Taqa Arabia intends to offer its shares on the Egyptian Stock Exchange in 2023

Newsletter

15 Feb 2023

Taqa Arabia intends to offer its shares on the Egyptian Stock Exchange in 2023. The company expects to invest about 32 billion pounds during the period from 2023 to 2027. Khaled Abu Bakr, Chairman of the Board of Directors of “Taqa Arabia”, revealed that his company intends to offer its shares on the Egyptian Stock Exchange during the current year. Abu Bakr’s statements come at a time when the government is seeking to offer and sell parts of about 32 companies owned by it on the Egyptian Stock Exchange and to strategic investors within a year until March 2024. (Bloomberg Asharq)

Two Saudi banks, Tadawul-listed Riyad Bank and Al Rajhi Bank, are reportedly looking to either fully acquire or buy stakes in United Bank as part of the Madbouly government’s plans
To sell stakes in 32 companies by the end of 1Q 2024, Al Mal quotes MP Fakhry El Fiky as saying. Meanwhile, Helwan Fertilizers could see as much as 20% of its shares sold to Gulf strategic investors in the privatization push, and bidders who were previously looking to acquire stakes in Pachin are revisiting their positions. (Al Mal)
Egypt estimates the reserves of the "Nargis" gas field at 2.5 trillion cubic feet
The Minister of Petroleum stated that Egypt targets 8 billion USD in investments from foreign oil companies during 2023. With regard to the three new bids for oil and gas exploration in 2023, the Minister of Petroleum clarified that two bids will be offered through a special digital platform in the eastern and western deserts, the Nile Delta and the South Valley, while the third bid will be through the system for developing obsolete fields. (Bloomberg Asharq)
Egypt Sovereign Wealth Fund plans to transform "Downtown" into a technology zone and startup incubator
To contribute to raising exports of technology services in Egypt from 3 to 10 billion USD. The Sovereign Fund of Egypt owns large assets in the downtown area, including the land of the National Party, the Liberation Complex, and the Ministry of Interior building. The current development of the Liberation Complex aims to serve the business community, especially since the area is considered attractive to business tourism. (Bloomberg Asharq)
The Managing Director of the IMF, Kristalina Georgieva, stated that IMF "strongly" welcomes the privatization program in Egypt
She stressed that "if Egypt wants to move on a path that leads it towards a better situation, it must continue to open the way for the private sector and attract foreign investments, in a way that contributes to meeting the need to create one million new jobs that the country needs every year.” (Bloomberg Asharq)
Moreover, with regard to the economies of the Arab Gulf, the Director of the International Monetary Fund expected that the GCC countries would maintain moderate inflation this year
She noted that oil prices are not the only reason for the good performance of the Gulf countries, but rather due to their "massive investments in two very important things: innovation and women, creating conditions to make the private sector the locomotive of growth, and reforming the tax system and public spending. (Bloomberg Asharq)
Flat6Labs reached a first close on its 20 million USD Saudi seed fund with the participation of the Saudi Venture Capital Company (SVC) and the Public Investment Fund’s Jada Fund of Funds
Flat6Labs and SVC last year launched the Saudi fund, at the time hoping to raise some 40 million USD within twelve months to back more than 60 early-stage startups. The fund will invest up to 640,000 USD in early-stage KSA startups with a focus on tech and innovation. It aims to back some 180 entrepreneurs in the kingdom and create c. 6k private-sector jobs while helping Saudi companies expand through Flat6Labs branches in the region. (WAYA)
MobileMasr has secured 500k in a seed round from unnamed UAE and Qatari angel investors in the telecom and media sectors “in partnership with” investment banking firm Intercap Capital
The company will use the funds to expand its presence in the market and launch of new products and services. Founded two years ago by Wael El Ashry, the company’s platform allows customers to buy and sell new and used mobiles and tablets. It offers payment solutions, shipping, and warranty and returns, as well as mobile diagnostics software that can assess the condition of used devices. (WAYA)
CIB could raise 1 billion USD for expansion
CIB is seeking regulatory approval to issue financial instruments worth up to 1 billion USD or the equivalent in EGP or other currencies to finance the bank’s expansion. The bank’s board of directors has decided to begin the liquidation process for its fintech-focused VC arm CVentures this year. The bank has yet to release more information on the liquidation, where on its balance sheet it will house CVentures’ existing holdings, or whether it will continue to invest in startups from its own balance sheet. (EGX)
Ora Developers to acquire 316-feddan land in El Sheikh Zayed Extension
This acquisition deal was part of a 24 billion EGP investment for the development of a project that will encompass single-family residential units as well as non-residential facilities including retail, sports facilities, a clubhouse, and a school. Additionally, the project will include outdoor communal spaces to encourage activities and interactions. (Hapi Journal)