{"id":559700,"date":"2021-02-01T04:06:47","date_gmt":"2021-02-01T04:06:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/01\/what-the-markets-are-doing-on-1-february-2021\/"},"modified":"2021-02-01T04:06:47","modified_gmt":"2021-02-01T04:06:47","slug":"what-the-markets-are-doing-on-1-february-2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/01\/what-the-markets-are-doing-on-1-february-2021\/","title":{"rendered":"What the markets are doing on 1 February 2021"},"content":{"rendered":"

<\/a> Saudi Arabia is trying to rebrand Riyadh as the new Dubai: <\/strong>The kingdom has already attracted 24 multinationals to set up regional headquarters in Riyadh by flaunting Crown Prince Mohammed bin Salman\u2019s ambitious economic reforms that aim to shift Saudi\u2019s dependence away from oil and open up more of the economy, reports the Financial Times<\/a>. The new entrants to Riyadh include US construction giant Bechtel \u2014 who will also be project managing a futuristic 170km city strip planned in Neom named \u201cThe Line\u201d \u2014 as well as Canadian coffee chain Tim Hortons and Indian hotel group Oyo which hopes to ride the wave of increased tourism in the country.<\/p>\n

Dubai is taking measures of its own to attract more foreign investment into the country<\/strong>, which (as we noted yesterday<\/a>) involve easing citizenship rules.<\/p>\n

The EM bond rush shows no signs of slowing: <\/strong>Investors have bought a record USD 115.2 bn of sovereign and corporate emerging-market debt so far this year, the Financial Times<\/a> reports. The boom in issuance is being driven, not just by a need for liquidity, but by the knowledge that bond yields will not remain at rock-bottom forever.<\/p>\n

M&A WATCH- Emirati F&B player <\/strong>Agthia Group<\/a><\/strong> acquired Kuwait\u2019s <\/strong>Al<\/a><\/strong>Faysal Bakery<\/a><\/strong> for an undisclosed sum last Thursday<\/strong>, a move that will quadruple its footprint<\/a> in Kuwait. EFG Hermes acted as Agthia\u2019s sole financial advisor, it said in a press release (pdf)<\/a>.<\/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

11,546<\/p>\n<\/td>\n

\n

-0.3% (YTD: +6.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.68<\/p>\n<\/td>\n

\n

Sell 15.78<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.68<\/p>\n<\/td>\n

\n

Sell 15.78<\/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

8,703<\/p>\n<\/td>\n

\n

-1.2% (YTD: +0.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

5,594<\/p>\n<\/td>\n

\n

-0.9% (YTD: +10.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

2,654<\/p>\n<\/td>\n

\n

-1.6% (YTD: +6.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,714<\/p>\n<\/td>\n

\n

-1.9% (YTD: -1.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6,408<\/p>\n<\/td>\n

\n

-1.8% (YTD: -0.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 54.91<\/p>\n<\/td>\n

\n

-0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2.72<\/p>\n<\/td>\n

\n

+6.2%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,854.50<\/p>\n<\/td>\n

\n

+0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 32,684.19<\/p>\n<\/td>\n

\n

-4.1%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

The EGX30 fell 0.3% yesterday<\/strong> on turnover of EGP 1.5 bn (7.6% above the 90-day average). Domestic investors were net sellers. The index is up 6.5% YTD.<\/p>\n

In the green: <\/strong>Pioneers Holding (+2.4%), Ibnsina Pharma (+1.2%) and CIB (+0.6%).<\/p>\n

In the red: <\/strong>Ezz Steel (-2.5%), Qalaa Holdings (-2.3%) and Elsewedy Electric (-2.3%).<\/p>\n

