{"id":554029,"date":"2021-12-16T04:04:16","date_gmt":"2021-12-16T04:04:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/16\/global-ventures-closing-in-on-usd-100-mn-close-for-its-new-fund\/"},"modified":"2021-12-16T04:04:16","modified_gmt":"2021-12-16T04:04:16","slug":"global-ventures-closing-in-on-usd-100-mn-close-for-its-new-fund","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/16\/global-ventures-closing-in-on-usd-100-mn-close-for-its-new-fund\/","title":{"rendered":"Global Ventures closing in on USD 100 mn close for its new fund"},"content":{"rendered":"

<\/a> Dubai-based VC Global Ventures is nearing a USD 100 mn target for its new fund<\/strong>, after attracting liquidity from Abu Dhabi and Saudi Arabia's state funds, ins. company Bupa Arabia, and unnamed US investors, Reuters<\/a> reports. The firm\u2019s second VC fund, which has already made 18 investments and could back up to 30 companies, is focused on pre-series A and series A rounds for budding firms across the MENA region, in sectors including digital health, fintech, agritech, and edutech. Global Ventures is a key player in our local VC scene<\/strong>, having made investments totaling USD tens of mns in Egyptian startups including Sympl, Paymob, Yodawy, Thndr, Minly, and Elmenus. The firm plans to invest USD 20-30 mn in Egypt in 2022, general partner Basil Moftah told us over coffee<\/a> in October.<\/p>\n

Keywords for biotech investors: mergers, short-selling, covid stocks. <\/strong>Amid a dismal year for biotech stocks and hedge funds in the sector, three strategies have seen some investors continue to thrive, the Wall Street Journal<\/a> reports. Analysts and investors expect covid-related companies to continue to outperform the wider sector next year, on the back of a rush for booster jabs driven by Omicron. Small but innovative biotech firms are also a strong call, as big, liquidity-rich pharma companies look to make acquisitions. And there are gains to be made from others\u2019 misfortune: A savvy short-seller can capitalize on the volatile nature of biotech, where one set of disappointing trial results can send a stock into freefall.<\/p>\n

The use of libor replacement rates is surging as the benchmark\u2019s switch-off day <\/strong>approaches<\/strong>, with 4Q2021 seeing the majority of volumes of privately negotiated swap transactions using the new so-called \u201criskfree\u201d rates authorities proposed instead of the discredited benchmark, the Financial Times<\/a> reports. Libor is the benchmark interest rate for interbank borrowing, and determines borrowing rates for public and private loans, bonds, credit cards and derivatives around the world. Banks will be barred from underwriting new loans using Libor starting 2022, as per a decision following the 2012 Libor scandal that saw some of the world\u2019s largest banks colluding to rig the rate<\/a>.<\/p>\n

European gas prices reached a record high, jumping by over a quarter the past week to <\/strong>hit EUR 127.8 \/ MWh<\/strong> on the back of winter\u2019s arrival and threats of a Russian invasion of Ukraine, the Wall Street Journal<\/a> reports.<\/p>\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

11,622<\/p>\n<\/td>\n

\n

0.0% (YTD: +7.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

11,143<\/p>\n<\/td>\n

\n

+1.1% (YTD: +28.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

8,819<\/p>\n<\/td>\n

\n

-0.3% (YTD: +74.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,255<\/p>\n<\/td>\n

\n

-0.7% (YTD: +30.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,710<\/p>\n<\/td>\n

\n

+1.6% (YTD: +25.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,171<\/p>\n<\/td>\n

\n

-0.7% (YTD: +11.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 71.67<\/p>\n<\/td>\n

\n

+1.1%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 3.82<\/p>\n<\/td>\n

\n

+0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,779.40<\/p>\n<\/td>\n

\n

+0.8%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 48,998.72<\/p>\n<\/td>\n

\n

+1.0%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 rose less than 0.1% at yesterday\u2019s close<\/strong> on turnover of EGP 1.19 bn (14.2% below the 90-day average). Local investors were net buyers. The index is up 7.2% YTD.<\/p>\n

In the green: <\/strong>Credit Agricole Egypt (+4.1%), Madinet Nasr Housing (+3.9%) and Ibnsina Pharma (+3.0%).<\/p>\n

In the red: <\/strong>Speed Medical (-4.3%), Heliopolis Housing (-2.5%) and CIRA (-2.2%).<\/p>\n

