Fawry denies affiliation with Silicon Valley Bank

Newsletter

14 Mar 2023

Fawry denies affiliation with Silicon Valley Bank. Fawry for Banking Technology and Electronic Payments denied its affiliation with the Silicon Valley Bank (SVB) or its subsidiaries. The firm stressed that it has no current ties with any bank in the US. This announcement came after the US regulators announced on March 10th the closure of SVB with the Federal Deposit Insurance Corporation (FDIC). (Arab Finance)

HSBC to acquire UK arm of collapsed Silicon Valley Bank for GBP 1
This action has been taken to stabilize SVBUK, ensuring the continuity of banking services, minimizing disruption to the UK technology sector and supporting confidence in the financial system. The move comes after ministers and bankers scrambled to find solutions to avoid contagion from the collapse of the US-based bank. The unit’s staff will retain their jobs and SVBUK will remain authorized by UK regulators. SVB UK customers can continue to bank as usual, safe in the knowledge that their deposits are backed by the strength, safety and security of HSBC. (CNN)
Hassan Allam Utilities will build green logistics parks in a joint venture with Agility
Hassan Allam Holding’s investment and development arm will develop the Yanmu parks, which include storage and distribution warehouses, alongside industrial developer Agility. Yanmu East Park, a 270k sqm storage park, will be complete and operational by 4Q 2023, while Yanmu West Park is expected in 2024. The parks will incorporate sustainable practices into its design, such as solar rooftops. (Bloomberg)
The government will start preparing military-owned bottled drinks firm Safi and fuel retailer Wataniya for offering on Wednesday, 15 March
The advisor or advisors working on the sales will start outreach to strategic investors in the marketing phase of the transaction. The government will offer four “large” companies to investors through international investment banks. The statement didn’t disclose which companies would be offered, provide a timeframe, or name the advisors. The government is yet to confirm how much of the Safi and Wataniya it is prepared to offer to strategic investors. (Al Mal)
Prime Minister Moustafa Madbouly last month unveiled the government’s plan to sell stakes in 32 state-owned companies
Through sales to strategic investors and offerings on the EGX by the end of 1Q 2024. The privatization drive comes as part of Egypt’s 3 billion USD loan program with the IMF, under which it pledged to reduce the involvement of state- and military-owned enterprises in the economy. (Hapi Journal)
Pressure on the EGP is unlikely to ease until the government starts showing progress in delivering on its privatization pledges.
Foreign investors are continuing to sit on the sidelines in part due to concerns about stalling privatization momentum, see United Bank and Vodafone Egypt, and pressure is now building again on local debt and the currency. (Hapi Journal)
Egypt releases 2 billion USD worth of goods in 10 days
The Egyptian government has released 2 billion USD worth of goods from ports during the period from March 1st to 10th. In February, Egypt released goods from ports at a value of 5.8 billion USD. Meanwhile, the value of piled-up goods at Egyptian reached about 3.9 billion USD so far, with the actually released goods during the period from October 2021 until March 2023 are estimated at around 106.5 billion USD. (Arab Finance)
AD Ports eyes cooperation with SCZone to establish logistics zones
Abu Dhabi Ports Group (AD Ports Group) is probing further cooperation with the General Authority for the Suez Canal Economic Zone (SCZone) to establish logistics zones and operate berths at the SCZone’s ports and industrial zones over the upcoming period. This comes within the framework of the authority’s plans to luring Emirati investments. (Arab Finance)
EFG Hermes completes advisory on ADNOC Gas’ 2.5 billion USD IPO on ADX
EFG Hermes’ Investment Banking division has completed advisory on ADNOC Gas Plc’s 2.5 billion USD initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX), the largest listing on ADX and largest IPO globally to date. Under the IPO, 3.84 billion shares of ADNOC Gas, or 5% of the company’s share capital, were offered for sale at a nominal value of 2.37 AED per share, indicating a market capitalization of 181.9 billion AED. (Al Mal)
Italy’s Prysmian to finalize installation of 221.6 million EUR Egyptian-Saudi submarine cable next December
The Italian Prysmian Group is set to finalize the manufacturing and installation of the 221.6 million EUR submarine cable of the electricity interconnection project between Egypt and Saudi Arabia by the end of December. The project will be officially operational in two stages; the first will be in June 2025 with a capacity of 1,500 megawatts (MW) and the second will be in November 2025 with a capacity of 1,500 MW. (Asharq Business)