{"id":545229,"date":"2022-03-14T13:30:20","date_gmt":"2022-03-14T13:30:20","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/14\/this-evening-swvl-to-receive-final-approvals-for-ipo-from-uss-sec-supply-ministry-ups-local-wheat-purchase-target-to-over-6-mn-tons-this-harvest-season\/"},"modified":"2022-03-14T13:30:20","modified_gmt":"2022-03-14T13:30:20","slug":"this-evening-swvl-to-receive-final-approvals-for-ipo-from-uss-sec-supply-ministry-ups-local-wheat-purchase-target-to-over-6-mn-tons-this-harvest-season","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/14\/this-evening-swvl-to-receive-final-approvals-for-ipo-from-uss-sec-supply-ministry-ups-local-wheat-purchase-target-to-over-6-mn-tons-this-harvest-season\/","title":{"rendered":"THIS EVENING: Swvl to receive final approvals for IPO from US\u2019s SEC + Supply Ministry ups local wheat purchase target to over 6 mn tons this harvest season"},"content":{"rendered":"<p><strong>Happy Monday, wonderful people.<\/strong> We\u2019re having one of those Goldilocks news days: It\u2019s not like drinking out of a fire hose, but it\u2019s not achingly slow, either. It\u2019s just right, with enough big stories to keep us on our toes.<\/p>\n<p><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>#1- <\/strong><strong>Mass transportation startup Swvl expects to receive final approvals on its IPO from<\/strong><strong> the US\u2019 Securities and Exchange Commission (SEC) today<\/strong>, with trading expected to begin before the month\u2019s end, CFO Youssef Salem told Enterprise, confirming a report from <a href=\"https:\/\/bit.ly\/3Jh6wgs\">Al Mal<\/a>. Trading will follow a general assembly meeting on 30 March of US SPAC <a href=\"https:\/\/queensgambitspac.com\/\">Queen\u2019s Gambit Growth Capital<\/a>, with which Swvl expects to merge in the IPO.<\/p>\n<p><strong>#2- Remittances from Egyptians abroad rose 6.4% y-o-y in 2021 to reach USD 31.50 bn<\/strong>, the Central Bank of Egypt announced in <a href=\"https:\/\/ent.news\/2022\/3\/Remittances-December-2021-Ar.pdf\">a statement (pdf)<\/a>. Remittances also rose during the last month of the year, growing 3.4% y-o-y to USD 2.64 bn.<\/p>\n<p><strong>#3- <\/strong><strong>The Supply Ministry is upping its local wheat purchase target to over 6 mn tons <\/strong><strong>this harvest season<\/strong>, more than 500k tons above its previously announced target, Supply Minister Ali El Moselhy said in a sit-down with Prime Minister Moustafa Madbouly, according to a cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/357873169716443\">statement<\/a>. The government will be introducing various mechanisms and incentives, including controls on wheat trading, to achieve the target, El Moselhy added. The government has already <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/74c0dedf-7743-40b0-8037-9a3fd5e235d1\">upped<\/a> its local wheat purchase target once before, from 4 mn tons to 5.5 mn.<\/p>\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>We\u2019re getting a temporary reprieve from Black Sea wheat blackout:<\/strong> Several cargoes totaling 189k tonnes of Ukrainian, Russian and Romanian wheat <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ee61f6b6-d6df-4fa9-b38b-2964b7f8589a\">are on their way<\/a> to Egypt even as the war in Ukraine continues to disrupt commercial shipping in the Black Sea.<\/li>\n<li><strong>Misr Ins. appoints legal advisor for planned IPO:<\/strong> Misr Ins. Holding <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2775af7b-4734-4e7b-bff8-158897775b6f\">has tapped Zaki Hashem & Partners<\/a> as legal advisors for the process of offering its subsidiary, Misr Life Ins., on the EGX, Chairman Basel El Hiny said in a press conference yesterday.<\/li>\n<li><strong>Scatec to build green ammonia plant in Egypt + Lekela eyes green hydro, desal projects:<\/strong> Norwegian renewable energy giant Scatec <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/385ee449-1e59-4897-88ea-75f283938d30\">plans to build<\/a> a green ammonium plant in Egypt with an annual production capacity of 1 mn tons per year, potentially expandable to 3 mn tons. Meanwhile, renewables player Lekela Power is \u201cactively exploring\u201d potential green hydrogen and renewables-powered water desalination investment prospects with the government and the private sector.<\/li>\n<\/ul>\n<hr class=\"grey-line\">\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>The fourth round of Russia-Ukraine negotiations are currently underway<\/strong>, with the two sides focusing on achieving a ceasefire, immediate troop withdrawal and security assurances for Ukraine, Ukrainian negotiators Mykhailo Podolyak said, according to <a href=\"https:\/\/www.reuters.com\/world\/uk\/diplomacy-efforts-step-up-after-russian-strike-ukraine-base-2022-03-14\/\">Reuters<\/a>. Previous rounds of talks have collapsed in the past weeks as conditions in besieged cities continued to worsen.<\/p>\n<p><strong>Towns near Kyiv are continuing to evacuate their civilians for a fifth consecutive day<\/strong> through 10 humanitarian corridors as a ceasefire in the region continues to hold, regional governor Oleksiy Kuleba said, according to <a href=\"https:\/\/news.sky.com\/story\/explosions-reported-near-kyiv-after-putin-authorises-military-operation-in-ukraine-ukraine-latest-12541713\">Sky News<\/a>.