{"id":548719,"date":"2022-08-18T04:00:39","date_gmt":"2022-08-18T04:00:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/18\/one-of-sodics-new-owners-just-got-a-major-new-shareholder\/"},"modified":"2022-08-18T04:00:39","modified_gmt":"2022-08-18T04:00:39","slug":"one-of-sodics-new-owners-just-got-a-major-new-shareholder","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/18\/one-of-sodics-new-owners-just-got-a-major-new-shareholder\/","title":{"rendered":"One of SODIC\u2019s new owners just got a major new shareholder"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-11\"><\/a> <strong>Giant UAE firm wants to go long on EMs: <\/strong>Emirati firm International Holdings Co. (IHC) plans to invest bns of USDs into emerging markets like India, Colombia and Turkey as part of its plans to expand its exposure, IHC CEO Syed Basar Shueb told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-17\/uae-firm-led-by-key-royal-to-plow-billions-in-emerging-markets?srnd=premium-middle-east\">Bloomberg<\/a> in an interview. The company, which has the country\u2019s national security adviser, Sheikh Tahnoon bin Zayed al Nahyan, as chairman, will target sectors such as food, infrastructure and health care across countries with which the UAE has trade agreements. Investment tickets will range between USD 1-5 bn depending on the country, Shueb said.<\/p>\n<p><strong>The company is looking for ultra fast-growing companies:<\/strong> \u201cThese new markets are more lucrative for us because they give decent returns and it gives us exposure to that country,\u201d Shueb said. \u201cDouble-digit growth is the minimum of what we\u2019re looking for.\u201d IHC <a href=\"https:\/\/ihcuae.com\/businesses\/real-estate.html\">has invested<\/a> in the likes of Elon Musk\u2019s SpaceX and major Abu Dhabi developer <a href=\"https:\/\/www.tamouh.com\/\">Tamouh<\/a>.<\/p>\n<hr class=\"grey-line\">\n<p><strong>One of SODIC\u2019s new owners just got a major new shareholder: <\/strong>Private equity giant Apollo has acquired an 11.1% stake in the investment arm of Aldar Properties, Aldar Investment Properties, in a USD 400 mn transaction, the Emirati developer <a href=\"https:\/\/www.aldar.com\/en\/news-and-media\/apollo-acquires-usd-400-million-strategic-equity-stake--in-aldar-investment-properties\">said<\/a> yesterday. This is part of a <a href=\"https:\/\/www.apollo.com\/media\/press-releases\/2022\/02-14-2022-054516107\">USD 1.4 bn investment<\/a> announced earlier this year.<\/p>\n<p><strong>Also worth noting this morning:<\/strong><\/p>\n<ul>\n<li><strong>The original Dr Doom stays true to his name<\/strong>: The perma-bear economist Henry Kaufman \u2014 who forecast the 1982 bull market \u2014 calls on the US Fed to take more drastic measures and \u201cshock the market\u201d to rein in inflation. (<a href=\"https:\/\/www.ft.com\/content\/47d407c1-2353-4068-90a7-27a9f901f051\">Financial Times<\/a>)<\/li>\n<li><strong>World\u2019s largest wealth fund suffers record loss: <\/strong>Norway\u2019s USD 1.2 tn sovereign fund lost USD 174 bn in 1H 2022 on the market sell-off, marking its biggest ever USD loss. (<a href=\"https:\/\/www.ft.com\/content\/10725417-9896-4cbf-830a-24ce65382226\">Financial Times<\/a>)<\/li>\n<li><strong>The SPAC market has hit a new low:<\/strong> July was the first <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6ab3251-641a-4e2c-aa00-6b8486d10c68\">SPAC<\/a>-less month since 2017, further evidence that the pandemic-era craze is well and truly over. (<a href=\"https:\/\/www.wsj.com\/articles\/spac-activity-in-july-reached-the-lowest-levels-in-five-years-11660691758?mod=hp_lead_pos4\">WSJ<\/a>)<\/li>\n<li><strong>Meme-stock bulls are short-squeezing like it\u2019s 2021: <\/strong>Bullish market inflation expectations have Reddit traders piling back into meme stocks, sending share prices surging and squeezing short sellers to the tune of USD 2.1 bn this month alone. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-17\/meme-stock-resurgence-is-piling-up-the-losses-for-short-sellers?srnd=premium-middle-east\">Bloomberg<\/a>)<\/li>\n<\/ul>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,058<\/p>\n<\/td>\n<td>\n<p>+2.2% (YTD: -15.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.09<\/p>\n<\/td>\n<td>\n<p>Sell 19.20<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.12<\/p>\n<\/td>\n<td>\n<p>Sell 19.18<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,647<\/p>\n<\/td>\n<td>\n<p>+0.8% (YTD: +12.