Pharos Holding has opened an office (pdf) in Dubai, Pharos Gulf Limited. “We are confident that the diversified portfolio of services offered by Pharos in Egypt and now the UAE, is representative of, and will benefit, the growing financial and economic links between Egypt and the UAE, as well as the wider GCC,” Chairman and CEO Elwy Taymour says. Pharos Gulf CEO Ismail Shoukry says Pharos sees growth across its divisions, saying that “the Pharos Dubai office should help to add to this growth and in the deepening of our Financial Advisory and capital and debt-raising services for an increasing base of clients in the UAE and the region.” Pharos Holding is now also developing non-bank financial services including finance leasing, microfinance, and insurance along with its core services of investment banking, securities brokerage, asset management, research, online trading, and bookkeeping.

IPO WATCH- DICE Sport and Casual Wear announced yesterday its intention to float (pdf)up to 33.05 mn existing ordinary shares, representing 62.35% of its outstanding share capital listed on the EGX. The selling shareholders are National Textile S.A.E, which holds 56.0% of DICE’s share capital, and other minority investors who hold a combined 6.4% stake. The offering is split into an institutional offering and an offering to Egyptian retail investors. DICE submitted its public subscription notice to the EGX yesterday. CEO Nagy Toma said, “We continue to expand further through a combination of organic and inorganic growth across the value chain. We are very confident in our ability to continue this growth trajectory and we look forward to cement our position in the apparel and ready-made garment export and local market.” EFG Hermes is sole global coordinator and bookrunner for the offering and Matouk Bassiouny is local counsel.

International Financial Law Review (IFLR) named Allen & Overy the international law firm of the year in its IFLR Middle East Awards 2017. Matouk Bassiouny took home the national award for law firm of the year in Egypt. The equity transaction of the year award went to Baker McKenzie, Helmy Hamza & Partners, and White & Case for the IPO of Dubai-domiciled ADES International Holding. Sharkawy & Sarhan was also among the list of firm who participated in the Adeptio share acquisition of Americana, which won best M&A transaction. The IPIC-Mubadala merger agreement was named the best domestic transaction with Shalakany Law named as one of the firms in it.

EARNINGS WATCH- Juhayna Food Industries reported a net profit of EGP 76 mn in 3Q2017, a 34% y-o-y increase over the same period last year. Revenues for the quarter jumped 34% y-o-y to EGP 1.7 bn, the company said in an earnings statement (pdf).

EARNINGS WATCH- Orange Egypt reported a consolidated net loss after tax of EGP 1.77 bn in 9M2017, down from EGP 133.9 mn a year ago, the company said in a regulatory filing (pdf). Consolidated revenues for the period rose 6.26% to EGP 9.35 bn, up from EGP 8.80 bn last year. The company said that the losses came on the back of the EGP float, and rising inflation and interest rates.

SME Development Authority looking for EGP 5 bn in loans from international institutions: The SME Development Authority is in talks with international financing institutions, including the European Bank for Reconstruction and Development and French development agency AFD for EGP 5 bn in funding, Al Mal reports. The funds will be used to finance SMEs, as well as labor-intensive and community-centric projects in more impoverished governorates, sources from the authority say. The authority will also begin next year to directly offer finance to medium-sized enterprises.

House agrees to a third term of emergency rule: The House of Representatives unanimously agreed yesterday to extend the state of emergency for another 90-day period effective 13 October, Al Shorouk reports. Ahead of the vote, Prime Minister Sherif Ismail briefed MPs on the reasons behind the decision, assuring them that the exceptional measures, which are necessary to counterterrorism efforts, according to a Cabinet statement. President Abdel Fattah El Sisi had issued a decree earlier this month re-imposing emergency rule after two consecutive three-month terms — the maximum term allowed by the constitution — had expired. El Sisi first proposed the measure in April after Coptic churches were targeted in deadly attacks, but promised that emergency rule would not be extended indefinitely as was the case during the Mubarak era.

This will not make Turkey happy: The Cypriot government is planning to submit coordinates regarding its exclusive economic zone (EEZ) in the sea to its north to the United Nations in the coming days, Cyprus Mail reports. Cyprus will also “try to engage in discussions with Turkey about the delineation of its EEZ, in that part of the sea.” The move is the result of Turkish plans to begin exploration drilling in the sea off Cyprus. Cyprus has signed “an agreement to delineate the EEZ with Egypt and Israel and embarked on exploration and exploitation activities for any possible natural gas and oil reserves. A similar agreement to delineate the EEZ was signed with Lebanon, but has not been ratified yet.”

INVESTMENT WATCH- Per Bloomberg this morning: Dubai-listed Emaar Properties “will sell 20 percent of its real-estate development business, according to emailed statement on Sunday.” News of the offering on the Dubai Financial Market sent the company’s shares down 2% as investors had expected a larger sale. “The market expected Emaar Properties to distribute a one-off dividend of AED 1 per share, but a 20 percent sale would mean a dividend distribution of AED 0.67 per share based on the AED 24 bn valuation,” one analyst told Reuters.

Saudi Arabia is pushing foreign ownership limits in its bourse past the 10% mark, Reuters reports. The country’s Capital Market Authority is working with the Saudi Arabian General Investment Authority to “to prepare rules under which foreign investors with appropriate experience and expertise could own such stakes.” The CMA said strategic investors in Saudi companies would retain their voting rights and that “some parts of the economy will remain restricted or prohibited” to foreign investors.

Saudi leaders refused US Secretary of State Rex Tillerson’s requests on Sundayto end the four-month-long Qatar boycott, Bloomberg reports. Tillerson met yesterday with Saudi’s Crown Prince Mohammed bin Salman to “ask him to please engage in dialogue,” but said after that the two sides were not yet ready to talk. Tillerson is in the Middle East in the hopes of finding quick resolution to the feud between Doha and its neighbors, which he says is “unintentionally bolstering Iran.” Tillerson also sat down with Iraqi Prime Minister Haider Al Abedi in Riyadh yesterday in a meeting that’s being largely viewed as an attempt to “seek Arab help … to isolate Iran,” whose “growing assertiveness” in the region is threatening US interests, ABC News says.

WHO removes Mugabe as goodwill ambassador: World Health Organization Director-General Tedros Adhanom Ghebreyesus rescinded his appointment of 93-year-old Zimbabwean President Robert Mugabe as a goodwill ambassador, Reuters reports. The decision came after many donors and rights groups expressed outrage over the appointment of Mugabe, who has widely been condemned for human rights abuses and his responsibility for the collapse of his country’s economy.

Japanese Prime Minister Shinzo Abe “secured a crucial victory” in parliamentary elections on Sunday that could allow his party to push for a constitutional revision, according to the Washington Post.Abe had sought to amend a constitutional clause that renounces war but was met with opposition from some in government who say the measure could further fuel regional tension, especially given the situation in North Korea.