<\/p>\n<p><strong>MARKETS- The talks have given Europe\u2019s gas market a breather<\/strong> as European natural gas prices extended last week\u2019s fall over the possibility of an imminent agreement, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-14\/european-gas-slumps-on-signs-talks-over-ukraine-may-progress\">Bloomberg<\/a>reported. Oil also cooled off, with WTI futures for April falling 4.2% to USD 104.74 per barrel, while Brent crude futures for May delivery also fell 3.5% to USD 108.69 per barrel.<\/p>\n<p><strong>Big Brother is watching you:<\/strong> Russia has reportedly warned Western companies in the country against criticizing the government, threatening to arrest company leaders or seize assets from corporations that exit the country, <a href=\"https:\/\/www.wsj.com\/articles\/russian-prosecutors-warn-western-companies-of-arrests-asset-seizures-11647206193\">Wall Street Journal<\/a> reports, citing people they say are familiar with the matter. Coca-Cola, McDonald\u2019s, Procter & Gamble, IBM, and KFC owner Yum Brands have all reportedly been on the receiving end of Moscow\u2019s threats.<\/p>\n<p><strong>But please don\u2019t use Facebook to egg on an assassination of Putin:<\/strong> Facebook owner Meta clarified that its relaxed content policy, only in Ukraine, does not allow \u201ccalls for the death of a head of state,\u201d likely a reference to Russian President Vladimir Putin, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-14\/facebook-parent-says-users-can-t-post-calls-to-assassinate-putin\">Bloomberg<\/a> reported, citing an internal note by head of META\u2019s Global Affairs Nick Clegg.<\/p>\n<p><strong>Australia joins in Western punishment of Russia\u2019s key businessmen<\/strong>, imposing fresh sanctions on 33 Russian oligarchs and businessmen, according to a <a href=\"https:\/\/www.foreignminister.gov.au\/minister\/marise-payne\/media-release\/australia-joins-uk-and-us-sanctioning-key-russian-oligarchs\">statement<\/a> from its Foreign Affairs Minister. The sanctions mainly target Chelsea FC owner Roman Abramovich and Gazprom CEO Alexey Miller, who are among those who \u201camassed vast personal wealth and are of economic and strategic significance to Russia, including as a result of their connections to Russian President Vladimir Putin.\u201d<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>FOR TOMORROW-<\/strong><\/p>\n<p><strong>It\u2019s Fed week:<\/strong> The Federal Reserve will meet to review interest rates tomorrow and Wednesday and is expected to kick off its long-signposted tightening cycle with a 25-bps hike. The market previously anticipated the central bank to go bigger and raise interest rates by 50 bps, but now expects the uncertainties triggered by the conflict in Ukraine to have changed its calculations.<\/p>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Green energy forum: <\/strong>The German Arab Chamber of Industry and Commerce is hosting the Egyptian German Green Energy Forum next Tuesday, 22 March. Planning Minister Hala El Said, Vice Minister of Finance Ahmed Kouchouk, and German Ambassador Frank Hartmann are among those slated to attend. The event runs 5:30-9pm CLT at the InterContinental Cairo Semiramis.<\/p>\n<p><strong>ITIDA\u2019s Technology Innovation and Entrepreneurship Center is organizing the first<\/strong><strong> Metaverse Hackathon<\/strong>, according to a <a href=\"https:\/\/ent.news\/2022\/3\/ITIDA-Launches-the-First-Metaverse-Hackathon-in-Creativa-Innovation-Hubs-and-Electronics-Labs-across-Egypt.pdf\">press release (pdf)<\/a>. The hackathon will see young Egyptians across different governorates creating innovative solutions, by employing and developing Metaverse applications in a series of competitions. The hackathon began on 15 February and will run until 15 June.<\/p>\n<p><strong>Interest rates: <\/strong>The Central Bank of Egypt will hold its <a href=\"https:\/\/www.cbe.org.eg\/en\/MonetaryPolicy\/Pages\/MPCMeetingSchedule.aspx\">next monetary policy meeting<\/a> on Thursday, 24 March.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- Definitely windy, cold, and possibly rainy:<\/strong> Expect a windy 17\u00b0C during the day tomorrow before the mercury falls to 6\u00b0C at night, according to our favorite weather app. There\u2019s also a chance of rain, so grab your coats and your umbrella, just in case.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Happy Monday, wonderful people. We\u2019re having one of those Goldilocks news days: It\u2019s not like drinking out of a fire hose, but it\u2019s not achingly slow, either. It\u2019s just right, with enough big stories to keep us on our toes. THE BIG STORY TODAY #1- Mass transportation startup Swvl expects to receive final approvals on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7213],"tags":[317,633,78,1095,777,507,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545229","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-commodities","tag-enterprisepm","tag-ipo-watch","tag-russia-ukraine-war","tag-supply-ministry","tag-swvl","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"c83cca6a-2314-4eb8-a585-2eb9d5a23ce3","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[545227],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS EVENING: Swvl to receive final approvals for IPO from US\u2019s SEC + Supply Ministry ups local wheat purchase target to over 6 mn tons this harvest season - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/14\/this-evening-swvl-to-receive-final-approvals-for-ipo-from-uss-sec-supply-ministry-ups-local-wheat-purchase-target-to-over-6-mn-tons-this-harvest-season\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: Swvl to receive final approvals for IPO from US\u2019s SEC + Supply Ministry ups local wheat purchase target to over 6 mn tons this harvest season\" \/>\n<meta property=\"og:description\" content=\"Happy Monday, wonderful people. 