{"id":547465,"date":"2022-06-22T04:26:57","date_gmt":"2022-06-22T04:26:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/new-tech-could-propel-the-wealth-of-africas-richest-business-owners-saudi-investors-are-keen-for-a-slice-of-dominos\/"},"modified":"2022-06-22T04:26:57","modified_gmt":"2022-06-22T04:26:57","slug":"new-tech-could-propel-the-wealth-of-africas-richest-business-owners-saudi-investors-are-keen-for-a-slice-of-dominos","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/new-tech-could-propel-the-wealth-of-africas-richest-business-owners-saudi-investors-are-keen-for-a-slice-of-dominos\/","title":{"rendered":"New tech could propel the wealth of Africa\u2019s richest business owners + Saudi investors are keen for a slice of Domino\u2019s"},"content":{"rendered":"

<\/a>Africa\u2019s rich are about to get richer, thanks to tech:<\/strong> As African businesses ramp up their use of technology to raise efficiency, the wealth of business owners is also set to climb, according to Bloomberg<\/a>. The tech-savvy second generation of family-owned firms are driving wealth accumulation as they take over management. \"There\u2019ll be a boom of ultra high net worth individuals in Africa over the next five to 10 years,\" said Faizal Bhana, the director for the Middle East, Africa and India at Jersey Finance. \"They\u2019re still farming, they\u2019re still doing infrastructure projects, but increasingly using technology.\"<\/p>\n

Domino\u2019s in high demand in Saudi:<\/strong> Shares offered in the USD 325 mn Saudi IPO of Alamar Foods, which operates the Middle East Domino's Pizza franchise, were fully booked within hours of subscription opening, Bloomberg<\/a> reports.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

9,698<\/p>\n<\/td>\n

\n

+0.2% (YTD: -18.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 18.71<\/p>\n<\/td>\n

\n

Sell 18.79<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 18.73<\/p>\n<\/td>\n

\n

Sell 18.79<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

11.25% deposit<\/p>\n<\/td>\n

\n

12.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,660<\/p>\n<\/td>\n

\n

+2.6% (YTD: +3.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,470<\/p>\n<\/td>\n

\n

+1.2% (YTD: +11.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,264<\/p>\n<\/td>\n

\n

+1.7% (YTD: +2.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

3,765<\/p>\n<\/td>\n

\n

+2.5% (YTD: -21.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,153<\/p>\n<\/td>\n

\n

+0.4% (YTD: -3.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

3,494<\/p>\n<\/td>\n

\n

+0.7% (YTD: -18.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 113.14<\/p>\n<\/td>\n

\n

-1.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 6.81<\/p>\n<\/td>\n

\n

+0.0%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,829.60<\/p>\n<\/td>\n

\n

-0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 20,840<\/p>\n<\/td>\n

\n

+1.7% (YTD: -55.2%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 0.2% at yesterday\u2019s close<\/strong> on turnover of EGP 642 mn (23.3% below the 90-day average). Foreign investors were net sellers. The index is down 18.9% YTD.<\/p>\n

In the green: <\/strong>Heliopolis Housing (+4.7%), e-Finance (+2.2%) and Housing and Development Bank (+2.2%).<\/p>\n

In the red: <\/strong>Abu Dhabi Islamic Bank Egypt (-4.0%), Telecom Egypt (-3.0%) and Eastern Company (-1.7%).<\/p>\n

