipment will undergo testing at the Egyptian Drug Authority’s (EDA) laboratories before distribution nationwide. (Mubasher)
- In a separate statement, the Ministry of Health and Population announced holding a joint meeting with the higher education ministry to discuss the latest developments about the new COVID-19 variant Omicron, which was first reported to the World Health Organization (WHO) from South Africa on 24 November.
Egypt has banned direct flights from and to South Africa, Botswana, Lesotho, Zimbabwe, Mozambique, Namibia, and Eswatini to curb the spread of the new variant. All travellers arriving from the above-mentioned seven countries at Cairo International Airport through indirect flights to other countries will be subject to rapid DNA testing. In case the result of the test is positive, they will be boarding the same plane they arrived on. (The Egyptian Ministry of Health)
- Adding to our healthcare sector, Doctor Online, a virtual clinic platform, teamed up with VIDA Health Care Egypt to provide video-based consultations through their app. “This agreement allows patients to reach doctors and consultants from England, France, and Germany, as well as leading medical institutes like the Royal Marsden,” Mahmoud Abdelhakim, Founder of Doctor Online, said.
Abdelhakim added that the partnership aims to make international expert consultation available to patients who would need to travel otherwise, backed up by report exchange to make the experience wholesome. He further noted that Doctor Online served more than 50,000 users and cooperated with 190 consultants and professors from Egypt in 2021. For his part, Mohamed El Masry, CEO of VIDA, said that his company focuses on the Egyptians and Arabs abroad, and manages airborne evacuations and SOS flight service.
- Moving to our EGX & companies talks, Egyptians for Housing and Development Co will appoint a financial advisor to assess the stock’s fair value (FV) to acquire a stake in Edge Development and Project Management.
The company seeks to acquire 39.99 million shares, representing 99.9% of Edge's capital. It is noteworthy to mention that in the first half (H1) of 2021, the company achieved consolidated net profits worth 14.38 million EGP, higher by 105% than 7 million EGP in H1-2020. (EGX)
- Additionally, Rameda Company, the Tenth of Ramadan Pharmaceutical Industries, agreed that one of the main shareholders would sell a share of the frozen shares equivalent to 49 million shares to a foreign entity specialized in investment.
The General Assembly approved that the shareholder, Siddiq Muhammad Afifi Siddiq, dispose of some of his reserved shares to one of the foreign entities specialized in investment. The assembly specified that the shareholder’s sale should not exceed 5% of the company’s shares based on the provisions of Article (7) in its seventh item of the rules for listing and delisting securities in force in the EGX. (EGX)
- MICO entertainment platform, the world’s most popular social entertainment platform, announced launching its services in Egypt and the Middle East. Owned by Newborn Town, the global leader in social networking, the application is an integrated entertainment platform that enhances social communication between people around the world. It allows posting pictures, funny moments, videos and live chat with friends.
The application saw a great demand by users because it offers various recreational activities that meet all needs in a manner that is consistent with the customs and traditions of the society. It is an open and inclusive global social platform, bringing together a large number of talented broadcasters from more than 100 different countries around the world. (Arab Finance)
- Homzmart, the Middle East’s leading furniture and home goods marketplace platform, revealed its plans for the expansion of its operations into Saudi Arabia this week.The company’s KSA platform will be working with many leading international brands, and the whole KSA ecosystem - including brands such as Al Rugaib Furniture and Al-Motlaq Furniture - plus local artisans and workshops.
It is worth noting that general e-commerce e in KSA is growing extremely fast, 35% a year - one of the fastest growth rates in the Arab world. Homzmart will be accessing a 15 billion USD market, which is growing at 10% CAGR per annum, and has several million households – many of whom demand easy online access to furniture, textiles and domestic appliances. (Arab Finance)
- In the same context, the Middle East and Africa Awards Committee (MEA Finance) announced that Misr Capital, the investment banking services arm of Banque Misr, won the best bond issuance in the Middle East and Africa for the year 2021, for the second issuance of Al-Tawfeek Securitization company secured by the portfolio transferred from Al-Tawfiq Company for Financial Leasing, amounting to 1.087 billion EGP.
Misr Capital worked on and implemented the issuance of bonds that accounted for 61% of the total bonds issued in the Egyptian market between the months of June 2020 and July 2021, which is the period that is evaluated by the committee, as the company executed deals with a total value of 8.35 billion EGP of the total value of the bonds issued In this period of 14.5 billion EGP. (Al-Mal)
- Likewise, the Architectural Engineering Industries Company for Construction and Development “AIKON” announced that the Board of Directors will convene next Wednesday (December 1) to study the offer of the strategic alliance with the King Span International Group.
This meeting will also discuss the unaudited independent and consolidated financial statements for the financial period that ended on September 30th. On November 22, the company disclosed that it had received an offer for a strategic alliance with one of the King Span International Group companies specialized in the same field. (Al-Mal)
- Furthermore, Orascom Pyramids announced the signing of a sponsorship contract to provide banking services within the visits area between Orascom Pyramids Projects and the National Bank of Egypt as a main banking partner to ensure the best banking services provided to visitors within the visits area of the pyramids plateau, from Egyptians and foreigners, in a manner befitting the greatness and sophistication of the region.
Orascom Pyramids stated that this is within the framework of the cooperation protocol between the Supreme Council of Antiquities and Orascom Pyramids Projects by providing and developing services provided to visitors and in accordance with the executive work plan set by the company. (Al-Mal)
- And for today’s investments talks, Amr Kamel, Vice President of the African Export-Import Bank “Afrexim Bank” said that the bank’s current financing portfolio for Egypt amounted to 4.8 billion USD by the end of last October, representing 23% of the bank’s current financing portfolio, which is 23 billion USD.
He stated - in an interview with the Middle East News Agency - that during the current year, the bank disbursed direct financing to Egyptian companies worth 1.6 billion USD, out of approvals amounting to approximately 2.7 billion USD during 2021, expecting to disburse the remaining funds estimated at approximately 1.1 billion USD. over the coming days. (Al-MalS)
- Finally, on the regional level talks, the Abu Dhabi Government Media Office announced that Amazon has entered into a partnership with the Abu Dhabi Investment Office to establish an online retail ordering center in the emirate in 2024 in line with the company's carbon emissions reduction strategies.
The Office added that the launch of the Amazon center will provide thousands of new job opportunities and boost the logistics sector in Abu Dhabi. It is noteworthy that Amazon CEO Andy Gacy announced last September that the company plans to employ 55,000 people in technology and corporate activities globally in the coming months. That equates to more than a third of Google's staff as of the end of June, and the equivalent of all Facebook employees. (Reuters)
- The Central Bank of Kuwait (CBK) has collaborated with the Capital Markets Authority (CMA) to launch a joint financial literacy campaign on investing or dealing in crypto assets in the state.
Virtual currencies have sharp price fluctuations; therefore, there are risks associated with using them as they are not subject to any regulatory authority inside Kuwait, CBK Governor, Mohammad Al Hashel commented. He added that such risks expose speculators to large losses and fraud. Last June, the CBK initiated Diraya (Be Aware) campaign to address the practice of loan encashment and its risks. (Arab Finance)
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