Alvarez & Marsal to Increase Staff by 70% in Middle East Push – Bloomberg — www.bloomberg.com

– The turnaround firm aims to have more than 200 employees in the region in 2023 after doubling its headcount to 116 in the past year, it said in a statement on Monday

– The New York-based company made its mark in the Middle East after being appointed as the administrator of scandal-hit NMC Health Plc in 2020. It has also worked on other high-profile cases, including Gulf Pharmaceutical Industries PSC and Finablr Plc.

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Egypt’s Pound (USD/EGP) Cure Affects Imports and Curbs Supply of Cars, Clothes – Bloomberg — www.bloomberg.com

– Although basic commodities are freely available, shortages in more luxurious products — ranging from summer clothes to imported cars — are becoming common. Choices for customers have dwindled at fast fashion groups like Mango, Zara and H&M.

– Goldman Sachs Group Inc. estimates Egypt may need to secure a $15 billion package from the IMF to meet its funding requirements over the next three years.

– That’s in addition to pledges of more than $22 billion in deposits and investment from Saudi Arabia, the United Arab Emirates and Qatar.

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Allianz (ETR: ALV) Considering Sale of Stake in Saudi Arabia Unit – Bloomberg — www.bloomberg.com

– The German insurer is working with an adviser on the potential disposal of its controlling stake in Allianz Saudi Fransi Cooperative Insurance Co.

– Established in 2007, Allianz Saudi Fransi is a joint venture between the Allianz Group and Banque Saudi Fransi. Allianz owns a 51% stake in the venture.

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Erdogan Eyes Mediator Role With Putin to End Ukraine War After Grain Deal – Bloomberg — www.bloomberg.com

– The sides also emphasized the need for full implementation of the July 22 agreement allowing safe crop exports from Ukrainian ports as well as unhindered deliveries of Russian grain and fertilizers

– Russian Deputy Prime Minister Alexander Novak told reporters after the meeting that Russia and Turkey would move to partial payment in rubles for gas deliveries as part of a gradual shift toward settlement in national currencies

– On Syria, Putin and Erdogan reaffirmed a “determination to act together and in close coordination with each other in the fight against all terrorist organizations,”

– Putin may give the nod to a Turkish incursion that’s opposed by his ally Syrian President Bashar al-Assad because ties with Erdogan are important for the Kremlin.

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UAE Healthcare Provider Burjeel Holdings Seeking to Raise $750 Million From IPO – Bloomberg — www.bloomberg.com

– Once listed, the United Arab Emirates-based firm is considering a dividend payout ratio of 40% to 70% of net income from 2023

– Burjeel’s owner VPS Healthcare LLC has been courting potential investors including sovereign and pension funds to drum up support for the deal.

– Burjeel, operates 39 hospitals and medical centers across the UAE and Oman.

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Can’t Find an Electric Car? One Startup Is Selling ‘Subscriptions’ – Bloomberg — www.bloomberg.com

– But what if EV ownership was just a stopgap? What if you could simply subscribe to a car like a 5,000-pound magazine?

– That’s the future being sold by Autonomy, a California-based startup that since January has been targeting a narrow niche on the EV ownership spectrum, somewhere between the Hertz rental counter and a three-year lease

– Autonomy is now stocking up on EVs from pretty much every company that makes them: This week, it announced plans to order nearly 23,000 cars from 17 automakers, including Ford, Polestar and Tesla. There are even 200 vehicles reserved from Canoo and Fisker

– customers can end the subscription any time after three months, and don’t have to pay maintenance, registration fees or interest.

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