ADSERO AIDED THE SOVEREIGN FUND OF EGYPT, MOBICA, AND EFG HERMES IN THE EXECUTION OF THIS GROUNDBREAKING DEAL

ADSERO AIDED THE SOVEREIGN FUND OF EGYPT, MOBICA, AND EFG HERMES IN THE EXECUTION OF THIS GROUNDBREAKING DEAL

by | Dec 26, 2021 | News Station

Adsero aided The Sovereign Fund of Egypt, mobica, and EFG Hermes in the execution of this groundbreaking deal. As a result, sovereign investment and leading national investment arms have collaborated with GEMS Egypt, an international industry-leading education provider, to create premium education services.
Dr. Hala Al-Saeed, Minister of Planning and Economic Development and Chairman of the Board of Directors of the Sovereign Fund of Egypt, witnessed the laying of the foundation stone for the construction of two schools on the land of the Global Village, in partnership between the Sovereign Fund of Egypt and the Mobica Company, within the framework of the Fund’s plan to exploit movable assets, support education as well as generating good investment returns.
According to the agreed partnership model the Sovereign Fund of Egypt, in partnership with Mobica, will establish the company, provided that GEMS Egypt will manage the two schools for an administrative fee.
Mohamed Abdelgawad, Founding Partner and Head of Corporate and Commercial, and Ahmed Adib, Senior Associate, lead the Adsero team.
Adsero worked alongside Al Tamimi & Company to finalize the management agreement between the project company and GEMS Egypt.
Investment in modern technology-related Education is obviously consistent with the National Structural Reform Programme and encourages the improvement of human capabilities in the labour market.
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AL- TAMIMI & CO. ADVISES THE SELLING SHAREHOLDERS OF MERIT UNIVERSITY IN UPPER EGYPT

AL- TAMIMI & CO. ADVISES THE SELLING SHAREHOLDERS OF MERIT UNIVERSITY IN UPPER EGYPT

by | Dec 26, 2021 | News Station

Al-Tamimi & Co. advises the selling shareholders of Merit University in Upper Egypt
Al-Tamimi & Co. advises the selling shareholders and majority owners of Merit University in Upper Egypt on the acquisition of their stake in the university by Honoris United Universities, which is owned by the world’s leading investment firm Actis.
Al Tamimi’s team (Ehab Taha, Zainab Shohdy, and Hanya Ahmed Abdel Rahim) advised the selling shareholders on all aspects of the transaction and led the negotiations of the share purchase agreement and accompanying documents with their friends at Compass Capital.

in 2018 after the discovery of the giant Zohr gas field – the largest in the Mediterranean, and the current production of natural gas is between 6.5 to 7 billion feet cubic meters of natural gas per day.

EGYPT INVESTS MORE THAN 7 BILLION POUNDS FOR PRODUCTION OF GASOLINE IN ASSIUT

EGYPT INVESTS MORE THAN 7 BILLION POUNDS FOR PRODUCTION OF GASOLINE IN ASSIUT

by | Dec 23, 2021 | News Station

The Egyptian government has invested more than 7 billion pounds in establishing a complex for the production of high-octane fields in Assiut Governorate, in the south of the country, according to Egyptian Petroleum Minister Tariq El-Molla in a speech on Egyptian television on Wednesday.
The production capacity of the largest petroleum complex in Upper Egypt is 800,000 tons, and represents 13% of the country’s production of gasoline, and the complex will cover the entire needs of Upper Egypt’s petroleum.
The complex will contribute to reducing the country’s gasoline import rates by 15-20% from the current rates, and Egypt has 8 refineries for petroleum products.
The total investments of the petroleum sector in Egypt, whether locally or by foreign investors, in the projects that have been operated, underway and under study, amounted to about 1.2 trillion pounds during the past seven years, according to data from the Egyptian Ministry of Petroleum.
“The new projects have raised the volume of our gasoline production 55% to 6 million tons annually from 3.9 million tons in 2014,” according to Tarek El-Molla.
Egypt’s production of crude oil is currently about 575,000 barrels per day, and Egypt became a net exporter of natural gas and liquefied gas in 2018 after the discovery of the giant Zohr gas field – the largest in the Mediterranean, and the current production of natural gas is between 6.5 to 7 billion feet cubic meters of natural gas per day.
MISR LIFE INSURANCE COMPANY, IN PARTNERSHIP WITH THE NATIONAL BANK OF EGYPT, LAUNCHED THE “AL-AHLY HAYAT” INVESTMENT FUND, UNDER THE MANAGEMENT OF AFIM

