The average return on short-term domestic debt instruments continued to rise during last week’s auctions, as the index
For our top talks today, the average return on short-term domestic debt instruments continued to rise during last week’s auctions, as the index, which measures the average interest rates on short-term domestic debt instruments available in the Egyptian market, recorded 12,530 points collected from last week’s auctions, compared to 12.526 in auctions the week before last, an increase of 0.004 points. The average coverage rate of treasury bills bids in last week’s bid was 2.38 times, compared to an average of 3.05 in the previous week, as the Ministry of Finance obtained 35.315 billion EGP of sold bills, which is higher than the bids announced by the Ministry of Finance of 30 billion EGP. (Al-mal)
- Major General Amr Ismail, head of the Land and Dry Ports Authority, revealed that it had recently received an offer from an "Italian-Egyptian" alliance to implement, manage and operate the Borg El Arab port on an area of 90 acres
noting that a team is studying it, to determine the extent of the possibility of proposing the project and the entry of other alliances to qualify it. The Land Ports Authority had developed a plan to implement 10 projects, including the establishment of a dry port in Sadat City on an area of 75 acres, another in Beni Suef on 92 acres, and the establishment of an automated slaughterhouse in Arqin area on 238 acres. The list also includes a logistic area on an area of 238 acres in Qustal, in addition to a dry port in the city of Tur. The strategic objectives of the projects are to improve the level of logistics services provided to keep pace with global trends to facilitate cross-border trade and achieve competitive advantages for investment in Egypt, by improving the rates of time taken to complete customs release and export procedures. (Al-Mal)
- Telecom Egypt (ETEL) announced that it extended the reach through the Southeast Asia-Middle East-Western Europe 6 subsea cable, SEA-ME-WE 6, as a part of the consortium participating in the cable.
SEA-ME-WE 6 will cross Egypt over Telecom Egypt’s infrastructure through new diversified crossings and landing points from other SEA-ME-WE cables. The new cable boost diversity and resilience of the high traffic density route between Asia and Europe. It helps improve the consortium’s capacity, minimize traffic faults, and reduce network ownership costs. (EGX)
- Turning to our investments talks, first, Visa, the global leader in digital payments, with the support of Fintech Egypt of the Central Bank of Egypt, is preparing to launch its “Visa Everywhere” initiative, a global program and competition aimed at stimulating innovation, and inviting startups in the field of financial technology and payment in Egypt to participate in displaying their innovative products and solutions.
With the finalists getting an opportunity to get to know first-hand representatives of major financial technology stakeholders in the banking, trading, venture capital, and government sectors, the winners of the competition will receive financial prizes and the opportunity to partner with a global and trusted brand such as Visa. The value of the financial prizes for the winners from Egypt in “Visa Everywhere” is: First place: 500,000 EGP, second place: 350,000 EGP, and third place: 250,000 EGP. (Al-Mal)
- Second, L'azurde Egypt, working in the field of gold and jewelry, plans to pump about 150 million pounds in new investments with the aim of launching 10 new branches in the Egyptian market over the next three years.
We aim to add 10 new branches, 3 in Cairo and Alexandria during 2022. Engineer Ihab Ibrahim, the regional director of L’azurde Egypt and North Africa, revealed in an interview with Al-Mal that the company aims to open 3 new branches in the gold sectors during 2022 at a total cost of about 50 million pounds in the governorates of Cairo and Alexandria. (Al-Mal)
- Moving to our EGX and companies talks, Mandobk, Saudi-based on-demand delivery startup, raised 2 million SAR which amounts to almost 533,000 USD through Emkan Alarabiya crowd equity platform.
Mandobk was launched in 2021, since its launch the startup was able to develop their technical side, build work strategies, and their team. “We thank our customers for their trust in the company, and this investment came to support growth and expansion. The success of this round is owed to the efforts of the Investment Committee, the confidence of our shareholders, and our work to achieve the goals of Mandobk and our stakeholders. We have goals to move to grow and expand in the upcoming period,” Mohammed Al-Osailan, founder and CEO, said. (EGX)
- The latest consolidated business results of the Commercial International Bank - Egypt showed that its net profit increased to 13.2 billion EGP during the year ending December 2021, compared to a net profit of 10.2 billion EGP during the year 2020.
The lists of the Commercial International Bank sent to the stock exchange on Tuesday revealed that loan returns and similar revenues rose to 45 billion EGP in 2021, compared to 42.1 billion EGP in 2020. The cost of deposits and similar costs also increased to 20.1 billion EGP during the year, compared to costs that amounted to 17 billion EGP during the comparative year 2020. (EGX)
- Arab Developers Holding (ADH), previously known as Porto Group Holding (PORT), announced the launch of two new brands, Nyoum and Sia.
Nyoum will represent the company’s housing projects, while Sia will include tourism projects, the statement said. ADH unveiled intentions to pump 1.5 billion EGP into projects in 2022 to accelerate execution and delivery rates. The company also noted that it is open to all financing options in case external funding is needed, adding that it relies first on its resources. Moreover, ADH revealed plans to deliver over 2,000 units in different projects during 2022, noting that it is targeting the generation of more than 2 billion EGP in contracting sales in the same period. (EGX)
- Misr Capital, the investment arm of Banque Misr, is targeting issuances worth of 10 billion EGP in 2022, according to Misr Capital’s CEO Khalil El-Bawab.
El-Bawab revealed that Misr Capital is in negotiations with several companies, most of them operate in the real estate sector. The top official announced the completion of the first investment round in Nile Misr Healthcare platform, adding that some legal and regulatory approvals are required. The previously-unveiled value of Nile Misr Healthcare, which amounts to $380 million, will be secured within three to four years, El-Bawab stated. He highlighted that there are some opportunities under study to close deals and form partnerships with other investors, especially in the healthcare sector in the next period. (Al-Mal)
- And finally, Fawry for Banking Technology and Electronic Payment (FWRY) signed an agreement with Samer Gharaibeh, Softec Technologies, and Ammar Zawaideh to launch Roaderz, a new crowdsourcing platform for last mile delivery.
Roaderz will link individual couriers and small delivery operations to eCommerce merchants and social sellers, the release revealed. The new platform will enable merchants to request a courier on demand and schedule shipment in advance. It will also allow users to track shipment and delivery status in real-time. Fawry’s new platform is set to be operational within the first six months of 2022. Moreover, Roaderz will enable common commuters to use their own vehicles to fulfill shipments and deliveries, and secure additional income. (Al-Mal)
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