Asian markets are checkered in early trading this morning<\/strong>, while futures suggest the major European and US benchmarks are set to open in the red later on today.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa\u2019s rich are about to get richer, thanks to tech: As African businesses ramp up their use of technology to raise efficiency, the wealth of business owners is also set to climb, according to Bloomberg. The tech-savvy second generation of family-owned firms are driving wealth accumulation as they take over management. \"There\u2019ll be a boom […]<\/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":[7210],"tags":[7098,2079,72,119,122,219],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547465","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-africa","tag-dominos","tag-enterpriseam","tag-financial-markets","tag-planet-finance","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"c299c579-e505-4858-a8d2-c0367f9612aa","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[547441],"teaser":"","voice_url":""},"yoast_head":"\nNew tech could propel the wealth of Africa\u2019s richest business owners + Saudi investors are keen for a slice of Domino\u2019s - 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\/06\/22\/new-tech-could-propel-the-wealth-of-africas-richest-business-owners-saudi-investors-are-keen-for-a-slice-of-dominos\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New tech could propel the wealth of Africa\u2019s richest business owners + Saudi investors are keen for a slice of Domino\u2019s\" \/>\n<meta property=\"og:description\" content=\"Africa\u2019s rich are about to get richer, thanks to tech: As African businesses ramp up their use of technology to raise efficiency, the wealth of business owners is also set to climb, according to Bloomberg. The tech-savvy second generation of family-owned firms are driving wealth accumulation as they take over management. 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The transaction likely marks one of\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":552975,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/the-number-of-mnaires-in-the-world-is-expected-to-grow-by-40-by-2026\/","url_meta":{"origin":547465,"position":1},"title":"The number of mn\u2019aires in the world is expected to grow by 40% by 2026","author":"enterpriseam admin","date":"12 October 2022","format":false,"excerpt":"B\u2019naires might have lost out this year (not that they\u2019re likely to miss it), but the number of m\u2019naires is on the rise. The number of people around the world with at least USD 1 mn in assets will grow to surpass 87 mn by 2026, up 40% from the\u2026","rel":"","context":"In "Macro picture"","block_context":{"text":"Macro picture","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/443.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548635,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/16\/e-finance-to-provide-financial-services-to-the-saudi-wealth-funds-egypt-arm\/","url_meta":{"origin":547465,"position":2},"title":"e-Finance to provide financial services to the Saudi wealth fund\u2019s Egypt arm","author":"enterpriseam admin","date":"16 August 2022","format":false,"excerpt":"e-Finance is working with the PIF: e-Finance will provide financial and digital services to the Saudi sovereign wealth fund\u2019s new Egypt investment arm, Chairman Ibrahim Sarhan told Bloomberg Asharq yesterday (watch, runtime 7:35).The PIF now owns a chunk of the state-owned fintech player: The Saudi Egyptian Investment Company (SEIC), set\u2026","rel":"","context":"In "Fintech"","block_context":{"text":"Fintech","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/fintech\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":557587,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/23\/saudi-wealth-fund-to-jump-on-the-green-debt-bandwagon\/","url_meta":{"origin":547465,"position":3},"title":"Saudi wealth fund to jump on the green debt bandwagon","author":"enterpriseam admin","date":"23 September 2021","format":false,"excerpt":"Saudi Arabia's sovereign wealth fund will soon announce its first green debt issuance, with borrowing linked to sustainability, according to Reuters. This will be the first issuance of its kind done by a sovereign fund, Yasir Al Rumayyan, governor of the Public Investment Fund, said during a virtual conference.Green debt\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":584970,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/09\/e-finance-builds-bridges-with-the-ksa\/","url_meta":{"origin":547465,"position":4},"title":"E-finance builds bridges with the KSA","author":"enterpriseam admin","date":"9 April 2023","format":false,"excerpt":"Wealth fund PIF is helping e-finance enter the KSA","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/333.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581233,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/22\/e-finance-earnings-rise-83-in-2022\/","url_meta":{"origin":547465,"position":5},"title":"e-Finance earnings rise 83% in 2022","author":"enterpriseam admin","date":"22 February 2023","format":false,"excerpt":"e-Finance had a strong 2022: e-Finance\u2019s adjusted net income rose 83% to EGP 948.6 mn in 2022, according to the company\u2019s earnings release (pdf). Revenues came in at EGP 2.6 bn, up 35% y-o-y. In 4Q, the state-owned tech company\u2019s adjusted net income jumped 67% y-o-y to EGP 232.7 mn\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/E-Finance-Building-1600-px.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\/547465","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=547465"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547465\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547441"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547465"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547465"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547465"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547465"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547465"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}