Asian markets are <\/strong>mostly in the green this morning<\/strong>, but futures suggest European and North American markets will all open in the red later today.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi Arabia is trying to rebrand Riyadh as the new Dubai: The kingdom has already attracted 24 multinationals to set up regional headquarters in Riyadh by flaunting Crown Prince Mohammed bin Salman\u2019s ambitious economic reforms that aim to shift Saudi\u2019s dependence away from oil and open up more of the economy, reports the Financial Times. […]<\/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":[2170,3701,1001,116,163,72,119,900,78,685,7128,1317,1407,9961,122,219,3702,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559700","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-agthia-group","tag-al-faysal-bakery","tag-bechtel","tag-china","tag-dubai","tag-enterpriseam","tag-financial-markets","tag-food-and-beverage","tag-ipo-watch","tag-kuwait","tag-ma-watch","tag-mohammed-bin-salman","tag-neom","tag-oyo","tag-planet-finance","tag-saudi-arabia","tag-the-line","tag-uae","wpautop","entry"],"acf":{"mongo_id":"b5f7fd82-d9b6-4cfb-8fe2-66ab254a436b","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[559677],"teaser":"","voice_url":""},"yoast_head":"\nWhat the markets are doing on 1 February 2021 - 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\/02\/01\/what-the-markets-are-doing-on-1-february-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What the markets are doing on 1 February 2021\" \/>\n<meta property=\"og:description\" content=\"Saudi Arabia is trying to rebrand Riyadh as the new Dubai: The kingdom has already attracted 24 multinationals to set up regional headquarters in Riyadh by flaunting Crown Prince Mohammed bin Salman\u2019s ambitious economic reforms that aim to shift Saudi\u2019s dependence away from oil and open up more of the economy, reports the Financial Times. 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The first zone floated\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":[]},{"id":630950,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/06\/egypt-commits-1000-sq-km-of-land-in-sinai-for-neom\/","url_meta":{"origin":559700,"position":1},"title":"Egypt commits 1,000 sq km of land in Sinai for NEOM","author":"enterpriseam admin","date":"6 March 2018","format":false,"excerpt":"NEOM is getting 1,000 sq km in Sinai: Egypt has committed more than 1,000 sq km of land in South Sinai to developing its side of the transnational robot utopia better known as NEOM, for USD 10 bn, a Saudi official told Reuters yesterday. \u201cSaudi Arabia plans to build seven\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":[]},{"id":639267,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/25\/saudi-arabia-plans-26k-sqm-economic-zone-with-egypt-and-jordan\/","url_meta":{"origin":559700,"position":2},"title":"Saudi Arabia plans 26k sqm economic zone with Egypt and Jordan","author":"enterpriseam admin","date":"25 October 2017","format":false,"excerpt":"Saudi Arabia plans 26k sqm economic zone with Egypt and Jordan, models it on Westworld as MbS plans to Out-Dubai Dubai: Saudi Arabia is constructing a 26,000 sq km new economic zone, called Neom, in which it sees that robots might one day outnumber humans. The USD 500 bn creation\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\/2017\/10\/1001.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567899,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/10\/the-egypt-saudi-investment-fund-could-finally-be-becoming-a-thing\/","url_meta":{"origin":559700,"position":3},"title":"The Egypt-Saudi Investment Fund could finally be becoming a thing","author":"enterpriseam admin","date":"10 December 2020","format":false,"excerpt":"The Egyptian and Saudi governments have drafted a final agreement to launch the long-dormant Saudi-Egypt investment fund, according to a cabinet statement following a meeting between Prime Minister Moustafa Madbouly and Saudi Minister of State Issam bin Saad bin Saeed. The fund\u2019s mandate will focus on \u201cpriority sectors\u201d including tourism,\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\/2020\/12\/199.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577948,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/11\/el-sisi-talks-everything-from-food-water-energy-security-to-political-stability-in-riyadh\/","url_meta":{"origin":559700,"position":4},"title":"El Sisi talks everything from food, water, energy security to political stability in Riyadh","author":"enterpriseam admin","date":"11 December 2022","format":false,"excerpt":"El Sisi calls for close Arab-China ties: President Abdel Fattah El Sisi called on the Arab world and China to strengthen ties at a summit in Saudi Arabia attended by Chinese President Xi Jinping on Friday, according to an Ittihadiya statement. The president said that Arab nations and Beijing will\u2026","rel":"","context":"In "Diplomacy"","block_context":{"text":"Diplomacy","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/diplomacy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/195.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":631120,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/11\/is-egypt-mediating-secret-meetings-between-riyadh-and-tel-aviv\/","url_meta":{"origin":559700,"position":5},"title":"Is Egypt mediating secret meetings between Riyadh and Tel Aviv?","author":"enterpriseam admin","date":"11 March 2018","format":false,"excerpt":"Is Egypt mediating secret meetings between Riyadh and Tel Aviv? Senior Saudi officials reportedly \u201cheld a series of secret meetings in Cairo last week\u201d with Israeli counterparts that were mediated by Egypt, an unnamed member of the Palestinian Authority (PA) said. The story was reported by The Times of Israel\u2026","rel":"","context":"In "EGYPT IN THE NEWS"","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"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\/559700","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=559700"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559700\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/559677"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=559700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=559700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=559700"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=559700"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=559700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}