{"id":564420,"date":"2021-08-31T13:40:22","date_gmt":"2021-08-31T13:40:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/31\/tonight-amethis-closes-mena-pe-fund-global-stocks-hit-new-record-highs-as-crude-slumps-south-korean-defense-minister-in-town\/"},"modified":"2021-08-31T13:40:22","modified_gmt":"2021-08-31T13:40:22","slug":"tonight-amethis-closes-mena-pe-fund-global-stocks-hit-new-record-highs-as-crude-slumps-south-korean-defense-minister-in-town","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/31\/tonight-amethis-closes-mena-pe-fund-global-stocks-hit-new-record-highs-as-crude-slumps-south-korean-defense-minister-in-town\/","title":{"rendered":"TONIGHT: Amethis closes MENA PE fund + Global stocks hit new record highs as crude slumps; South Korean defense minister in town."},"content":{"rendered":"

Good afternoon, wonderful people. We hope hump day has been good to you<\/strong> and that you\u2019re ready for the downhill slide into the last weekend of summer.<\/p>\n

THE BIG STORIES TODAY-<\/strong><\/p>\n

<\/a> #1- Africa-focused private equity outfit Amethis has hit a USD 101 mn first close<\/strong> on a fund with a big earmark for Egypt. The SME-focused fund will invest in Egypt, Morocco, Tunisia and Jordan. Limited partners in the first close include a Who\u2019s Who of DFIs with a proven interest in our part of the world as well as private investors and Edmond de Rothschild group.<\/p>\n

#2- Upmarket real estate developer SODIC says it looks forward to resuming sales and <\/strong>collections at two high-profile projects \u201cimminently\u201d <\/strong>as it finalizes a new plot with the New Urban Communities Authority. The news comes after SODIC disclosed earlier this week that it would have to change the location of a 500 feddan plot in New Zayed at the request of the Housing Ministry.<\/p>\n

^^ We\u2019ll have chapter and verse on both stories <\/strong>in tomorrow\u2019s edition of EnterpriseAM.<\/p>\n

HAPPENING NOW- South Korean Defense Minister Suh Wook is in town<\/strong> and is meeting now with President Abdel Fattah El Sisi at the presidential palace, Ittihadiya said in a statement<\/a> this morning. This is the first time<\/a> a South Korean defense minister has visited Egypt. Suh will also hold talks with Egyptian Defense Minister Mohamed Zaki during the two-day visit.<\/p>\n

HAPPENING ABROAD- Jury selection in the trial of Theranos founder Elizabeth Holmes <\/strong>is set to <\/strong>get underway shortly<\/a><\/strong>. <\/strong>Holmes, a university dropout who styled herself after Steve Jobs, is accused of defrauding investors. The case is to white-collar crime in the 2010s and 2020s what Enron was back at the turn of the century \u2014 and the house of cards came crashing down thanks to reporting by the Wall Street Journal\u2019s John Carreyrou. We had a primer on the case yesterday<\/a>, including a pointer to Carreyrou\u2019s podcast if you\u2019re following the tick-tock of the trial.<\/p>\n

THE MARKETS TODAY-<\/strong><\/p>\n

Global stocks are ending August on a high note<\/strong>, notching fresh record highs amid strong corporate earnings and a sustained global recovery, Reuters<\/a> reports. The MSCI world index was up 0.4% as of 3pm CLT, putting it on course for a seventh consecutive month of gains. Asian stocks rebounded after losses earlier in the day, while Wall Street futures closed at or near record highs on Monday. The USD, meanwhile, fell to a three-week low as traders embraced riskier assets.<\/p>\n

Inflation fears in Europe:<\/strong> After briefly hitting fresh record highs earlier this morning, European shares fell back on higher than expected inflation data that raises the possibility that the European Central Bank could soon begin to withdraw covid stimulus. Most European indexes were in the red at the time of dispatch, with the Stoxx 600 down 0.2%, the FTSE100 losing 0.6% and the DAX down 0.4%.<\/p>\n

The EGX has had a good month of August<\/strong>, with the benchmark index holding onto its gains and closing month #8 up 2.8% for the year so far.<\/p>\n

US crude is heading towards its biggest monthly slump this year<\/strong> ahead of OPEC+ meeting tomorrow, where the oil cartel will weigh bringing online additional production, Bloomberg<\/a> reports. The group is expected to restore some 400k barrels a day, as Hurricane Ida passes in the US and expectations that reduced demand for crude, resulting from the spread of the Delta variant, will soon pick up. WTI is down around 7% this month at USD 69 a barrel, the largest monthly loss since October of last year. Brent is currently down more than 4%<\/sup> from the beginning of August to under USD 73 \/ bbl.<\/p>\n

** CATCH UP QUICK<\/strong> on the top stories from this morning\u2019s EnterpriseAM:<\/strong><\/p>\n