GBarena acquires Tunisia’s Galactech for 15 million USD
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GBarena acquires Tunisia’s Galactech for 15 million USD. This acquisition comes in alignment with GBArena’s planned expansion into GCC, including Saudi Arabia. With the entry into North Africa executed via this transaction, the focus will continue on further expansion in the Middle Eastern esports industry. GBArena will leverage the on-ground presence and capabilities that Galactech has in Riyadh, Dubai, and Tunisia. Galactech was founded in 2019 and has over 200K active users. (WAYA)
Swvl Rides faces cancellation from Nasdaq
The startup, which started its business in Egypt, has been facing difficult conditions since last year, with stock prices falling and losses increasing due to rising costs, which led it to resort to layoffs, reducing executive salaries and canceling some businesses. Mobile app ride-hailup Swvl is facing a delisting penalty from the Nasdaq for violating listing rules in terms of maintaining the minimum market capitalization of shares. (Zawya)
Elsewedy Electric for Transmission and Distribution, a subsidiary of Elsewedy Electric, signed a 176.1 million USD contract to build a 300-MW solar power station for Saudi Arabia’s Al Ghazala Energy
Elsewedy will mainly focus on the design, supply and installation of the entire project, which will be implemented within 16.5 months. Elsewedy will operate and maintain the facility for 29 months after its completion. Elsewedy has been stepping up its involvement in Saudi lately: Yesterday’s announcement comes a few months after the company approved in November setting up one or more new companies in Saudi Arabia. (Al Mal)
QIA seeks to restructure its portfolio
Qatar's sovereign wealth authority Qatar Investment Authority (QIA) is seeking to restructure its 450 billion USD portfolio at a time of turmoil in the global economy, Chief Executive Mansour Al Mahmoud said. He added that QIA always highlight the weaknesses in its portfolio and wait for the corrective (movement) in the market to close the gap and counter weakness in its portfolio and QIA will continue to invest. It's a challenging time and, inflation is the main concern of the global economy. QIA is looking for opportunities in Europe, Asia and America and in sectors such as venture capital, fintech and sports. (Zawya)
The Sovereign Fund of Egypt and Etisalat Egypt launched ‘Erada’ microfinance
The Sovereign Fund of Egypt (TSFE) and Etisalat Egypt by e& partnered to launch Erada Microfinance. Erada has the goal of providing access to a wide range of financial services to micro and small enterprises. H.E. Dr. Hala H. ElSaid, Egypt’s Minister of Planning and Economic Development and Chairperson of The Sovereign Fund of Egypt said that FinTech-enabled businesses with strong financing facilities support Egypt’s national agenda of digital transformation and financial inclusion across all vital economic sectors to achieve Egypt’s Vision 2030. (WAYA)
Egypt to offer subsidized bread to citizens not enrolled in ration cards
The Egyptian government will offer subsidized bread for citizens not enrolled in its bread subsidy program under the country’s ration cards, Supply Minister Ali El-Moselhy said. He added that this would be through newly issued pre-paid cards, by which citizens would be able to buy subsidized 90-gram loaves. Moselhy revealed that the new scheme is expected to increase the amount of bread sold by the government by up to 10%. The prepaid cards will be sold at post offices for around 100 EGP. (Reuters)
Foreign investors have invested around 925 million USD into Egypt’s local foreign exchange market in the three days since the central bank let the EGP further depreciate against the greenback
The company is looking to partner with investors rather than sell off assets. The negotiations include investments to acquire land owned by the company in several areas in Egypt, in addition to participating in the Helio Park project of Heliopolis Housing Company, which is majority-owned by the Holding Company for Construction. Heliopolis Housing and Development revealed in December 2021 that it has partnered with Mountain View in the development of the Helio Park project, which is located on an area of 1695 acres. (Asharq Business)
Egyptian Banking sector covers 2 billion USD of importers’ requests in 3 days
The banking sector has covered more than 2 billion USD of Egyptian importers' requests during the past three days. The sector has also covered other requests of local banks’ customers, which confirms the ability of the banking sector to cover the pending currency management requests for importers as soon as possible. The Egyptian foreign exchange (FX) market has witnessed a positive movement since January 11th, as the US dollar rose to about 32 EGP last Wednesday before falling to 29.61 EGP at the end of January 16th’s trading. (Hapi Journal)
2023 could be great for investors eying opportunities in Egyptian T-bills
Investors are attracted to purchase Egyptian (T-bills) maturing on January 16th, 2024, with an entry yield of 21.20% and stop-loss of 26%. It is worth noting that portfolio inflows into Egypt’s local debt market have recently resumed after the Egyptian pound devalued further. In nominal terms, T-bills auction yields are now attractive to investors as they have increased. With the possibility of some T-bill yield upside, the authorities in Egypt could seek to control already-elevated interest costs even if the Central Bank of Egypt (CBE) hikes. (Standard Chartered)
Fitch Solutions expects tourists flow to Egypt to soar 46% in 2023
Fitch Solutions expected that the number of tourist arrivals to Egypt would jump by 46% this year to 11.6 million tourists. The US-based data and research provider also projected that the North African country’s tourism revenues would increase by 17.7% to hit 13.6 billion USD. Meanwhile, Egyptian Minister of Tourism and Antiquities Ahmed Issa told Asharq business on January 16th that the value of the general index of the tourism barometer in Egypt recorded 108.6 points, a figure which foreshadows a state of optimism. (Asharq business)
Egypt’s GASC to launch first-ever corn tender
Egypt’s grain buyer General Authority for Supply Commodities (GASC) will launch its first-ever corn tender on January 19th. The tender will be financed by the International Islamic Trade Finance Corporation and the corn will be used as feed. The authority stated that the shipping period is from February 10 to 25, provided that the payment is made at sight. (Hapi Journal)
The central bank sells more t-bills on strong appetite
Last Tuesday’s treasury auction of three-month bills was more than 10x oversubscribed, receiving 140.1 billion EGP worth of bids on a 13 billion EGP sale. It ultimately sold 87.1 billion EGP worth of bills at a weighted average yield of 20.52%. The central bank also sold EGP 10.7 bn worth of nine-month bills at a weighted average yield of 21.48% in an auction that was 1.5x oversubscribed. (Hapi Journal)
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