Wael Ziada, Partner and CEO of Zilla Capital, considered the strong success of the launch of "e-finance", and its ability to attract foreign investments, as affected by what happened in the "Fawry" stock at the time of the Corona crisis during 2020 | Zilla Capital

Newsletter

06 Dec 2021

Wael Ziada, Partner and CEO of Zilla Capital, considered the strong success of the launch of “e-finance”, and its ability to attract foreign investments, as affected by what happened in the “Fawry” stock at the time of the Corona crisis during 2020

For our top talks today, we will give you a quick snapshot about what happened at the seventh CEO conference from statements and exclusive talks! First, Wael Ziada, Partner and CEO of Zilla Capital, considered the strong success of the launch of “e-finance”, and its ability to attract foreign investments, as affected by what happened in the “Fawry” stock at the time of the Corona crisis during 2020. Ziada said that the performance of the “Fawry” stock at the time of the Corona crisis and its rise was affected by the rises achieved by technology stocks globally, paving the way for an increase in the demand for the “e-Finance” stock.

Second, Ibrahim Sarhan, head of eFinance for electronic payments, said that the company is looking forward to double listing on an external stock exchange in the future.
Sarhan added that the matter depends on the company's qualification for this by reaching a certain level of value noting that it plans to transform into a digital bank in the coming period. eFinance raised 5.8 billion EGP (370 million USD) in its initial public offering on the EGX last October, making it the largest offering in the Egyptian market since the launch of Emaar Misr in 2015, in which it raised 300 million USD.
Moreover, Mohamed Farid, head of the Egyptian Stock Exchange, said that it is targeted to launch the commodity exchange during the first half of next year 2022 pointing out that the number of new codes that were implemented by investors reached 36,000 during the first 11 months of this year.
Also, Dr. Hisham Tawfiq, Minister of Public Business Sector, said that work is underway to implement the Enterprise Resource Planning and Management (ERP) system for structuring work organization and enterprise resource planning, as part of the implementation of the digital transformation project for companies affiliated with the Ministry of Public Business Sector. This system is being applied to 71 companies, and about 15 companies have been started as a prototype.
Equally important, Ashraf El-Kady, head of the United Bank, said that the Central Bank opened the real estate financing ceiling by increasing the rate from 5 to 10%, indicating that some banks contacted the Central Bank to increase the ratio to more than 10%.
El-Kady added that the real estate financing portfolio of The United Bank exceeded 1.3 billion EGP. Noting that the Central Bank's real estate finance initiatives contributed to increasing the sector's financing for low-income people from 3 billion EGP to 45 billion EGP.
Sherif Sami, President of the Commercial International Bank, said that the Central Bank's initiatives must be expanded to include the non-bank financial sectors significantly, especially real estate financing, financial leasing and microfinance.
He pointed out that non-bank finance companies have the ability to reach a customer base that banks do not deal with. The Central Bank has taken proactive steps by supporting a number of sectors, such as small projects and real estate financing, which supports banks in expanding their financing after the Central Bank has overcome all obstacles.
And for our EGX & companies talks, the Information Technology Industry Development Agency “ITIDA” and “Visa” for electronic payment solutions announced the launch of a business skills platform for the Egyptian market, based on the global digital Visa platform for practical business skills, which provides free educational resources covering business skills and financial literacy training , as part of their joint effort to help small and medium business owners make confident and informed business decisions to grow their business.
This comes as part of the partnership between ITIDA and Visa that aims to support Egyptian FinTech startups and entrepreneurs, by providing them with tools that can help them maintain their business and identify potential growth opportunities. (Al-Mal)
In addition, Edita Food Industries announced, yesterday, the start of the new production processes in Maghreb with total investments amounted to 200 million EGP so far. Edita said that this factory is its first foreign investment outside the local Egyptian market.
The factory began to produce the most famous brands of the Egyptian group “Hohos” as a different product in the Moroccan cake market, where similar products are available in the form of uncovered layers. It is noteworthy that the Egyptian company owns 76% of the shares of Edita Food Industries - Morocco (the owner of the factory), while the leading “Dislog” group, which sells and distributes consumer goods in the Moroccan market, acquires 20%. (Al-Mal)
In a similar context, Fender Company - a platform for trading building materials and iron online - aims to establish a branch in the free zone in the UAE market during the next year.
Abdul Rahman Hefni, the company's president, said that Fender concluded a contract during the last stage with Fawry for electronic payment solutions so that its users can pay through Fawry outlets spread across the governorates of the republic using the Fawry Plus application. The average monthly volume of the company’s business grew by 170% during the third quarter of this year, pointing out that Fender signed an agreement with Banque Misr to facilitate payments through the Express Loans system, which grants small and medium-sized companies a maximum of 2 Million EGP over a period ranging from 6 to 12 months. (Al-Mal)
On the other hand, YouTube today announced the launch of the YouTube Shorts Fund in Saudi Arabia, the United Arab Emirates, Egypt, Algeria, Iraq, Bahrain, Jordan, Kuwait, Lebanon and Morocco, and starting December 3rd, the company will begin rewarding creators and artists who submit innovative and unique short videos.
The 100 million USD fund was first announced in the United States in May and is currently available in several markets around the world. Shorts" is a new YouTube feature launched in July that's available to anyone who wants to create short, engaging videos using only their mobile phone. (Al-Mal)
Sixth of October Development and Investment Company (SODIC) announced that it has received the “Procurement Excellence Program Award” (PEP) from the Chartered Institute of Procurement and Supply, the leading global organization in the field of procurement and supply chain management.
The Procurement Excellence Program Award is one of the most prestigious global awards given to organizations and companies that achieve the highest levels of excellence in their procurement and supply chain activities. (Arab Finance)
Furthermore, Osama Rabie, head of the Suez Canal Authority, announced yesterday, the crossing of the giant container ship “EVER AIM” on its first cruise through the Suez Canal within the convoy of the south in the new navigational course of the canal during its next trip from Malaysia to the Netherlands.
The giant ship “EVER AIM” topped the navigation movement from the south direction, with a total tonnage of 241,000 tons, carrying 21,656 TEUs. It is the sister ship of the largest container ship in the world EVER ACE and is similar in dimensions and technical specifications. It is worth noting that the navigation movement in the canal witnessed today the crossing of 64 ships from both directions, with a total net tonnage of 4.1 million tons. The south of the new navigation course of the canal with a total net tonnage of 2 million tons. (Al-Mal)
And finally, the Spanish archaeological mission, working in the Al-Bahnasa archaeological area in Minya Governorate, headed by Dr. Maite Mascourt and Dr. Aster Ponce Melado, of the University of Barcelona, have led to the discovery of two adjacent tombs dating back to the Sawy period.
Dr. Mustafa Waziri, Secretary-General of the Supreme Council of Antiquities, said that the mission found in one of these two tombs the remains of two unknown persons with a mouth with a gold tongue. Inside the tomb, a coffin was found made of limestone with a cover in the form of a woman. Next to him are the remains of an unknown persons. (Al-Mal)