{"id":580174,"date":"2022-12-12T13:26:54","date_gmt":"2022-12-12T13:26:54","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/12\/this-evening-pif-could-acquire-united-bank-this-month-for-usd-600-mn\/"},"modified":"2022-12-12T13:26:54","modified_gmt":"2022-12-12T13:26:54","slug":"this-evening-pif-could-acquire-united-bank-this-month-for-usd-600-mn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/12\/this-evening-pif-could-acquire-united-bank-this-month-for-usd-600-mn\/","title":{"rendered":"THIS EVENING: PIF could acquire United Bank this month for USD 600 mn"},"content":{"rendered":"<p><strong>Good afternoon, friends.<\/strong> That busy news flow we\u2019ve been signposting since yesterday morning is taking shape with some big news coming in here at home.<\/p>\n<p><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Saudi Arabia\u2019s sovereign wealth fund could close in on a USD 600 mn<\/strong><strong> acquisition of state-owned United Bank as soon as this month<\/strong>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-12\/saudi-wealth-fund-in-talks-to-buy-egyptian-bank-for-about-600-million?srnd=premium-middle-east&leadSource=uverify%20wall\">Bloomberg<\/a> reports, citing sources it says have knowledge of the matter. The Public Investment Fund (PIF) is nearly done with due diligence on the transaction, and plans to purchase the bank through its Egypt-based investment vehicle, the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/358b6591-3db7-4fa1-bb2f-de2e69e31cc8\">Saudi Egyptian Investment Company<\/a>, the business news service reports.<\/p>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><strong>The international business press has another mixed bag type of afternoon<\/strong>, with no single story dominating headlines. Among the stories getting front-page coverage: Microsoft purchased a 4% stake in the London Stock Exchange Group and will help provide data and analytics infrastructure for the bourse as part of a 10-year partnership (<a href=\"https:\/\/www.cnbc.com\/2022\/12\/12\/microsoft-buys-near-4percent-stake-in-london-stock-exchange-and-launches-10-year-partnership.html\">CNBC<\/a>); Aramco is in the market for investors for a planned USD 110 bn gas development project (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-12\/aramco-is-said-to-approach-investors-on-110-billion-gas-project?srnd=premium-middle-east\">Bloomberg<\/a>); Credit Suisse extended a USD 140 mn loan to doomed financial services company Greensill Capital and accepted \u201csuspicious\u201d invoices claiming non-existent business activities (<a href=\"https:\/\/www.ft.com\/content\/595c3c7e-8652-45da-87eb-ca70da3b1b8f\">Financial Times<\/a>).<\/p>\n<hr class=\"grey-line\">\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>Gulf sovereign wealth funds <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/96fed7db-89ef-4e9d-9cd3-f7ef12107175\">are among 28 bidders<\/a><\/strong><strong> vying for contracts to build the 21 desalination plants<\/strong> the government is tendering to the private sector, Atter Hannoura, director of the Finance Ministry\u2019s PPP unit, told Enterprise.<\/li>\n<li><strong>Shop owners won\u2019t be able to go legit without getting security clearance:<\/strong> Almost all shops required to go legit under the newly-introduced Public Shops Act <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/20b4f6f1-7a55-4aec-8338-26c7870fc2a9\">won\u2019t be granted licenses<\/a> unless they receive security approvals.<\/li>\n<li><strong>Make local investors happy and the foreigners will come, says Moataz Sedky, general manager of Travco Holidays:<\/strong> After reading our five-step recipe for turning Egypt into a global export hub and FDI magnet, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ba2f6472-f2fe-495f-8889-3d0e6957c1c5\">Travco Holidays\u2019 Moataz Sedky<\/a> tells us why he thinks improving the investment climate for local investors is critical to attract FDI from international investors.<\/li>\n<\/ul>\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><a href=\"https:\/\/enactusegypt.org\/\">Enactus Egypt<\/a><\/strong><strong> and the <\/strong><strong><a href=\"https:\/\/www.citigroup.com\/citi\/foundation\/\">Citi Foundation<\/a><\/strong><strong> launched the second phase of social <\/strong><strong>entrepreneurship program Impact@Work<\/strong>, according to a <a href=\"https:\/\/ent.news\/2022\/12\/Impact@Work-EN-PRL.pdf\">press release (pdf)<\/a>. Some 54 university teams representing 9.7k students from various governorates will participate in the competition in July 2023 to demonstrate their efforts in generating a social impact based on their entrepreneurial ideas. The winning team will compete in the Enactus World Cup in the Netherlands in October 2023.<\/p>\n<p><strong>PSA- Companies have until Thursday to register with the Tax Authority\u2019s e-invoicing <\/strong><strong>system.<\/strong> Only 150k companies had signed up to the new system ahead of the previous deadline of 15 December, according to the Tax Authority\u2019s most recent <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b338d2e-7242-4675-8656-d831457321b3\">tally<\/a> at the end of November, which is well below a sought goal of 1 mn companies to register under the system.<\/p>\n<p><strong>REMEMBER- This deadline no longer applies to the self-employed:<\/strong> The Finance Ministry <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2bf798f1-37dd-4862-b1eb-536f8c97a47f\">pushed the deadline<\/a> for self-employed professionals \u2014 including doctors, pharmacists and lawyers \u2014 to 30 April 2023 after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f4811d17-4f27-4d5b-afef-3cbec01f797b\">widespread opposition<\/a> to the system.