{"id":566682,"date":"2021-07-07T13:48:02","date_gmt":"2021-07-07T13:48:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/07\/tonight-efg-hermes-reaches-first-close-of-vortex-energy-iv-fund-consumer-finance-players-get-vat-exemption-also-take-us-to-iceland\/"},"modified":"2021-07-07T13:48:02","modified_gmt":"2021-07-07T13:48:02","slug":"tonight-efg-hermes-reaches-first-close-of-vortex-energy-iv-fund-consumer-finance-players-get-vat-exemption-also-take-us-to-iceland","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/07\/tonight-efg-hermes-reaches-first-close-of-vortex-energy-iv-fund-consumer-finance-players-get-vat-exemption-also-take-us-to-iceland\/","title":{"rendered":"TONIGHT: EFG Hermes reaches first close of Vortex Energy IV Fund. + Consumer finance players get VAT exemption. ALSO: Take us to Iceland."},"content":{"rendered":"

It\u2019s a finance heavy issue today,<\/strong> ladies and gentlemen, new transactions, private equity funds and FDI news coming in through the pipeline.<\/p>\n

THE BIG STORY TODAY- Our friends at EFG Hermes have reached the first close of its renewables-focused Vortex Energy IV fund<\/strong>, with USD 200 mn in funding secured. We sat down with head of Private Equity and Asset Management at EFG Hermes and CEO of Vortex Energy Karim Moussa who talked us through where these investments will be deployed and why and EFG\u2019s ambitions for the fund. You can read more in the Speed Round below.<\/p>\n

Mabrouk, consumer finance players,<\/strong> the Tax Authority will give you a VAT exemption following an agreement with the Financial Regulatory Authority. We dive deeper into the move in the Speed Round below.<\/p>\n

PSA- In other finance news, state-owned banks were given the greenlight to offer commercial and real estate registry services to their clients, <\/strong>provided they table a request to the Central Bank of Egypt to set up a service desk in their branches. Privately-owned banks will be allowed to follow suit at a later stage, the CBE said in a letter to lenders (pdf)<\/a>.<\/p>\n

<\/a> Calling all brokers: <\/strong>A mockup session to trial a new proposed mechanism for closing auctions on the EGX is taking place tomorrow between 3-4:30 pm CLT, the exchange said in a bulletin<\/a>. At least one representative from all licensed brokerage firms needs to be present at the EGX trading floor during the trial sessions. Two more sessions will be held at the same time on Sunday and Monday.<\/p>\n

enterprise<\/p>\n

HAPPENING NOW- El bab yefawet gammal (we hope): <\/strong>The Ever Given has made its way out of the Bitter Lake, where it\u2019s been held up for nearly three months since it was confiscated by the Suez Canal Authority (SCA). The vessel got the green light to leave after the Ismailia Economic Court ordered the release of the Ever Given earlier this week<\/a>.<\/p>\n

You can catch-up on a livestream of the signing ceremony and the ship sailing out of the waterway here<\/strong> (watch, runtime: 7:49<\/a>). Let\u2019s hope it doesn\u2019t get stuck on the way out.<\/p>\n

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