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We\u2019re having one of those Goldilocks news days: It\u2019s not like drinking out of a fire hose, but it\u2019s not achingly slow, either. It\u2019s just right, with enough big stories to keep us on our toes. 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The Egypt-born ride-hailing app is set to go public on the Nasdaq through its merger with US SPAC Queen\u2019s Gambit Growth Capital by the\u2026","rel":"","context":"In &quot;IPO&quot;","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/183.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":619470,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/02\/swvl-swings-to-profitability-in-2023\/","url_meta":{"origin":545229,"position":1},"title":"Swvl swings to profitability in 2023","author":"enterpriseam admin","date":"2 May 2024","format":false,"excerpt":"The turnaround comes following a tumultuous year where the startup received two delisting warnings from Nasdar","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/83.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":644038,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/wolfpack-sets-its-sights-on-swvl\/","url_meta":{"origin":545229,"position":2},"title":"Wolfpack sets its sights on Swvl","author":"enterpriseam admin","date":"19 September 2024","format":false,"excerpt":"Good morning, and a happy Thursday to you all. All eyes in the business community are firmly set stateside after the US Federal Reserve cut interest rates for the first time in over four years. But not all the business news worth knowing about today is coming out of the\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1530.JPG?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545023,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/swvl-to-debut-on-the-nasdaq-today-after-spac-merger-approved\/","url_meta":{"origin":545229,"position":3},"title":"Swvl to debut on the Nasdaq today after SPAC merger approved","author":"enterpriseam admin","date":"31 March 2022","format":false,"excerpt":"Swvl is making its landmark Nasdaq debut today: Shares in Egypt-born, UAE-based mass transit app Swvl will start trading on the Nasdaq today, Swvl CFO Youssef Salem confirmed to Enterprise, after shareholders in its SPAC Queen\u2019s Gambit Growth Capital approved the move in a general assembly meeting yesterday. Swvl is\u2026","rel":"","context":"In &quot;IPO&quot;","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/712.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545513,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/swvl-rises-on-nasdaq-debut-eyes-dual-listing-on-the-egx\/","url_meta":{"origin":545229,"position":4},"title":"Swvl rises on Nasdaq debut, eyes dual listing on the EGX","author":"enterpriseam admin","date":"3 April 2022","format":false,"excerpt":"Swvl shares rise on Nasdaq debut: Shares in Cairo-born mass transit app Swvl rose on their Nasdaq debut on Friday as the company concluded its SPAC merger with Queen\u2019s Gambit Growth Capital. Shares rose to an intraday high of USD 10.30 after opening at USD 9.60 before paring gains to\u2026","rel":"","context":"In &quot;IPO&quot;","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/81.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543518,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/swvl-receives-funding-boost-ahead-of-nasdaq-spac-merger-anghami-starts-trading\/","url_meta":{"origin":545229,"position":5},"title":"Swvl receives funding boost ahead of Nasdaq SPAC merger + Anghami starts trading","author":"enterpriseam admin","date":"6 February 2022","format":false,"excerpt":"The EBRD is backing Swvl ahead of Nasdaq debut: Egypt-born, UAE-based mass transit app Swvl has new investors on board as it gears up to go public on the Nasdaq via a SPAC merger, the firm announced on Wednesday. The European Bank for Reconstruction and Development (EBRD) and Teklas Ventures,\u2026","rel":"","context":"In &quot;IPO&quot;","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/61.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545229","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=545229"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545229\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/545227"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=545229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=545229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=545229"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=545229"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=545229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}