{"id":564401,"date":"2021-08-30T13:23:56","date_gmt":"2021-08-30T13:23:56","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/30\/tonight-cbe-backs-aib-acquisition-dubai-could-be-the-mena-crypto-capital-also-watch-hacks-tonight-and-eat-at-kazoku\/"},"modified":"2021-08-30T13:23:56","modified_gmt":"2021-08-30T13:23:56","slug":"tonight-cbe-backs-aib-acquisition-dubai-could-be-the-mena-crypto-capital-also-watch-hacks-tonight-and-eat-at-kazoku","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/30\/tonight-cbe-backs-aib-acquisition-dubai-could-be-the-mena-crypto-capital-also-watch-hacks-tonight-and-eat-at-kazoku\/","title":{"rendered":"TONIGHT: CBE backs AIB acquisition + Dubai could be the MENA crypto capital. Also, watch Hacks tonight and eat at Kazoku"},"content":{"rendered":"<p><strong>Good afternoon, ladies and gentlemen<\/strong>, and we hope you\u2019re trying to milk as much of the August slowdown as we are, as the news flow looks increasingly like it\u2019s September.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>THE BIG STORIES TODAY which we\u2019ll cover in greater detail in EnterpriseAM:<\/strong><\/p>\n<p><strong>#1 CBE gives final thumbs up to Arab Investment Bank acquisition:<\/strong> EFG Hermes and the Sovereign Fund of Egypt (SFE) have gotten the final go-ahead from the central bank to purchase <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/725b8748-3b40-48db-9e92-01f579d70b04\">a 76% stake in the Arab Investment Bank<\/a>, EFG said in <a href=\"https:\/\/ent.news\/2021\/8\/%D9%87%D9%8A%D8%B1%D9%85%D9%8A%D8%B3-30-8-2021.pdf\">an EGX filing (pdf)<\/a> today. The two institutions will acquire the shares via a EGP 3.8 bn capital increase, giving EFG a 51% stake and the SFE 25%.<\/p>\n<p><strong>#2 Vaccine City, coming November 2021:<\/strong> Vacsera\u2019s new facility for producing covid vaccines is set to open at the end of November, Prime Minister Mostafa Madbouly <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/212710874232674\">said<\/a> during a visit to the factory today. The plant, based in Sixth of October, will produce 3 mn doses every day, or 1 bn doses annually.<\/p>\n<p><strong>#3 The Russians are in Sokhna:<\/strong> The Suez Canal Economic Zone will begin work on the new and improved Russian Industrial Zone by the beginning of next year, SCZone head Yehia Zaki <a href=\"https:\/\/ent.news\/2021\/8\/Russian-Zone.pdf\">said (pdf)<\/a> today during a meeting with a delegation of Russian companies interested in setting up shop in Egypt.<\/p>\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from this morning\u2019s <strong>EnterpriseAM:<\/strong><\/p>\n<ul>\n<li><strong>Hey big spndr:<\/strong> Swvl is planning to follow up its Nasdaq IPO with <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/491a4363-fd78-435b-abee-d85c2c9cb5a1\">USD 250-300 mn in fresh investment<\/a> over the next three years to expand its global footprint.<\/li>\n<li><strong>Better Call Youssef:<\/strong> An Egyptian businessman is threatening to file an international arbitration case against the Ethiopian government for alleged damages incurred as a result of the current conflict in Tigray.<\/li>\n<li><strong>The earnings recovery is real:<\/strong> Cleopatra Hospitals and Orascom Construction saw a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4ca40760-b427-460f-8dce-122cb96a049e\">strong rebound in earnings<\/a> during the second quarter after a tough 2Q2020 due to the covid lockdown.<\/li>\n<\/ul>\n<p><strong>THE BIG STORIES ABROAD-<\/strong><\/p>\n<p><strong>Hurricane Ida and Afghanistan still have the front pages to themselves this afternoon<\/strong>. Rockets are being fired at US troops in Kabul ahead of tomorrow\u2019s evacuation deadline (<a href=\"https:\/\/apnews.com\/article\/business-kabul-b657e37e182c445eb985a585bbde8b5e\">AP<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/india\/rockets-fired-kabul-airport-us-troops-race-complete-evacuation-2021-08-30\/\">Reuters<\/a>), while over in Louisiana, 1 mn people have been left without power as Hurricane Ida reached the Gulf Coast (<a href=\"https:\/\/www.nytimes.com\/live\/2021\/08\/30\/us\/hurricane-ida-updates\/\">NYT<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/nation\/2021\/08\/30\/hurricane-ida-live-updates\/\">Washington Post<\/a>).<\/p>\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>OPEC+ is meeting on Wednesday<\/strong>, and oil producers are widely expected to proceed with plans to undo oil production cuts as oil prices recover, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-08-27\/opec-seen-sticking-to-planned-output-hike-as-oil-prices-rebound?srnd=premium-middle-east&sref=mmeFTDW1\">a Bloomberg survey<\/a>.<\/p>\n<p><strong>Egypt hosts <\/strong><strong><a href=\"https:\/\/digisignafrica.com\/\">Digi Sign Africa<\/a><\/strong><strong> this week:<\/strong> The three-day advertising and digital printing exhibition gets underway at the Cairo International Convention Centre on Wednesday, 1 September.