{"id":547006,"date":"2022-06-06T04:08:48","date_gmt":"2022-06-06T04:08:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/this-morning-fab-isn-t-looking-to-buy-banque-misr-or-united-bank\/"},"modified":"2022-06-06T04:08:48","modified_gmt":"2022-06-06T04:08:48","slug":"this-morning-fab-isn-t-looking-to-buy-banque-misr-or-united-bank","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/this-morning-fab-isn-t-looking-to-buy-banque-misr-or-united-bank\/","title":{"rendered":"THIS MORNING: FAB isn\u2019 t looking to buy Banque Misr or United Bank"},"content":{"rendered":"

Good morning, friends. <\/strong>We hope your week is off to a great start.<\/p>\n

THE BIG STORY here at home: Our latest PMI reading shows that the non-oil <\/strong>economy contracted for the eighteenth consecutive month<\/strong> in May on the back of global inflationary pressures \u2014 which could also put a pin in the state\u2019s IPO plans.<\/p>\n

But there\u2019s plenty to be optimistic about, too:<\/strong> Plans to sell stakes in state-owned firms to strategic investors haven\u2019t yet been scuppered by global headwinds, SFE boss Ayman Soliman says. A new company that will control a smattering of state-owned hotel assets could be up first and is attracting interest from the Saudi sovereign wealth fund and its Gulf neighbors.<\/p>\n

And that\u2019s not all for fresh investment news:<\/strong> We have more details on what the government had to say about the private sector\u2019s role in greening the economy at last weekend\u2019s Islamic Development Bank meetings in Sharm El Sheikh, and more on the USD 10 bn industrial partnership between the UAE, Jordan and us.<\/p>\n

Meanwhile in M&A<\/strong>, a former Beltone exec looks to be making a play for his former employer, backed by an undisclosed roster of investors.<\/p>\n

<\/a> FOR THE RECORD- First Abu Dhabi Bank (FAB) isn\u2019t looking t<\/strong>o acquire a stake in Banque Misr or United Bank<\/strong>, FAB Egypt CEO Mohamed Abbas Fayed told CNBC Arabia in an interview (watch, runtime: 7:20<\/a>). Any reports on ongoing acquisition talks between FAB and the banks are unfounded, he said, adding that any potential new M&A would be officially declared through the proper channels. FAB recently called off its bid for a majority stake in frontier emerging markets financial services powerhouse EFG Hermes, citing challenging global market conditions.<\/p>\n

WHAT\u2019S HAPPENING TODAY-<\/strong><\/p>\n

It\u2019s the second day of <\/strong>Africa Health ExCon<\/a><\/strong> at Al Manara International Conference Center, Egypt International Exhibitions Center, and the St. Regis Almasa Hotel in the new administrative capital. The event wraps tomorrow.<\/p>\n

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There\u2019s no one BIG STORY ABROAD<\/strong> dominating the front webpages of the global business press this morning. That said, many are focused on the oil markets \u2014 which have once again spiked<\/strong> to pass the USD 120-per-barrel mark after Saudi Arabia hiked the price of its key crude to Asian markets as covid lockdowns in China recede. Saudi Aramco will in July sell a barrel of its Arab Light crude to Asia for USD 2.10 more than in June, Bloomberg<\/a> reports \u2013 USD 6.50 above its benchmark, and a much bigger hike than the USD 1.50 increase analysts were expecting.<\/p>\n

MEANWHILE- France is looking to our Emirati friends to plug the oil and diesel gap<\/strong> as the EU turns away from Russian fossil fuels, Bloomberg<\/a> writes. And we have more on all the latest in the oil and gas markets in today\u2019s Planet Finance section, below.<\/p>\n

CIRCLE YOUR CALENDAR-<\/strong><\/p>\n

NEWS TRIGGERS you\u2019ll want to keep an eye on as the new month gets underway:<\/strong><\/p>\n