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EXCLUSIVE- Egypt could issue a sukuk worth USD 1-1.5 bn in FY2019-20: The government could issue a sovereign sukuk (a form of Islamic bonds) in FY2019-20 for the first time, a senior government official tells Enterprise. The maiden issuance could be worth USD 1-1.5 bn and would be a test of investor appetite for the […]
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Posted inSpeed Round
Egypt seeks inclusion in JPMorgan EM bond indexes
Egypt wants to be included in JPMorgan’s emerging-market bond indexes as part of a strategy to cut borrowing costs and boost inflows in the debt market, Finance Minister Mohamed Maait told Bloomberg on Thursday. The business information service also says the government is looking to finalize by June an agreement with Euroclear that would “make […]
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Egyptian ETF among best performers in emerging markets
Egypt ETFs among best performers in emerging markets: Egyptian shares and exchange-traded funds (ETFs) are performing fairly better than their emerging markets peers, ETF Trends reported. The VanEck Vectors Egypt Index ETF (EGPT) is up 13.9% year-to-date, compared to the 8.7% gain in the MSCI Emerging Markets Index. The move in Egyptian stocks is fueled […]
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OECD raises Egypt’s rating as investment-friendly destination
OECD raises Egypt’s rating as investment-friendly destination: The Organization for Economic Co-operation and Development raised Egypt’s rating on the country risk index to five from six to become an investment-friendly destination, according to an Investment Ministry statement. The upgrade, which we were promisedlast month, will help attract investment, the ministry said.
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Egypt’s M2 money supply growth slows to 13.3% in Dec
Egypt’s M2 money supply grew by 13.3% y-o-y in December, slowing slightly from 14% the previous month, CBE data shows. The country’s money supply stood at EGP 3.63 tn at the end of the December 2018, up from EGP 3.2 tn a year earlier. The figures show that the downward trend experienced over the past […]
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EFG Hermes tops brokerage league for January
EFG Hermes topped the EGX’s brokerage league table for January with a market share of 18.5%, according to figures released by the EGX (pdf). CI Capital came in second with a 13.1% market share, followed by HC Securities (5.6%), Beltone Financial (4.6%) and Pharos Holding (4.1%).
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Saudi’s Olayan buys 5 mn Qalaa Holdings shares for EGP 19 mn
M&A WATCH- Saudi’s Olayan acquires 5 mn Qalaa Holdings shares for EGP 19 mn: Olayan Saudi Investment Company (OSIC) has bought 5 mn Qalaa Holdings shares at 3.82 per share, EFG Hermes said in an EGX disclosure (pdf). OSIC now owns 5.17% of Qalaa, up from 3.71% previously. EFG acted as advisor in the EGP […]
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Telecom Egypt appoints Adel Hamid as CEO and MD
MOVES- Telecom Egypt has appointed Adel Hamed (bio) as its new CEO and managing director, replacing Ahmed El Beheiry effective immediately, the company said in a statement on Thursday. Hamed has been with the state-owned telecom company since 1999, and was appointed as the general manager for international and wholesale business operations in 2008 before […]
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Sanofi plans to increase investments in Egypt by 50%
INVESTMENT WATCH- Sanofi plans to increase investments in Egypt by 50%: French pharma giant Sanofi is planning to increase its investments in Egypt by 50% this year, Head of Africa Jon Fairest told Extra News (watch, runtime 4:02). The announcement came amid a flurry of agreements and announcements that accompanied French President Emmanuel Macron’s visit […]
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Lebanon hopes to resume natural gas imports from Egypt
Lebanon is hoping to once again import natural gas from Egypt under the terms of a 2009 gas supply contract, Lebanese Energy Minister Cesar Abi Khalil said at a meeting on Thursday with Oil Minister Tarek El Molla, according to a ministry statement. Khalil did not provide a time frame for the potential move. France’s […]