MISR LIFE INSURANCE COMPANY, IN PARTNERSHIP WITH THE NATIONAL BANK OF EGYPT, LAUNCHED THE “AL-AHLY HAYAT” INVESTMENT FUND, UNDER THE MANAGEMENT OF AFIM

by | Dec 23, 2021 | News Station

Misr Life Insurance Company, in partnership with the National Bank of Egypt, launched the “Al-Ahly Hayat” investment fund, Under the management of the Al-Ahly Financial Investment Management Company to suit the needs, choices, and financial plans of customers to reach the largest base of customers from different groups of Egyptian society and spread the culture of insurance.
The launch of the “Al-Ahly Hayat” fund allows current clients of the NBE, and the potential ones to have several advantages and facilities that differ from any other savings alternatives.
Launching the “Al-Ahly Life” fund comes within the framework of the NBE’s efforts to activate financial inclusion and provide insurance services for all social groups.
The “Al-Ahly Hayat” fund, provides a fund for life insurance coverage, its premiums will be incurred by the fund for the benefit of the insured, without a minimum and a maximum of 250 thousand pounds, the fund’s policyholders are insured without a medical examination, whether they are individuals or workers in institutions and the age of the insured ranges from 18 to 65 years.
EGYPT’S NATIONAL WAGE COUNCIL ANNOUNCED THAT THE MINIMUM WAGE WILL BE EXECUTED IN THE PRIVATE SECTOR ON JANUARY 1,2022

EGYPT’S NATIONAL WAGE COUNCIL ANNOUNCED THAT THE MINIMUM WAGE WILL BE EXECUTED IN THE PRIVATE SECTOR ON JANUARY 1,2022

by | Dec 23, 2021 | News Station

Egypt’s National Wage Council announced that the minimum wage will be executed in the private sector on January 1, 2022, and based on the National Council for Wages’ decision, the minimum wage for private-sector workers was set at 2,400 pounds.
The application of the minimum wage to establishments that have requested exemptions due to the economic conditions caused by the Corona pandemic will be delayed until the end of mid-February next year.
According to Hala Al-Saeed, Minister of Planning and Economic Development and Chair of the National Wages Council, the Council tried, through its various committees, to strike a balance between workers’ rights to adequate wages and the difficult economic conditions that several sectors.
Al-Saeed went on to explain that the National Council for Wages’ decisions will be binding under the new labor law that was debated in the Senate and will be debated in the House of Representatives in the coming weeks.
A PROTOCOL OF COOPERATION BETWEEN THE INSTITUTE OF INFORMATION TECHNOLOGY AND THE ARAB AFRICAN

A PROTOCOL OF COOPERATION BETWEEN THE INSTITUTE OF INFORMATION TECHNOLOGY AND THE ARAB AFRICAN

by | Dec 22, 2021 | News Station

A protocol of cooperation between the Institute of Information Technology and the Arab African
Dr. Amr Talaat, Minister of Communications and Information Technology, and Sherif Elwi, Managing Director and Vice Chairman of the Board of Directors of the Arab African International Bank, witnessed the signing of a cooperation protocol between the Information Technology Institute (ITI) of the Ministry of Communications and Information Technology and the Arab African International Bank with the goal of enhancing the skills of young cadres and cooperation in preparing specialized cadres in a way that enhances One of her job opportunities for the bank in various technological disciplines.
“We are honored to take the lead in cooperating with the Ministry of Communications and Information Technology through the Information Technology Institute, due to the bank’s management being convinced of the Arab African International Bank’s main role in developing human skills for the Egyptian market as a whole,” said Sherif Elwi, Managing Director and Vice Chairman of the Board of Directors of the Arab African International Bank.