Aldar Estates will become the MENA region’s biggest property and facilities management platform afterEmirati real estate giant Aldar Properties, International Holding Company (IHC), and ADQ subsidiary ADNEC Group said they will merge their businesses within the Aldar Estates platform, according to a joint press release (pdf). Property and facilities management company Eltizam Asset Management Group — jointly owned by IHC and ADNEC — will join the platform, in which Aldar will retain majority ownership with the remaining shareholding split equally between IHC and ADNEC. The merger will expand Aldar Estate’s portfolio of residential units under management to 135k from 77k currently.

What does this mean for Aldar’s Egypt portfolio?Aldar is a majority shareholder in upmarket real estate developer SODIC, after it teamed up with ADQ to acquire 85.5% of the companyin 2021. Eltizam also has an Egypt-based portfolio after it created Tafawuq Egypt and Three60 Egypt in February 2021 alongside Al Ahly Sabbour. The press release did not detail if any properties and FM services under SODIC or Eltizam’s Egypt-based companies will also be transferred to Aldar Estates.

ALSO WORTH NOTING-

  • More downbeat economic data for China: China’s services PMI slowed down to 53.9 in June from 57.1 in May, recording the lowest reading since a COVID-19 wave in January. (Caixin/S&P Global, pdf))
  • Eurozone business activity slipped into contraction for the first time since December, registering 49.9 from May’s 52.8 as the services sector slumped and manufacturing output continued to decline. (S&P Global, pdf)
  • Bahrain-based asset manager Investcorp could next week start meeting with investors to gauge interest as it looks to execute the USD 600 mn IPO of its investment vehicle Investcorp Capital as soon as September. (Bloomberg)
  • Saudi football wants investment: The Saudi Pro League is discussing new broadcast agreements and partnerships with foreign private equity firms in a bid to bolster the appeal of its football competition. (Bloomberg)
  • MBC IPO? Middle Eastern broadcaster MBC Group will start meeting with investors as soon as next week as it works towards its Tadawul debut. (Bloomberg)

EGX30

17,380

-0.5% (YTD: +19.1%)

USD (CBE)

Buy 30.84

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

18.25% deposit

19.25% lending

Tadawul

11,592

-0.2% (YTD: +10.6%)

ADX

9,619

+0.4% (YTD: -5.8%)

DFM

3,924

-0.2% (YTD: +17.6%)

S&P 500

4,447

-0.2% (YTD: +15.8%)

FTSE 100

7,442

-1.0% (YTD: -0.1%)

Euro Stoxx 50

4,351

-0.9% (YTD: +14.7%)

Brent crude

USD 76.54

+0.4%

Natural gas (Nymex)

USD 2.66

-1.9%

Gold

USD 1,927.10

-0.1%

BTC

USD 30,447

-1.1% (YTD: +84.3%)

THE CLOSING BELL-

The EGX30 fell 0.5% at yesterday’s close on turnover of EGP 1.57 bn (about 28% below the trailing 90-day average). Local investors were net buyers. The index is up 19.1% YTD.

In the green: Egypt-Kuwait Holding (+4.3%), Sidi Kerir Petrochemicals (+4.0%) and Orascom Construction (+3.2%).

In the red: Eastern Tobacco(-4.3%), Telecom Egypt (-3.0%) and Ibnsina Pharma (-2.7%).

Asian markets are in the red across the board in early trading this morning after the US Fed’s latest meeting minutes hinted at more rate hikes to come. Futures suggest a similarly bearish open for European and US markets later on in the day.

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