Asian markets are mixed so far this morning<\/strong>, with the Nikkei, Shanghai, and Kospi all in the green and the ASX and Hang Seng just slightly in the red. Futures suggest Wall Street will follow with mixed open as well, as the Dow Jones looks set to start the trading day in the red.<\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai-based VC Global Ventures is nearing a USD 100 mn target for its new fund, after attracting liquidity from Abu Dhabi and Saudi Arabia's state funds, ins. company Bupa Arabia, and unnamed US investors, Reuters reports. The firm\u2019s second VC fund, which has already made 18 investments and could back up to 30 companies, is […]<\/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":[72,119,183,700,7128,122,123,3098],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-554029","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-fintech","tag-global-ventures","tag-ma-watch","tag-planet-finance","tag-startups","tag-vc-funding","wpautop","entry"],"acf":{"mongo_id":"57a064ed-6847-488d-adc1-49760fc63e41","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[554009],"teaser":"","voice_url":""},"yoast_head":"\nGlobal Ventures closing in on USD 100 mn close for its new fund - 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\/2021\/12\/16\/global-ventures-closing-in-on-usd-100-mn-close-for-its-new-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global Ventures closing in on USD 100 mn close for its new fund\" \/>\n<meta property=\"og:description\" content=\"Dubai-based VC Global Ventures is nearing a USD 100 mn target for its new fund, after attracting liquidity from Abu Dhabi and Saudi Arabia's state funds, ins. company Bupa Arabia, and unnamed US investors, Reuters reports. 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The source declined to name the\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\/2022\/9\/268.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544772,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/21\/introducing-nclude-global-ventures-new-usd-85-mn-fintech-fund\/","url_meta":{"origin":554029,"position":1},"title":"Introducing Nclude: Global Ventures\u2019 new USD 85 mn fintech fund","author":"enterpriseam admin","date":"21 March 2022","format":false,"excerpt":"Global Ventures, state banks launch USD 85 mn fund: Three of Egypt\u2019s state-owned banks are investing in a new USD 85 mn fintech fund launched by Dubai-based VC Global Ventures, according to a statement(pdf) out yesterday. The fund, dubbed \u201cNclude,\u201d will invest in Egyptian startups specializing in fintech and working\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/266.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561434,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/07\/algebra-ventures-doubles-down-on-egypt-with-usd-90-mn-fund\/","url_meta":{"origin":554029,"position":2},"title":"Algebra Ventures doubles down on Egypt with USD 90 mn fund","author":"enterpriseam admin","date":"7 April 2021","format":false,"excerpt":"Algebra launches USD 90 mn tech fund: Algebra Ventures has launched a second tech fund that will invest USD 90 mn into companies based in Egypt and the Middle East and Africa region, the VC outfit announced in a press release (pdf) yesterday. The company is \u201cdoubling down\u201d on its\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549911,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/05\/algebra-ventures-nets-usd-100-mn-first-close-on-second-fund\/","url_meta":{"origin":554029,"position":3},"title":"Algebra Ventures nets USD 100 mn first close on second fund","author":"enterpriseam admin","date":"5 October 2022","format":false,"excerpt":"Venture capital firm Algebra Ventures\u2019 second fund has reached a USD 100 mn first close, surpassing the USD 90 mn initially targeted, according to a companystatement(pdf). The VC outfit plans to invest USD 15 mn in startups by the end of this year and to reach final close on the\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/138.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555264,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/08\/benya-eyes-african-tech-startups-with-new-usd-50-mn-vc-fund\/","url_meta":{"origin":554029,"position":4},"title":"Benya eyes African tech startups with new USD 50 mn VC fund","author":"enterpriseam admin","date":"8 November 2021","format":false,"excerpt":"IT infrastructure contractor Benya Capital is launching a USD 50 mn venture capital fund, dubbed Benya Ventures, as part of its expansion strategy, Chairman and CEO Ahmed Mekky said on the sidelines of the Cairo ICT conference yesterday, according to Al Borsa. The VC, which will launch with an initial\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591476,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/08\/egyptian-led-fintech-startup-tribal-credit-raises-usd-5-5-mn-seed-round\/","url_meta":{"origin":554029,"position":5},"title":"Egyptian-led fintech startup Tribal Credit raises USD 5.5 mn seed round","author":"enterpriseam admin","date":"8 December 2019","format":false,"excerpt":"STARTUP WATCH- Tribal Credit raises USD 5.5 mn seed round: Tribal Credit, a Silicon Valley-based fintech startup co-founded by Egyptian entrepreneurs Amr Shady and Mohamed Elkasstawi, has raised USD 5.5 mn in a seed funding round led by BECO Capital and Global Ventures, according to an emailed statement (pdf). The\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/554029","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=554029"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/554029\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/554009"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=554029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=554029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=554029"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=554029"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=554029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}