Abu Dhabi Sovereign wealth fund Mubadala inked an agreement with globalinvestment bank Goldman Sachs to co-invest USD 1 bn in private credit in the Asia-Pacific region under a new partnership agreement,according to a joint statement. The partnership will allow the two investors to deploy long-term capital to “high quality companies and sponsors” throughout the region, with a particular focus on India, the statement said.

How it will work: As manager of the partnership, Goldman Sachs Alternatives’ private creditdivision will use on the ground teams across different Asia Pacific markets to monitor available windows for private loans, the statement said.

ICYMI: Mubadala plans to more than double its assets in Asia to 25%, from the 12% currently under the fund’s management, head of Mubadala’s life sciences and healthcare investments Camilla Macapili Languille told Bloomberg.

Asian markets are trading sideways this morning, and futures point to a soft opening for markets in Europe, the United States, and Canada later today after US stocks yesterday took a breather after the Dow and S&P 500 cooled from record highs last week.

EGX30

28,932

+3.9% (YTD: +16.2%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

21.25% deposit

22.25% lending

Tadawul

12,532

-0.6% (YTD: +4.7%)

ADX

9,261

-0.2% (YTD: -3.3%)

DFM

4,223

-0.1% (YTD: +4.0%)

S&P 500

5,070

-0.4% (YTD: +6.3%)

FTSE 100

7,684

-0.3% (YTD: -0.6%)

Euro Stoxx 50

4,864

-0.2% (YTD: +7.6%)

Brent crude

USD 82.53

+1.1%

Natural gas (Nymex)

USD 1.63

-1.8%

Gold

USD 2,040.60

+0.1%

BTC

USD 54,636

+5.6% (YTD: +29.3%)

THE CLOSING BELL-

The EGX30 rose 3.9% at yesterday’s close on turnover of EGP 8.8 bn (113.5% above the 90-day average). Local investors were net buyers. The index is up 16.2% YTD.

In the green: E-Finance (+18.3%), Fawry (+17.2%), and GB Corporation (+16.5%).

In the red: Edita Food Industries (-5.1%), Delta Sugar (-3.8%), and SIDPEC (-3.4%).

CORPORATE ACTIONS-

QNB Al Ahli is paying out a dividend of EGP 1 per share on its 2023 earnings,according to an EGX disclosure (pdf). The dividends will be distributed on 14 March.

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