{"id":563564,"date":"2021-07-07T04:00:06","date_gmt":"2021-07-07T04:00:06","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/07\/is-a-mideast-spac-boom-upon-us\/"},"modified":"2021-07-07T04:00:06","modified_gmt":"2021-07-07T04:00:06","slug":"is-a-mideast-spac-boom-upon-us","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/07\/is-a-mideast-spac-boom-upon-us\/","title":{"rendered":"Is a Mideast SPAC boom upon us?"},"content":{"rendered":"

<\/a> Is a Mideast SPAC boom upon us?<\/strong> Bloomberg<\/a> seems to think so, writing yesterday that Shuaa Capital\u2019s plans to establish three SPACs provides more evidence that the number of MENA blank-check companies might turn into a \u201cflood.\u201d The Dubai financial services firm wants to create three companies worth USD 200 mn each, which would search for energy, tech and financial companies to merge with and take public in the US, according to people familiar with the matter.<\/p>\n

SPAC isn\u2019t a word you hear too often in MENA, but they\u2019re getting more popular:<\/strong> FIM Partners \u2014 a Dubai-based EM asset manager backed by EFG Hermes \u2014 has taken it\u2019s Frontier Investment Corp SPAC public on the Nasdaq in a USD 200 mn<\/a> listing. Then there\u2019s music streaming service Anghami which plans to hit the Nasdaq<\/a>by merging with a blank-check firm. Abu Dhabi sovereign wealth fund Mubadala is also about to roll out two SPACs that will look for companies in the technology and healthcare sectors.<\/p>\n

Retail inflows hit 7-year high as US day traders keep on buying:<\/strong> US retail investors bought nearly USD 28 bn of stocks and ETFs in June, the highest figure since at least 2014 \u2014 surpassing the amount spent during the meme-stock rally earlier this year, according to the Wall Street Journal<\/a>. Individual investors have flocked to stock trading since the covid-19 pandemic broke out, even as their favorite stocks languished in recent months such as GameStop and AMC.<\/p>\n

Fund managers are not pleased<\/strong>, with the advent of retail investors signalling a shift in behaviour in the market and raising volatility. However, whereas at the beginning retail investors tended to run after trends and go all in at once, they\u2019ve now begun venturing into wider parts of the stock market with the June high bolstered by energy, materials, financial industrial, and travel stocks, analysts say.<\/p>\n

More vehicle and smartphone manufacturers are feeling the effects of the global<\/strong> semiconductor shortage: <\/strong>Smartphone makers like Samsung and Apple, who rely on OLED semiconductor chips for their cell phone and TV screen displays, are now coming under increasing pressure to raise prices and stockpile chips, the FT<\/a> reports. Prices for OLED chips increased by around 20% in 2Q2021 as the global shortage<\/a> for advanced semiconductors intensifies.<\/p>\n

And auto companies are now warning about the impact on sales:<\/strong> Jaguar Land Rover is anticipating an even steeper shortfall in deliveries this quarter, saying that sales will be 50% worse than the companies had initially thought, Bloomberg<\/a> reports. Auto manufacturers are expected to lose out on some USD 110 bn due to the shortage, according to forecasts.<\/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

10,155<\/p>\n<\/td>\n

\n

-1.9% (YTD: -6.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.64<\/p>\n<\/td>\n

\n

Sell 15.74<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 15.64<\/p>\n<\/td>\n

\n

Sell 15.74<\/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

10,971<\/p>\n<\/td>\n

\n

-0.3% (YTD: +26.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

6,984<\/p>\n<\/td>\n

\n

-0.2% (YTD: +38.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

2,782<\/p>\n<\/td>\n

\n

-0.7% (YTD: +11.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,343<\/p>\n<\/td>\n

\n

-0.2% (YTD: +15.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,100<\/p>\n<\/td>\n

\n

-0.9% (YTD: +9.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 74.94<\/p>\n<\/td>\n

\n

-2.9%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 3.67<\/p>\n<\/td>\n

\n

-2.9%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,794.20<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 34,152<\/p>\n<\/td>\n

