{"id":550952,"date":"2022-05-16T13:19:44","date_gmt":"2022-05-16T13:19:44","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/this-evening-brmaja-innovation-raises-planned-ipo-stake-plus-mcdonalds-is-officially-leaving-russia\/"},"modified":"2022-05-16T13:19:44","modified_gmt":"2022-05-16T13:19:44","slug":"this-evening-brmaja-innovation-raises-planned-ipo-stake-plus-mcdonalds-is-officially-leaving-russia","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/this-evening-brmaja-innovation-raises-planned-ipo-stake-plus-mcdonalds-is-officially-leaving-russia\/","title":{"rendered":"THIS EVENING: Brmaja Innovation raises planned IPO stake. Plus: McDonald\u2019s is officially leaving Russia."},"content":{"rendered":"<p><strong>Happy Monday, friends.<\/strong> It\u2019s hard to believe it\u2019s only Monday, but here we are \u2014 and it\u2019s still a relatively busy news week.<\/p>\n<p><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Brmaja Innovation raises planned IPO stake:<\/strong> Saudi tech firm Brmaja\u2019s Egypt-based subsidiary Brmaja Innovation is now looking to list 35% of its shares on the EGX within the next few months, up from a planned 20% previously, investment director Ahmed Said confirmed to Enterprise.<\/p>\n<p><strong>^^We\u2019ll have more<\/strong> on this and other stories in tomorrow\u2019s edition of <strong>EnterpriseAM<\/strong>.<\/p>\n<p><strong>PSA- Your daily commutes could get a bit pricier as Uber Egypt raises its rates: <\/strong>The ride hailing app announced it is revising upwards its pricing structure \u201cin light of the new record-high fuel prices drivers are facing,\u201d according to an email sent out to its users. In Cairo, the base fare for UberX rides is now EGP 8.50, rising EGP 0.50, while the minimum fare per trip now stands at EGP 14, up from EGP 13 previously. In Alexandria, the base fare is rising by EGP 0.30 to EGP 8.30, while the minimum fare now stands at EGP 12, from EGP 11 previously.<\/p>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>No more Happy Meals in Russia?<\/strong> McDonald\u2019s has \u201cinitiated the process\u201d to sell its business in Russia, after operating in the market for three decades, over Russia\u2019s ongoing invasion of Ukraine. The fast food chain \u2014 which is often viewed as a symbol of American cultural imperialism \u2014 cited \u201cthe humanitarian crisis caused by the war in Ukraine, and the precipitating unpredictable operating environment\u201d as reasons for making its continued operation in Russia \u201cno longer tenable,\u201d according to <a href=\"https:\/\/corporate.mcdonalds.com\/corpmcd\/en-us\/our-stories\/article\/ourstories.mcd-exit-russia.html\">a statement<\/a>. McDonald\u2019s \u201cexpects to record a charge \u2026 of approximately USD 1.2-1.4 bn to write off its net investment in the market and recognize significant foreign currency translation losses.\u201d The story is on the front pages of the <a href=\"https:\/\/www.wsj.com\/articles\/mcdonalds-to-exit-from-russia-11652697074?mod=hp_lead_pos1\">Wall Street Journal<\/a>, <a href=\"https:\/\/www.reuters.com\/world\/europe\/ukraine-counter-attacks-russian-forces-east-2022-05-16\/\">Reuters<\/a>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-16\/mcdonald-s-to-leave-russia-take-write-off-of-up-to-1-4-billion?srnd=premium-middle-east\/&sref=mmeFTDW1\">Bloomberg<\/a>, and others.<\/p>\n<hr class=\"grey-line\">\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>A fresh IMF program could be sealed in a few months:<\/strong> The government expects to reach an agreement with the IMF on a fresh support package \u201cwithin months,\u201d Prime Minister Moustafa Madbouly <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a4e3bad5-0ccb-44bf-8327-c3a52ba2bcf3\">said at a presser yesterday<\/a>.<\/li>\n<li><strong>The gov\u2019t is trying to make life easier for tech startups:<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/24a31aa4-d1f4-405f-8165-039c435d9a6b\">New rules<\/a> will sweep aside obstacles for would-be tech entrepreneurs, government officials said yesterday, as part of the Madbouly government\u2019s drive to attract private capital and drive growth of the domestic tech industry. The changes will make it easier for people to set up tech companies and offer a handful of tax exemptions and preferential customs treatment to some companies.<\/li>\n<li><strong>Egypt to receive 500k tons of Indian wheat despite export ban:<\/strong> Egypt has agreed to buy 500k tons of wheat from India, Supply Minister <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9d6fa0f0-2d5b-4ae8-b764-8e19398f26ac\">Ali El Moselhy said<\/a>, adding that <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90d1ad70-45bd-4d6a-b57f-c43c3433bf2f\">an export ban<\/a> introduced by New Delhi last week in response to surging local prices and a severe heat wave will not impact the shipment. <\/li>\n<\/ul>\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>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Budget season is in full swing at the House:<\/strong> The House of Representatives will begin holding committee-level discussions of the draft FY 2022-23 budget and economic and social development plan this week, <a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/1\/2\/466177\/Egypt\/Society\/House-committees-begin-discussing-new-FY--budget-t.aspx\">Ahram Online<\/a>\u2019s Gamal Essam El-Din reports. If approved, the budget will be signed into law by the president. Head <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59023cb0-be71-414c-9041-8118c08c2965\">here<\/a> for a refresher on the draft budget\u2019s key figures.