PE breaks records in 1H2021: Private equity firms have sealed more than USD 500 bn worth of agreements in the first six months of 2021, making it the busiest six-month period on record for the industry, the Financial Times reports. Almost 6.3k buyouts worth USD 513 bn have been signed since January, while overall corporate transactions have hit a record USD 1.5 tn in 2Q2021 alone, according to Refinitiv data. “The level of deal activity is truly extraordinary, and beyond any of our expectations [last year],” said a Credit Suisse official.

In other financial news worth noting this morning:

  • Kuwait Investment Authority a top 3 SWF? The KIA’s Future Generations Fund, has hit a record of some USD 700 bn, likely making it one of the three biggest sovereign wealth funds in the world. (Bloomberg)
  • EFG getting involved in the SPAC game: FIM Partners — a Dubai-based EM asset manager backed by EFG Hermes — is looking to raise USD 200 mn when it lists its Frontier Investment Corp blank-check company on the Nasdaq this week. The company is looking to acquire a tech company from the Middle East, south Asia or south-east Asia. (FT)

EGX30

10,257

+1.3% (YTD: -5.4%)

USD (CBE)

Buy 15.63

Sell 15.73

USD at CIB

Buy 15.63

Sell 15.73

Interest rates CBE

8.25% deposit

9.25% lending

Tadawul

10,979

-0.1% (YTD: +26.4%)

ADX

6,899

+0.9% (YTD: +36.8%)

DFM

2,816

+0.2% (YTD: +13.0%)

S&P 500

4,352

+0.8% (YTD: +15.9%)

FTSE 100

7,123

-% (YTD: +10.3%)

Brent crude

USD 76.17

+0.4%

Natural gas (Nymex)

USD 3.70

+1.1%

Gold

USD 1,783.30

+0.4%

BTC

USD 34,623

+2.3% (as of midnight)

THE CLOSING BELL-

The EGX30 rose 1.3% on Thursday on turnover of EGP 1.3 bn (4.3% above the 90-day average). Regional investors were net buyers. The index is down 5.4% YTD.

In the green: Cleopatra Hospital (+3.1%), Ezz Steel (+3.1%) and Orascom Financial Holding (+2.8%).

In the red: Ibnsina Pharma (-1.8%), Abu Qir Fertilizers (-1.2%) and Orascom Development (-1.1%).

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