CAPITAL MARKETS-

#1- FRA greenlights Egypt’s first gold investment fund: Asset managers EvolveInvestment Holding and Azimuthave gotten the greenlight from the Financial Regulatory Authority to launch a gold-backed investment fund, Asharq Business reports, citing three sources it says are in the know. The fund will be managed by Azimut, while Catalyst Management Services will set daily pricing. Evolve previously announced plans to launch the exchange-traded gold-backed fund.

Soaring inflation and a protracted currency crisis have seen Egyptians pouring savings into gold. The price of 21-carat gold has more than tripled since the beginning of 2022 and has soared 60% in 2023 alone, and was trading at EGP 2,650 yesterday.

#2- EFG Hermes has launched a new Direct Market Access platform on Microsoft’s cloud computing service, Azure, it said in a press release (pdf) yesterday. The platform is 160 times faster than EFG Hermes’ former DMA system, allowing it to offer clients much faster trading and better access to financial markets.

TELECOMS-

US internet service provider GPX will invest EGP 2.7 bn to expand its Cairo 2 DataCenter, the company said in a statement yesterday. The company will add an additional 12 MW of power to the facility, it said. Redcon Construction, which built the facility 2013, will work with GPX on the upgrade.

STARTUPS-

Sawari Ventures eyes USD 200 mn tech fund: Sawari Ventures is in talks with investors to launch a USD 200 mn fund to invest in tech startups across Egypt and Africa, Al Masdar reports, citing an interview with Managing Partner Hani Al Sonbaty.

That’s a wrap on fund no. 1: Sawari has deployed the entire USD 70 mn it raised for its first fund, having invested in 20 Egyptian companies over the past four years, he said. Most recently the firm has invested in fintech startup Blnk, edtech platform Almentor, and MoneyFellows.

COMMODITIES-

State grains buyer GASC has launched an international wheat tender, Reuters reported. The tender is seeking offers on a free on board basis for shipment 10-30 June and/or 1-20 July. Traders have until the end of today to submit their bids.

LEGISLATION-

#1- New bill would hand tax breaks to firms working on nuclear projects: MPs yesterday gave preliminary approval to legislation that hands tax exemptions to local and international companies working on the Dabaa nuclear plant.

What’s next: The amendments will be put up for a final vote in an upcoming session, likely next Tuesday.

#2- House committee greenlights fresh Eni oil + gas exploration: The House Energy and Environment Committee has approved a draft bill that would allow the Oil Ministry to contract Eni subsidiary IEOC to launch oil and gas exploration operations at three East Mediterranean concessions, Al Mal reported.

SHIPPING-

Transport Ministry-affiliated AlKahera Company for Ferries and Maritime Transportand Korean shipbuilder Dae Sun will build two multi-purpose container ships under an agreement signed yesterday, according to a ministry statement. The agreement comes as part of Egypt’s plans to build a strong commercial fleet to boost its trade to regional markets and leverage its strategic location on the Red and Mediterranean seas, the statement said, without disclosing the value of the agreement.

LAW-

Egyptian law firm El Said Darwish & Partners announced its “strategic association” with Emirati law firm Ibrahim & Partners, according to a statement.

DIPLOMACY-

Operation Assad Rehabilitation is slowly making progress: Arab foreign ministers continued discussing how to bring Syria back into the Arab League and end the country’s 12-year civil war during talks in Amman yesterday.

At the talks: Foreign Minister Sameh Shoukry joined the foreign ministers of Jordan, Syria, Saudi Arabia, and Iraq for the meeting in the Jordanian capital.

The headline: Diplomats discussed returning the mns of Syrian refugees living in neighboring countries, while Syria’s foreign minister agreed to step up efforts to crack down on narcotics trafficking across the country’s borders, according to a joint statement.

Tags: