{"id":555350,"date":"2021-11-10T04:00:01","date_gmt":"2021-11-10T04:00:01","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/10\/adx-follows-our-lead-on-spacs\/"},"modified":"2021-11-10T04:00:01","modified_gmt":"2021-11-10T04:00:01","slug":"adx-follows-our-lead-on-spacs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/10\/adx-follows-our-lead-on-spacs\/","title":{"rendered":"ADX follows our lead on SPACs"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>ADX follows our lead on SPACs: <\/strong>The Abu Dhabi Securities Exchange and the Department of Economic Development have issued a proposal to the country\u2019s securities regulator that, if approved, would allow blank-check firms to list on its bourse. The Financial Regulatory Authority <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a464bafe-21f2-4b7e-a02e-63708d29114c\">greenlit a similar proposal<\/a> to allow the establishment of blank-check firms just last week.<\/p>\n<p><strong>If you must SPAC, please SPAC at home:<\/strong> The bid to bring SPACs to the EGX seems to have been triggered by Egyptian start-up <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bfbf590f-581d-4b49-96b3-3ac733bb7fe3\">Swvl\u2019s decision earlier this year<\/a> to IPO on the US Nasdaq via a merger with a blank-check firm. Similarly, Abu Dhabi lost out on a public listing for homegrown startup Anghami when the firm <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7268870a-5759-4109-9e42-9a87f9958984\">chose to pursue a SPAC merger<\/a> on the tech-heavy US index.<\/p>\n<p><strong>Look out for news on Anghami\u2019s blank-check bid:<\/strong> The company has a <a href=\"https:\/\/finance.yahoo.com\/news\/vistas-media-acquisition-company-inc-203000610.html\">deadline of 11 November<\/a> to pull the trigger on its SPAC transaction with Vistas Media Acquisition Company. Things have been very quiet on this front since an extension on the execution date agreed earlier this year.<\/p>\n<p><strong>Other financial headlines worth noting:<\/strong><\/p>\n<ul>\n<li><strong>Dubai business activity hits two-year high:<\/strong> Rising demand and increased tourism activity thanks to Expo 2020 helped push <a href=\"https:\/\/ent.news\/2021\/11\/61bdd8042de14f68ba032477fa6a0992.pdf\">Dubai\u2019s PMI (pdf)<\/a> to 54.5 in October, from 51.5 the month prior \u2014 the quickest rate of growth in two years.<\/li>\n<li><strong>KSA is tapping global debt markets for the third time this year<\/strong>: Saudi Arabia is aiming to raise USD 4-8bn through a USD-denominated sukuk issuance, a source told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-11-09\/saudi-arabia-returns-to-dollar-bond-market-as-oil-prices-soar?sref=mmeFTDW1\">Bloomberg<\/a><strong>, <\/strong>as the kingdom looks to lock in cheaper debt amid favorable economic conditions<strong>.<\/strong><\/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>11588.42<\/p>\n<\/td>\n<td>\n<p>+0.8% (YTD: +6.9%)<\/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 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/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 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/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>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/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>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,753<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: +35.7%)<\/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>8,196<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: +62.5%)<\/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>3,120<\/p>\n<\/td>\n<td>\n<p>+0.5% (YTD: +25.2%)<\/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>4,685<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: +24.7%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,280<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: +13.1%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 85.12<\/p>\n<\/td>\n<td>\n<p>+2.0%<\/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 4.98<\/p>\n<\/td>\n<td>\n<p>-8.3<\/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>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,831\/oz<\/p>\n<\/td>\n<td>\n<p>+0.2<\/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>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 67,479<\/p>\n<\/td>\n<td>\n<p>+1.8% (as of midnight)<\/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 0.8% yesterday<\/strong> on turnover of EGP 810.5 mn (45.9% below the 90-day average). Regional investors were net buyers. The index is up 6.9% YTD.<\/p>\n<p><strong>In the green: <\/strong>CIB (+2.7%), EKH-EGP (+2.3%) and EKH-USD (+2.1%).<\/p>\n<p><strong>In the red: <\/strong>Raya Holding (-3.5%), AMOC (-3.4%) and Heliopolis Housing (-3.1%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ADX follows our lead on SPACs: The Abu Dhabi Securities Exchange and the Department of Economic Development have issued a proposal to the country\u2019s securities regulator that, if approved, would allow blank-check firms to list on its bourse. The Financial Regulatory Authority greenlit a similar proposal to allow the establishment of blank-check firms just last [&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":[82,116,163,72,119,120,122,185,439,1134,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555350","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-bonds","tag-china","tag-dubai","tag-enterpriseam","tag-financial-markets","tag-nasdaq","tag-planet-finance","tag-pmi","tag-spacs","tag-tadawul","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"fdc7e1b9-c6b5-481f-98da-5ad722eb8a4f","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[555326],"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>ADX follows our lead on SPACs - 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\/11\/10\/adx-follows-our-lead-on-spacs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ADX follows our lead on SPACs\" \/>\n<meta property=\"og:description\" content=\"ADX follows our lead on SPACs: The Abu Dhabi Securities Exchange and the Department of Economic Development have issued a proposal to the country\u2019s securities regulator that, if approved, would allow blank-check firms to list on its bourse. 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The Abu Dhabi Securities Exchange (ADX) could see its first SPAC listing this year,\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":546786,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/adq-chimera-launch-middle-easts-first-blank-check-company\/","url_meta":{"origin":555350,"position":1},"title":"ADQ, Chimera launch Middle East\u2019s first blank-check company","author":"enterpriseam admin","date":"29 May 2022","format":false,"excerpt":"Introducing the Middle East\u2019s first SPAC: ADQ and Chimera\u2019s ADC Acquisition Corporation officially began trading in Abu Dhabi on Friday, closing its first day AED 0.5 up at AED 10.50, BloombergAsharq reported. The SPAC managed to raise AED 367 mn (USD 100 mn) in its IPO, selling 36.7 mn shares\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":542911,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/24\/dsquares-is-jumping-on-the-spac-train\/","url_meta":{"origin":555350,"position":2},"title":"Dsquares is jumping on the SPAC train","author":"enterpriseam admin","date":"24 January 2022","format":false,"excerpt":"EDITOR'S NOTE- Dsquares founder Marwan Kenawy has denied Al Shorouk's reporting on this story since it was published, as we noted in a follow-up story. Dsquares is jumping on the SPAC train: Loyalty services provider Dsquares is looking to establish a special-purpose acquisition vehicle (SPAC) and is currently working on\u2026","rel":"","context":"In &quot;EGX WATCH&quot;","block_context":{"text":"EGX WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/egx-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/304.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544921,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/28\/khazna-wants-a-spac-to-call-its-own\/","url_meta":{"origin":555350,"position":3},"title":"Khazna wants a SPAC to call its own","author":"enterpriseam admin","date":"28 March 2022","format":false,"excerpt":"Fintech startup Khazna could set up a SPAC in 2024, a company spokesperson told Enterprise, confirming a report from Al Shorouk that quoted Khazna co-founder and CEO Omar Saleh. Khazna is looking into setting up a blank check company with international investors, which could be listed either at home or\u2026","rel":"","context":"In &quot;Startup watch&quot;","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\/371.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542803,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/18\/egypts-first-ever-spac-to-list-on-egx-by-next-month-omran\/","url_meta":{"origin":555350,"position":4},"title":"Egypt\u2019s first-ever SPAC to list on EGX by next month -Omran","author":"enterpriseam admin","date":"18 January 2022","format":false,"excerpt":"Make way for our first SPAC: Egypt\u2019s first blank-check company will be established within the next month, Financial Regulatory Authority (FRA) chief Mohamed Omran told Bloomberg Asharq yesterday. \u201cAt the end of this month or early next month, we will have the first blank check company,\u201d he said. The SPAC\u2026","rel":"","context":"In &quot;EGX&quot;","block_context":{"text":"EGX","link":"https:\/\/enterpriseam.com\/egypt\/category\/egx\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/203.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555101,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/02\/the-spacs-cometh\/","url_meta":{"origin":555350,"position":5},"title":"The SPACs cometh","author":"enterpriseam admin","date":"2 November 2021","format":false,"excerpt":"SPACs could be landing in Egypt soon, after the Financial Regulatory Authority\u2019s (FRA) board greenlit a proposal to allow the establishment of blank-check firms here, the regulatory body announced in a statement yesterday. The proposal, which was put forward by EGX Chairman Mohamed Farid in September, would for the first\u2026","rel":"","context":"In &quot;Capital markets&quot;","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/283.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\/555350","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=555350"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555350\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555326"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555350"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555350"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}