\n

+0.3% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 fell 1.9% yesterday<\/strong> on turnover of EGP 1.11 bn (10.1% below the 90-day average). Regional investors were the net buyers. The index is down 6.4% YTD.<\/p>\n

Only one EGX 30 stock finished in the green yesterday:<\/strong> USD-denominated Egyptian Kuwaiti Holding, which rose 0.1%.<\/p>\n

In the red: <\/strong>Ezz Steel (-5.0%), Pioneers Holding (-4.5%) and Heliopolis Housing (-4.0%).<\/p>\n

Asian markets are mixed in early trading this morning<\/strong>, with Chinese shares in the green but stocks in other parts of the region in the red. Futures suggest a similarly mixed open later today, with US exchange set to fall and European shares looking to open slightly in the green.<\/p>\n","protected":false},"excerpt":{"rendered":"

Is a Mideast SPAC boom upon us? Bloomberg seems to think so, writing yesterday that Shuaa Capital\u2019s plans to establish three SPACs provides more evidence that the number of MENA blank-check companies might turn into a \u201cflood.\u201d The Dubai financial services firm wants to create three companies worth USD 200 mn each, which would search […]<\/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":[72,119,4129,122,814,439,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-563564","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-mideast","tag-planet-finance","tag-shuaa-capital","tag-spacs","tag-uae","wpautop","entry"],"acf":{"mongo_id":"acf488e4-a011-4cb6-aa2a-ae77f17a535e","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[563543],"teaser":"","voice_url":""},"yoast_head":"\nIs a Mideast SPAC boom upon us? - 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\/07\/07\/is-a-mideast-spac-boom-upon-us\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is a Mideast SPAC boom upon us?\" \/>\n<meta property=\"og:description\" content=\"Is a Mideast SPAC boom upon us? 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The amendments have been submitted to the Financial Regulatory Authority (FRA) for consideration, according to an\u2026","rel":"","context":"In "Capital markets"","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\/9\/178.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543619,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/09\/abu-dhabi-ports-shares-surge-on-adx-following-ipo-dubais-shuaa-wants-to-spac\/","url_meta":{"origin":563564,"position":1},"title":"Abu Dhabi ports shares surge on ADX following IPO + Dubai\u2019s SHUAA wants to SPAC","author":"enterpriseam admin","date":"9 February 2022","format":false,"excerpt":"Shares in Abu Dhabi Ports jumped as much as 17% on its ADX debut yesterday, marking the latest success for Gulf listings, Bloomberg reports. The company, which is majority-owned by Abu Dhabi sovereign wealth fund ADQ, raised USD 1.1 bn from its IPO ahead of its debut on the Abu\u2026","rel":"","context":"In "PLANET FINANCE"","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":547180,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/time-to-call-time-on-spacs\/","url_meta":{"origin":563564,"position":2},"title":"Time to call time on SPACs?","author":"enterpriseam admin","date":"12 June 2022","format":false,"excerpt":"SPACs are dead. Interest rates and regulators killed them: It\u2019s looking increasingly like the SPAC boom fueled by the pandemic\u2019s heyday of \u201ceasy money\u201d is over, with Wall Street banks reluctant to co-sign new blank-check companies and some rejecting them entirely, the Financial Times reports. Goldman Sachs, which was among\u2026","rel":"","context":"In "PLANET FINANCE"","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":563564,"position":3},"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 "PLANET FINANCE"","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":555101,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/02\/the-spacs-cometh\/","url_meta":{"origin":563564,"position":4},"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 "Capital markets"","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":[]},{"id":560576,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/04\/anghami-eyes-egypt-growth-after-nasdaq-spac-listing\/","url_meta":{"origin":563564,"position":5},"title":"Anghami eyes Egypt growth after Nasdaq SPAC listing","author":"enterpriseam admin","date":"4 March 2021","format":false,"excerpt":"Anghami has plans to expand in Egypt after it becomes the Middle East\u2019s first tech company to list in New York with plans to merge with Nasdaq-listed SPAC Vistas Media Acquisition Company, it said in a statement carried by several press outlets (Bloomberg | Reuters). The streaming service, which has\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\/2021\/3\/89.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\/563564","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=563564"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/563564\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/563543"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=563564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=563564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=563564"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=563564"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=563564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}