BlackRock looks to Gulf to finance its new investment pool: Gulf sovereign funds are considering injecting cash into a new investment pool from US private equity giant BlackRock, reports Asharq Business, citing sources close to the issue. The fund will target Middle East infrastructure projects and private stocks and currently has the interest of Saudi’s Public Investment Fund (PIF), Saudi Arabian General Investments, Hassana Investment Company and the UAE’s Mubadala Investments, the sources said. Discussions are ongoing to establish the fund in the Abu Dhabi Global Market freezone, with operations managed from Riyadh.

US GDP growth estimates to more than double, say economists: The US economy is poised to potentially more than double its projected growth rate for 2023, writes Bloomberg. Recent robust economic indicators prompted economists to revise their forecasts upward from June’s 1% Fed’s projections.

AND- Saudi Telecom becomes Telefonica’s top shareholder: Saudi Telecom Company (STC) has acquired a nearly 10% stake worth USD 2.25 bn in Madrid-based Telefonica SA in an attempt to extend its operations. (Bloomberg)

EGX30

19,225

+1.0% (YTD: +31.7%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

19.25% deposit

20.25% lending

Tadawul

11,298

-1.0% (YTD: +7.8%)

ADX

9,614

-0.4% (YTD: -5.9%)

DFM

4,038

-0.4% (YTD: +21.0%)

S&P 500

4,465

-0.7% (YTD: +16.3%)

FTSE 100

7,426

-0.2% (YTD: -0.3%)

Euro Stoxx 50

4,238

-0.7% (YTD: +11.7%)

Brent crude

USD 90.64

+0.7%

Natural gas (Nymex)

USD 2.52

-2.4%

Gold

USD 1,942.10

-0.5%

BTC

USD 25,722

-0.1% (YTD: +55.4%)

THE CLOSING BELL-

The EGX30 rose 1% at yesterday’s close on turnover of EGP 2.28 bn (7.9% above the 90-day average). Local investors were net sellers. The index is up 31.7% YTD.

In the green: Orascom Development Egypt (+4.1%), Qalaa Holdings (+3.8%) and CIB (+3.4%).

In the red: Elsewedy Electric (-3.1%), Credit Agricole Egypt (-2.0%) and Eastern Company (-2.0%).

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