<\/p>\n<p><strong>Cypriot prez visiting this week:<\/strong> President Nicos Anastasiades arrives in Cairo on Saturday, 4 September for <a href=\"https:\/\/cyprus-mail.com\/2021\/08\/26\/first-cyprus-egypt-intergovernmental-summit-on-september-4\/\">a joint Egypt-Cyprus summit<\/a>.<\/p>\n<p><strong>South Korea\u2019s Defense Minister will be in town this week. <\/strong>The two-day visit by Suh Wook is the first of its kind to Egypt by a Korean defense minister. Suh\u2019s meetings will include a sit-down with President Abdel Fattah El Sisi before the Korean minister moves on to Oman, the <a href=\"https:\/\/www.koreatimes.co.kr\/www\/nation\/2021\/08\/113_314606.html\">Korea Times<\/a> reports. The expectation is that Suh\u2019s visit will <a href=\"https:\/\/asharq.com\/latest-news\/61XzwxM1yiNkgPGFB92AVv\/\">help lay the groundwork<\/a> for a visit to Egypt by Korea\u2019s president in early 2022.<\/p>\n<p><strong>And the key news triggers as we enter <\/strong><strong>September:<\/strong><\/p>\n<ul>\n<li><strong>PMI:<\/strong> August\u2019s PMI figures for Egypt, KSA and the UAE will land on Sunday, 5 September.<\/li>\n<li><strong>Foreign reserves:<\/strong> The central bank will release foreign reserves figures for August sometime next week.<\/li>\n<li><strong>Inflation:<\/strong> Inflation data for August will drop either next week.<\/li>\n<li><strong>Interest rates:<\/strong> The Central Bank of Egypt will meet to review interest rates on Thursday, 16 September.<\/li>\n<\/ul>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>It\u2019s another hot day in the capital, with day-time highs of 39\u00b0C and lows of 24\u00b0C during the night, according to our favorite weather app. Meanwhile, the mercury in Sahel will reach 31\u00b0C during the day and 23\u00b0C at night.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good afternoon, ladies and gentlemen, and we hope you\u2019re trying to milk as much of the August slowdown as we are, as the news flow looks increasingly like it\u2019s September. THE BIG STORIES TODAY which we\u2019ll cover in greater detail in EnterpriseAM: #1 CBE gives final thumbs up to Arab Investment Bank acquisition: EFG Hermes [&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":[147,107,344,633,157,829,128,185,368,477,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-564401","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-climate-change","tag-covid-19","tag-cryptocurrency","tag-enterprisepm","tag-heliopolis-housing-and-development","tag-housing-and-development-bank","tag-opec","tag-pmi","tag-sustainability","tag-vacsera","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"1b688099-1718-424c-87ee-aeb0aa5514c3","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[564399],"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>TONIGHT: CBE backs AIB acquisition + Dubai could be the MENA crypto capital. Also, watch Hacks tonight and eat at Kazoku - 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\/08\/30\/tonight-cbe-backs-aib-acquisition-dubai-could-be-the-mena-crypto-capital-also-watch-hacks-tonight-and-eat-at-kazoku\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TONIGHT: CBE backs AIB acquisition + Dubai could be the MENA crypto capital. Also, watch Hacks tonight and eat at Kazoku\" \/>\n<meta property=\"og:description\" content=\"Good afternoon, ladies and gentlemen, and we hope you\u2019re trying to milk as much of the August slowdown as we are, as the news flow looks increasingly like it\u2019s September. THE BIG STORIES TODAY which we\u2019ll cover in greater detail in EnterpriseAM: #1 CBE gives final thumbs up to Arab Investment Bank acquisition: EFG Hermes [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/30\/tonight-cbe-backs-aib-acquisition-dubai-could-be-the-mena-crypto-capital-also-watch-hacks-tonight-and-eat-at-kazoku\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-30T13:23:56+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/30\/tonight-cbe-backs-aib-acquisition-dubai-could-be-the-mena-crypto-capital-also-watch-hacks-tonight-and-eat-at-kazoku\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/30\/tonight-cbe-backs-aib-acquisition-dubai-could-be-the-mena-crypto-capital-also-watch-hacks-tonight-and-eat-at-kazoku\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"TONIGHT: CBE backs AIB acquisition + Dubai could be the MENA crypto capital. 