HSBC wins the Euromoney award as the best investment bank in Egypt
For our top news today, first, HSBC wins the Euromoney award as the best investment bank in Egypt, during the Euromoney Middle East Excellence Awards 2021. Winning five awards, including Best Bank for Sustainable Finance in the Middle East and Best Bank for Transaction Services in the Middle East. Best investment bank award in both Kuwait and Oman. It is worthy to mention that the bank played a key role in assisting the Ministry of Finance to issue the first sovereign green bonds in the region, through a USD 750 mn deal that was successfully issued in September 2020.
- Second, Egypt electric cars here we come! The Council of Ministers approved yesterday the proposed tariff for selling electricity to electric car charging stations, as well as the tariff for charging electric cars, within the framework of the strategy to localize the electric and hybrid cars industry in Egypt.
This decision is attached with a green incentive for those who own electric cars, to support and encourage the trend towards the use of environmentally friendly cars, including electric cars, and the localization of their industry.
- Moving to Egypt’s Digital transformation in Healthcare! Vezeeta, the Middle East and Africa’s leading digital healthcare platform, is rolling out its B2B SaaS solution “Vezeeta-in-a-Box” to empower healthcare providers with unrivalled technology across its growing footprint.
We believe that the need for digital transformation across the industry becomes urgent, in the aftermath of the COVID-19 pandemic. There is a growing need to elevate patients’ access to quality care by empowering healthcare entities through next-gen digital tools.
- In the same fashion, Egypt Ministry of Agriculture and Land Reclamation launched the “Agri Egypt” platform as the first electronic platform for the agricultural sector within the Egyptian digital agricultural network to provide support services, finance, trade, research, and supply provided to the sector Agricultural production.
This is due to the importance and value of digital transformation in managing this vital sector which would have a direct impact on supporting the national economy.
- Equally important, regards, Egypt M&A talks! Bahrain’s Bank ABC has submitted a mandatory tender offer (MTO) to acquire up to 100% of Blom Bank Egypt.
According to the offer, Bank ABC will purchase up to 300 million shares in Blom Egypt at EGP 22.33 per share, valuing the business at EGP 6.7 bn. ABC already has a presence in Egypt with Bank ABC Egypt, in which it owns a 93% stake.
- By the same token, elmenus, Egypt’s food discovery and ordering platform, has successfully closed a USD 10 mn funding round.
This pre-Series C round was led by Fawry, Luxor Capital, which in turn is making its first-ever investment in MENA. With this newly acquired investment and their most recent endorsement, we believe that elmenus is on the road to become one of the more promising Food & Beverage startups coming from the region.
- Regards, Egypt macro talks! The Central bank of Egypt (CBE) has officially launched a new mortgage finance initiative on July 13th to provide financing housing units for low and middle-income earners.
Under the EGP 100 bn initiative, banks and mortgage finance companies will offer loans at a declining interest of 3% over a repayment period of up to 30 years, enabling them to buy fully finished housing units. We strongly believe that there will be a high demand for the program, which will help to support the real estate sector.
- Finally, Egypt's first nuclear power plant! The Dabaa nuclear plant will likely be finished two years later than planned in 2030 thanks to the pandemic
Investment in this type of projects gives an impression of the soundness of the Egyptian economy, which will contribute to improving the investment climate in Egypt and raising its credit rating. This will be reflected positively on commercial investment climate from the political perspective. Also, the competitive price of electricity, produced by nuclear plants, will have a direct positive effect on current commercial projects.
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