Luxor is receiving a massive facelift in preparation for the launch of a major campaign promoting the city as the world’s greatest open-air museum
For our top talks today, first, we need to highlight that all eyes of the world are turning to Luxor in preparation for a new historical event that Egypt will witness this November, the celebration of the Road of Rams, which is no less important than the procession of the royal mummies that was launched early this year. The Grand Processions Road (The Way of the Rams) is a road that connects the Karnak and Luxor temples, passing through the Temple of Mut, with a total length of 2,700 m. The tenth edifice in Karnak to the gate of the Temple of Mutt. Tourism experts believe that the celebration of the Rams’ Road is of great importance because it will draw the world’s attention once again to Egypt to see this event, and it will also contribute to pushing the tourism movement to the cities of cultural tourism. (Al-Mal)
- Second, the Ministerial Committee for Tourism and Antiquities, in its meeting chaired by the Prime Minister, reviewed a proposal to raise the value of the minimum prices for accommodation in hotel establishments,
in the context of targeting higher spending segments of tourists. It was noted that this proposal will be presented during the cabinet meeting, and the results of linking beach tourism destinations with cultural tourism destinations were also discussed. During the meeting, reference was made to the efforts and procedures for securing tourists, following up on the installation of GPS tracking devices in tourist buses, minibuses, microbus, and limousines. (Arab Finance)
- Additionally, the Egyptian government is working on converting all buses and cars; Including taxis, as well as all means of mass transportation, in the cities of Sharm El-Sheikh and Hurghada,
to work with natural gas or electricity, to be among the green cities, stressing the government's readiness to provide the facilities required for this purpose. Also, Dr. Khaled Al-Anani, Minister of Tourism and Antiquities, reviewed health safety procedures within tourist and hotel facilities, pointing to the start of the work of 5 international companies specialized in reviewing health safety procedures. (Arab Finance)
- By the same token, the Customs Authority, through the Central Administration of Customs Policies and Procedures, and the Egyptian Company for Electronic Commerce Technology (mts), which is responsible for managing customs ports, decided to cancel the requirement of notarizing the real estate declaration between the exporting company and the factory that wishes to export.
This comes against the background of the Customs Authority’s issuance of a circular in recent days, not to export from the factory except through it, or its representative based on approval or a documented license from him in the real estate registration of the company that is exporting, which was supposed to start implementing those instructions starting from This November 15th. (Al-Mal)
- Equally important, Amr Talaat, Minister of Communications and Information Technology, affirmed that an integrated system has been built to ensure the success of digital transformation processes,
and to motivate citizens to obtain digital services, within the framework of concerted efforts and continuous coordination between the Ministry of Communications and Information Technology, and state agencies and institutions to build a digital Egypt. Which has resulted in the launch of more than 90 services so far on the digital Egypt platform, and the target is to reach 100 services by the end of this year. He explained that all standards were taken into account to provide digital services in a secure manner and through multiple outlets, which are Egypt Post, the call center 15999, and the mobile phone, in addition to the digital Egypt platform, with multiple payment methods available, including cash payment with electronic payment companies, debit and credit cards, and wallets. (Al-Mal)
- Also, engineer Ayman Hossam El-Din, head of the Consumer Protection Agency, stated that there are around 220 secret agents to monitor the markets.
Noting that about 247 campaigns were carried out on car showrooms in the Republic, which resulted in the seizure of 67 violations nationwide in not complying with the decision to announce the price of cars. He pointed out that the failure to deliver the car on time means the customer's right to recover the money he paid in addition to the interest of the central bank. (Arab Finance)
- On the other hand, we must mention Saudi Arabia’s biggest event! Prince Mohammed bin Salman bin Abdulaziz, Crown Prince of Saudi Arabia and Chairman of the Board of Directors of NEOM announced the establishment of the NEOM Industrial City “Oxagon”,
which constitutes another step within the NEOM master plan, and aims to provide a new model for future manufacturing centers in accordance with NEOM’s strategy of redefining the way in which humanity will live and work in the future. NEOM Industrial City will contribute to redefining the world's orientation towards industrial development in the future, along with its contribution to protecting the environment, creating new job opportunities and achieving growth. Oxagon will also participate in supporting the Kingdom in the field of regional trade, in addition to supporting the flows of Global trade in the region. (Al-Mal)
- Moving to our EGX & companies talks, first, four government entities whose ownership stakes will be offered on the EGX until the end of June 2022 include the companies “Abu Qir Fertilizers”, “Heliopolis for Housing and Development” and “Misr Fertilizer Production - MOPCO” in addition to Banque du Caire.
The list is according to the latest update that was settled by the Governmental Proposals Committee, after the success of the E-Finance offering last period. It is noteworthy that the Minister of Finance, Dr. Mohamed Maait, stated a few days ago that the government intends to offer a government company every month on the stock exchange, starting this month, after the great success achieved by “e-finance”. (Al-Mal)
- Second, Hitachi ABB Power is considering participating in the implementation of the El Dabaa nuclear power plant project, by implementing and supplying control systems, technology and energy solutions for the project.
It is worth mentioning that the rise in global energy prices, freight prices and production inputs causes a global problem and crisis, and this may cause many losses to some factories and companies, and may expose some to closure and suspension if they are not tolerated. However, Hitachi ABB is not energy-intensive, which contributes to not being exposed to losses or risks due to energy prices, and that the company has continuously developed studies and future plans against such risks, such as the prices of materials and technology. (Al-Mal)
- Likewise, National Petroleum Construction Company (NPCC), a subsidiary of National Marine Dredging Company (NMDC) has inked a Memorandum of Understanding (MoU) with Egypt-based Petrojet to explore engineering, procurement, and construction (EPC) projects.
Under the MoU, NPCC and Petrojet will cooperate in exploring EPC project opportunities in the oil and gas fields across the UAE and Egypt. (Al-Mal)
- In addition, Misr Cement – Qena (MCQE) unveiled its new identity as Misr Cement Group that will have its companies united under one competent management, according to the company’s emailed statement.
MISR Cement Group embraces 4 key strategic directions, including: operational excellence, growth for leadership, positively impact the environment and building internal capabilities. It is worth noting that the company reported a 168% Year on Year (YoY) hike in its profits during the first nine months of 2021, recording 107.4 million EGP. Misr Cement – Qena is engaged in the manufacturing and marketing of cement and cement-related products in Egypt and abroad. The company is involved in the production and distribution of construction materials, as well as dealing in all types of construction supplies and equipment. (Arab Finance)
- Moreover, Swvl Inc., a global provider of transformative tech-enabled mass transit solutions, will enter Latin America for the first time with the acquisition of a controlling stake in transit company Viapool, which operates in Argentina and Chile.
The acquisition will represent Swvl's launch of a Latin American marketplace following its pending acquisition of a controlling interest in mass transit Software as a Service (SaaS) platform, Shotl Transportation, S.L. (Shotl), which, at completion, will more than double Swvl's geographic footprint with the addition of 22 cities across 10 countries. The closing of the Viapool transaction is subject to customary closing conditions and is expected to occur in the first quarter of 2022. It is worth noting that Viapool fills the gap between public transportation and private ride hailing alternatives, which can be prohibitively expensive in emerging markets, offering a secure, reliable and convenient experience for customers. (Arab Finance)
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