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Good afternoon, ladies and gentlemen, and happy Sunday. Our week is getting off to a busy start here at home.
THE BIG STORY TODAY
Raya IT to list on the EGX: Raya Holding plans to offer a 30-35% stake in its IT arm Raya Information Technology through an IPO that’s set to kick off in 1H 2024, it said in a statement (pdf). The IPO will be managed by our friends at EFG Hermes.
The plan has been in the making for some time: Local media reported back in March 2022 that Raya Holding had consolidated it its IT businesses — by transferring its ownership in Raya Network Services, Raya Network Power, Raya Data Center to a subsidiary that was at the time called Raya Systems — ahead of a plan to list its IT arm on the EGX or offer shares to new investors.
THE BIG STORY ABROAD
It’s a mixed bag of headlines in the international press this afternoon. Israel continues its rampage through Gaza, despite protests and calls for a ceasefire over the three Israeli hostages that were shot dead by the IDF while holding makeshift white flags because they were thought to be Palestinian. According to an anonymous source, Israel’s spy chief and Qatar’s prime minister, who helped mediate the previous weeklong truce, held talks on Friday but no agreement was reached. Meanwhile communications are down for the fourth day in a row, the longest blackout since 7 October, making it virtually impossible for aid to reach those in need. (Reuters | Bloomberg)
ON THE BUSINESS SIDE- Investors expecting interest rates to stay soaring will be harshly disappointed by the recent rally in global bond markets, reports the Financial Times. Yields are low following the Fed’s strongest indication that it wouldn’t raise borrowing costs and would make 0.75 percentage points of cuts in 2024. The benchmark 10-year US treasury yield dipped 4%, a first since August, while the two-year yield reached its lowest since May.
COME WORK FOR OUR ADVISORY ARM- Enterprise Advisory (formerly known as Inktank Communications) is looking for smart, talented people to help us tell the stories of exciting companies. Enterprise Advisory is the region’s leading investor relations advisory company and works on investor and strategic communications issues that take you deep inside the c-suite. Our clients are in Egypt, Saudi Arabia, the UAE, and beyond. Egyptian and foreign nationals alike are welcome to apply, but native-level verbal and written English fluency is a must.
WHO YOU ARE- We're looking for gifted storytellers with a minimum of four years of work experience in investor relations, finance, banking, economics, or a related field to develop cutting-edge products and maintain relationships with a portfolio of clients. Candidates should have a bachelor's degree or higher in finance, accounting, economics, business administration, or a related discipline. We're looking for someone whose passion for storytelling is matched with strong analytical and problem-solving skills, as well as the ability to interpret and present financial data — with a keen eye for details and accuracy.
INTERESTED IN APPLYING? To apply for the position, drop us a line at jobs@enterprisemea.com and mention “Enterprise Advisory” in your subject line. Please send a solid cover letter telling us a bit about who you are and why you’re a good fit for our team. We want to see your CV, but the most important thing is a cover letter that makes us want to pick up the phone and give you a call.
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** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- It’s looking like another uneventful MPC meeting: The Central Bank of Egypt (CBE) is expected to leave interest rates on hold when it meets this Thursday. Cooling inflation at home and the US Federal Reserve leaving rates unchanged last week will factor in the MPC’s thinking, analysts tell us.
- New headwinds for the Suez Canal? Four of the world’s largest shipping firms, including Mediterranean Shipping (MSC), AP Moller-Maersk, CMA CGM, and Hapag-Lloyd, have said that they are pausing transit through the Red Sea due to repeated attacks on shipping by Houthi groups in Yemen.
- OCI is selling its share in Fertiglobe: Nassef Sawiris-owned chemical producer OCIhas inked a binding agreement to offload its entire 50% stake in ammonia and urea producer Fertiglobe to the Abu Dhabi National Oil Company (Adnoc) for USD 3.62 bn.
HELP GAZA-
Want to support relief efforts in Gaza, but don’t know how? We’ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.
The folks at Talabat are processing donations for a range of Gaza relief appeals by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.
Or check out our list of charities to which you can make direct donations via bank deposit and / or Fawry.
*** It’s Inside Industry day —your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.
In today’s issue: We look at the year that’s coming to an end for the industrial sector, with stubborn challenges that have carried over from last year.
🌥️ TOMORROW’S WEATHER- Expect an overcast day with the mercury peaking at 23°C during the day and dropping to cooler 15°C in the evening, according to our favorite weather app.