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,252<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: +20.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,458<\/p>\n<\/td>\n<td>\n<p>+1.3% (YTD: +8.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,274<\/p>\n<\/td>\n<td>\n<p>-0.7% (YTD: -10.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,516<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: +1.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,756<\/p>\n<\/td>\n<td>\n<p>-1.3% (YTD: -12.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 93.05<\/p>\n<\/td>\n<td>\n<p>+0.8%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 9.24<\/p>\n<\/td>\n<td>\n<p>-0.9%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,776.70<\/p>\n<\/td>\n<td>\n<p>-0.7%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 23,335<\/p>\n<\/td>\n<td>\n<p>-2.5% (YTD: -49.6%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 rose 2.2% at yesterday\u2019s close<\/strong> on turnover of EGP 898.48 mn (10.9% above the 90-day average). Foreign investors were net sellers. The index is down 15.8% YTD.<\/p>\n<p><strong>In the green: <\/strong>Madinet Nasr Housing (+7.5%), GB Auto (+5.6%) and Credit Agricole Egypt (+5.4%).<\/p>\n<p><strong>In the red: <\/strong>Juhayna (-2.2%), Oriental Weavers (-1.3%) and Mopco (-0.2%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Giant UAE firm wants to go long on EMs: Emirati firm International Holdings Co. (IHC) plans to invest bns of USDs into emerging markets like India, Colombia and Turkey as part of its plans to expand its exposure, IHC CEO Syed Basar Shueb told Bloomberg in an interview. The company, which has the country\u2019s national [&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":[7210],"tags":[215,1114,115,72,119,182,349,125,122,439,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548719","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-aldar-properties","tag-apollo","tag-emerging-markets","tag-enterpriseam","tag-financial-markets","tag-inflation","tag-interest-rates","tag-investment-watch","tag-planet-finance","tag-spacs","tag-uae","wpautop","entry"],"acf":{"mongo_id":"6f9fc570-87a6-4919-89b6-70c1b5052dff","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[548699],"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>One of SODIC\u2019s new owners just got a major new shareholder - 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\/08\/18\/one-of-sodics-new-owners-just-got-a-major-new-shareholder\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"One of SODIC\u2019s new owners just got a major new shareholder\" \/>\n<meta property=\"og:description\" content=\"Giant UAE firm wants to go long on EMs: Emirati firm International Holdings Co. 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Already under pressure from rising interest rates, the commodity price shock sparked by the conflict in Ukraine\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","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":543728,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/planet-finance-aldar-lends-fresh-usd-1-4-bn-investment-aramco-muddies-saudi-wealth-funds-green-credentials\/","url_meta":{"origin":548719,"position":2},"title":"Planet Finance: Aldar lends fresh USD 1.4 bn investment + Aramco muddies Saudi wealth fund\u2019s green credentials","author":"enterpriseam admin","date":"15 February 2022","format":false,"excerpt":"Apollo to invest USD 1.4 bn in UAE\u2019s Aldar: Asset manager Apollo Global Management will invest USD 1.4 bn in Aldar Properties in a transaction that will see Apollo acquire a direct minority stake in the real estate firm, Apollo said in a statement. 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(Disclosure, pdf | Bloomberg)Abu Dhabi energy giant\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","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":544999,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/30\/lulu-plots-uae-ipo-next-year\/","url_meta":{"origin":548719,"position":4},"title":"LuLu plots UAE IPO next year","author":"enterpriseam admin","date":"30 March 2022","format":false,"excerpt":"Middle East supermarket giant Lulu Group International could IPO in the UAE next year, Bloomberg reports, citing people familiar with the matter. The Abu Dhabi-based, Indian-owned company is reportedly soliciting offers from international banks to advise on the offering. 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