<\/p>\n<p><strong>SOUND SMART-<\/strong> Our latest Enterprise Explains column has everything you need to know about <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/167c6aaf-a05f-4942-be61-e7dfb4d72673\">how an Excel sheet turns into a budget, and then the law of the land<\/a>.<\/p>\n<p><strong>Need to get your head around the new e-receipt system? <\/strong>Lynx Strategic Business Advisors are following up their recent webinar on e-invoicing with a session introducing the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6deafdd9-17f0-427d-8b0d-8d2afa71e220\">Finance Ministry\u2019s new e-receipt system<\/a>, which is set to officially roll out on 1 July. The webinar will feature FinMin tax development advisor Yasser Taymour, as well as reps from Talabat, Jumia, Yoco, and the World Bank. It takes place on 18 May at 12:00-1:30pm CLT. Register <a href=\"https:\/\/us06web.zoom.us\/webinar\/register\/WN_inx2czHRSL-yHqfPUINunw\">here<\/a>.<\/p>\n<p><strong>Venture capital 101:<\/strong> The Egyptian Private Equity Association (EPEA) is hosting a paid crash course in all things venture capital at the Zamalek Marriott on 21-23 May. Led by Avanz Capital Egypt MD Hany Assaad, the three-day course will cover everything you need to know about Planet VC, from fund structures and portfolio-building to due diligence and valuations.<\/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><strong>LATER THIS WEEK-<\/strong><\/p>\n<p><strong>It\u2019s interest rate week here at home:<\/strong> The Central Bank of Egypt will likely raise interest rates when it meets this Thursday, according to a near consensus of analysts and economists <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/df66965c-f7ca-459c-b270-c296532a1a9b\">we surveyed<\/a> last week. Six of the seven respondents see the Monetary Policy Committee going ahead with a rate hike to combat inflation and stem portfolio outflows, with five forecasting rates to rise by up to 200 bps.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>Expect a daytime high of 34\u00b0C and a nighttime low of 18\u00b0C tomorrow in the capital city, our favorite weather app tells us.<\/p>\n<p><strong>***<\/strong><br \/> <strong>WE\u2019RE LOOKING FOR SMART, TALENTED PEOPLE to help us build some very cool new things<\/strong>. Today, we run two daily publications, five weekly industry verticals, and a monthly newsletter designed to make our readers feel just a bit smarter.<\/p>\n<p><strong>We have tons more in the pipeline \u2014 come help us build new publications<\/strong>. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of 200k readers by telling stories that matter.<\/p>\n<p>We\u2019re looking for <strong>editors<\/strong> who want to run publications and teams, editors to help reporters craft stories and talented <strong>reporters<\/strong>. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you\u2019re an equities analyst tired of the rat race, we\u2019re a great place to come work.<\/p>\n<p><strong>Apply directly to jobs@enterprisemea.com and mention Patrick in your subject line.<\/strong><\/p>\n<p><a href=\"https:\/\/enterprise.press\/2022\/04\/28\/come-work-us-hiring-reporters-editors-new-existing-products\/\">Or hit this link for more information.<\/a> It\u2019s worth it \u2014 trust us.<br \/> <strong>***<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Happy Monday, friends. It\u2019s hard to believe it\u2019s only Monday, but here we are \u2014 and it\u2019s still a relatively busy news week. THE BIG STORY TODAY Brmaja Innovation raises planned IPO stake: Saudi tech firm Brmaja\u2019s Egypt-based subsidiary Brmaja Innovation is now looking to list 35% of its shares on the EGX within the [&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":[918,633,78,1095,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-550952","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-brmaja","tag-enterprisepm","tag-ipo-watch","tag-russia-ukraine-war","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"313bc2c8-ae84-4e5d-a03b-0c5ad29bc873","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[550950],"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: Brmaja Innovation raises planned IPO stake. 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The tech company is looking to list\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\/200.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555371,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/11\/saudis-brmaja-could-debut-on-the-egx-as-it-eyes-a-new-home-base-in-cairo\/","url_meta":{"origin":550952,"position":1},"title":"Saudi\u2019s Brmaja could debut on the EGX as it eyes a new home base in Cairo","author":"enterpriseam admin","date":"11 November 2021","format":false,"excerpt":"Saudi tech firm Brmaja is looking to list 20% of its shares on the EGX next March, investment director Ahmed Said told Enterprise, confirming a story first reported by Masrawy. The digital marketing and tech firm has submitted a listing request to the Financial Regulatory Authority and has been in\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\/2021\/11\/412.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544576,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/carrefour-egypt-to-spend-egp-250-mn-on-egypt-expansion\/","url_meta":{"origin":550952,"position":2},"title":"Carrefour Egypt to spend EGP 250 mn on Egypt expansion","author":"enterpriseam admin","date":"10 March 2022","format":false,"excerpt":"Carrefour Egypt plans to invest EGP 250 mn and build 10 new stores in Egypt this year, Masrawy quotes Carrefour Egypt head Philippe Peguilhan as saying. 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