Two Egyptian financial companies to set up shop in the Gulf

Good afternoon, friends. Welcome to another relatively brisk news day at home, with some interesting updates on the financial services industry.

THE BIG STORY TODAY

#1- CI Capital’s Gulf expansion plans are also off the ground: State-owned investment bank CI Capital has announced its intentions to set up an “on-the-ground presence” for the bank in Saudi Arabia and the UAE, CEO Hesham Gohar said in the company’s latest earnings release (pdf). These are “two very important markets with robust growth, deepening capital markets and significant investor appetite,” he added.

#2- Thndr to hit the Emirati market: Homegrown digital investment platform Thndr has received the regulatory greenlight to enter the UAE market, according to a statement picked up by Zawya. The company’s app will provide access to securities listed on US stock exchanges, and it plans to provide a more diverse array of investment products to the UAE market.

THE BIG STORY ABROAD

Israel continues Rafah offensive amid global outcry: Israeli tanks and armored vehicles have reached the center of Rafah for the first time since Israel began its ground operation in the city three weeks ago, sparking continued outrage from global leaders. The tanks were spotted near Al-Awda mosque, a landmark of central Rafah. (Reuters | CNN | CNBC)

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• Madbouly had a lot to say about commodity prices: Prime Minister Moustafa Madbouly held a presser (watch, runtime: 37:28) yesterday, where he touched on the prices of a number of commodities as well as the state’s plan to end power cuts.
• PIF is eying local agri firm Daltex: Saudi Arabia’s Public Investment Fund (PIF), is in talks to acquire an unspecified minority stake in local agriculture firm Daltex Corporation through a capital increase.
• Acquisitions left and right. The acquisition spree is dragging on, with a fresh batch announced yesterday, a lot of which had to do with the pharma and med sphere, including Triquera’s acquisition of an additional 22% of Minapharm.

☀️ TOMORROW’S WEATHER- Expect clear skies tomorrow with few clouds in between as the mercury rises to 31°C in Cairo before dipping to 20°C, according to our favorite weather app.