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Also, watch Hacks tonight and eat at Kazoku"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/egypt\/#website","url":"https:\/\/enterpriseam.com\/egypt\/","name":"EnterpriseAM","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/egypt\/#organization","name":"EnterpriseAM","url":"https:\/\/enterpriseam.com\/egypt\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/240894.svg","contentUrl":"https:\/\/ent.news\/internal\/240894.svg","caption":"EnterpriseAM"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"}]}},"featured_image_src":null,"featured_image_src_square":null,"author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":558893,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/31\/cbe-oks-acquisition-of-76-of-aib-by-efg-and-sfe\/","url_meta":{"origin":564401,"position":0},"title":"CBE OKs acquisition of 76% of AIB by EFG and SFE","author":"enterpriseam admin","date":"31 August 2021","format":false,"excerpt":"CBE gives final thumbs up to Arab Investment Bank acquisition: EFG Hermes and the Sovereign Fund of Egypt (SFE) have gotten the final go-ahead from the central bank to purchase a 76% stake in the Arab Investment Bank, EFG said in a regulatory filing (pdf) yesterday. The two institutions will\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/313.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":583792,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/20\/this-evening-infinity-power-closes-its-acquisition-of-100-of-lekela-power\/","url_meta":{"origin":564401,"position":1},"title":"THIS EVENING: Infinity Power closes its acquisition of 100% of Lekela Power +","author":"enterpriseam admin","date":"20 March 2023","format":false,"excerpt":"Good afternoon, ladies and gentlemen. We\u2019re officially in the final countdown to Ramadan, with reminders everywhere that we will soon part ways with our morning cup of coffee. Case in point\u2026PSA- The CBE just announced Ramadan working hours for banks: Bank employees will work from 9am-2pm, while customers will have\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/agreement-2-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562343,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/efg-hermes-set-to-transform-into-universal-bank-as-sfe-proves-its-serious-about-public-private-partnership\/","url_meta":{"origin":564401,"position":2},"title":"EFG Hermes set to transform into universal bank as SFE proves it\u2019s serious about public-private partnership","author":"enterpriseam admin","date":"20 May 2021","format":false,"excerpt":"EFG + SFE\u2019s acquisition of AIB gets Cabinet nod: EFG Hermes and the Sovereign Fund of Egypt\u2019s (SFE) acquisition of a combined 76% stake in the Arab Investment Bank (AIB) earned Cabinet approval yesterday, according to a Cabinet statement, bringing us one step closer to Egypt\u2019s first bank privatization in\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/166.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":554879,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/18\/tonight-efg-hermes-is-officially-a-universal-bank-charles-and-camilla-meet-el-sisi-it-hasnt-been-a-great-day-for-em-equities\/","url_meta":{"origin":564401,"position":3},"title":"TONIGHT: EFG Hermes is officially a universal bank + Charles and Camilla meet El Sisi + it hasn\u2019t been a great day for EM equities","author":"enterpriseam admin","date":"18 November 2021","format":false,"excerpt":"Good afternoon, wonderful people \u2014 and mabrouk for making it through a bear of a week. THE BIG STORY TODAY- EFG Hermes is now officially a universal bank: Our friends at EFG Hermes informed shareholders today that the firm has finalized its acquisition of a 51% stake in the Arab\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544136,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/13\/this-evening-efg-looks-to-tap-advisors-for-fab-acquisition-draft-labor-act-gets-final-nod-from-house-countries-tell-citizens-to-leave-ukraine\/","url_meta":{"origin":564401,"position":4},"title":"THIS EVENING: EFG looks to tap advisors for FAB acquisition + Draft Labor Act gets final nod from House + Countries tell citizens to leave Ukraine","author":"enterpriseam admin","date":"13 February 2022","format":false,"excerpt":"Good afternoon, folks: It\u2019s a good news \/ bad news sort of afternoon, with reports of new investment into Egypt\u2019s healthcare sector and new developments in FAB\u2019s potential acquisition of EFG Hermes being balanced with the increasing prospect of major conflict in Europe. Let\u2019s get to it. THE BIG STORIES\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":554899,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/21\/tonight-spac-rules-are-here-hamdok-could-be-returning-as-sudans-pm-plus-talking-regulatory-changes-on-the-egx-at-auc-epea-panel\/","url_meta":{"origin":564401,"position":5},"title":"TONIGHT: SPAC rules are here + Hamdok could be returning as Sudan\u2019s PM. Plus: Talking regulatory changes on the EGX at AUC \/ EPEA panel","author":"enterpriseam admin","date":"21 November 2021","format":false,"excerpt":"Good afternoon, ladies and gents. It\u2019s a slow start to the week, with barely any major news at home or abroad moving the needle. 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