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>Expect a mainly sunny day tomorrow with a daytime high of 23\u00b0C and a nighttime low of 15\u00b0C, according to our favorite weather app.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good afternoon, friends. That busy news flow we\u2019ve been signposting since yesterday morning is taking shape with some big news coming in here at home. THE BIG STORY TODAY Saudi Arabia\u2019s sovereign wealth fund could close in on a USD 600 mn acquisition of state-owned United Bank as soon as this month, Bloomberg reports, citing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":580175,"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":[633,219,7193,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-580174","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-tonight","tag-enterprisepm","tag-saudi-arabia","tag-united-bank","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"06d1e997-9204-4da3-9f09-ac30cb48ae3f","order":"0","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2022\/12\/688.jpg","photo_position":"above","related_issue":[580172],"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>THIS EVENING: PIF could acquire United Bank this month for USD 600 mn - 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\/2022\/12\/12\/this-evening-pif-could-acquire-united-bank-this-month-for-usd-600-mn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: PIF could acquire United Bank this month for USD 600 mn\" \/>\n<meta property=\"og:description\" content=\"Good afternoon, friends. That busy news flow we\u2019ve been signposting since yesterday morning is taking shape with some big news coming in here at home. THE BIG STORY TODAY Saudi Arabia\u2019s sovereign wealth fund could close in on a USD 600 mn acquisition of state-owned United Bank as soon as this month, Bloomberg reports, citing [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/12\/this-evening-pif-could-acquire-united-bank-this-month-for-usd-600-mn\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-12T13:26:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/688.jpg?fit=%2C&ssl=1\" \/>\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\/2022\/12\/12\/this-evening-pif-could-acquire-united-bank-this-month-for-usd-600-mn\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/12\/this-evening-pif-could-acquire-united-bank-this-month-for-usd-600-mn\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"THIS EVENING: PIF could acquire United Bank this month for USD 600 mn\",\"datePublished\":\"2022-12-12T13:26:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/12\/this-evening-pif-could-acquire-united-bank-this-month-for-usd-600-mn\/\"},\"wordCount\":578,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/12\/this-evening-pif-could-acquire-united-bank-this-month-for-usd-600-mn\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/688.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterprisePM\",\"Saudi Arabia\",\"United Bank\",\"WHAT WE\u2019RE TRACKING TONIGHT\"],\"articleSection\":[\"WHAT WE\u2019RE TRACKING TONIGHT\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/12\/this-evening-pif-could-acquire-united-bank-this-month-for-usd-600-mn\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/12\/this-evening-pif-could-acquire-united-bank-this-month-for-usd-600-mn\/\",\"name\":\"THIS EVENING: PIF could acquire United Bank this month for USD 600 mn - 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That busy news flow we\u2019ve been signposting since yesterday morning is taking shape with some big news coming in here at home. THE BIG STORY TODAY Saudi Arabia\u2019s sovereign wealth fund could close in on a USD 600 mn acquisition of state-owned United Bank as soon as this month, Bloomberg reports, citing [&hellip;]","og_url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/12\/this-evening-pif-could-acquire-united-bank-this-month-for-usd-600-mn\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2022-12-12T13:26:54+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/688.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/12\/this-evening-pif-could-acquire-united-bank-this-month-for-usd-600-mn\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/12\/this-evening-pif-could-acquire-united-bank-this-month-for-usd-600-mn\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"THIS EVENING: PIF could acquire United Bank this month for USD 600 mn","datePublished":"2022-12-12T13:26:54+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/12\/this-evening-pif-could-acquire-united-bank-this-month-for-usd-600-mn\/"},"wordCount":578,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/12\/this-evening-pif-could-acquire-united-bank-this-month-for-usd-600-mn\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/688.jpg?fit=%2C&ssl=1","keywords":["EnterprisePM","Saudi Arabia","United Bank","WHAT WE\u2019RE TRACKING TONIGHT"],"articleSection":["WHAT WE\u2019RE TRACKING TONIGHT"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/12\/this-evening-pif-could-acquire-united-bank-this-month-for-usd-600-mn\/","url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/12\/this-evening-pif-could-acquire-united-bank-this-month-for-usd-600-mn\/","name":"THIS EVENING: PIF could acquire United Bank this month for USD 600 mn - 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The Public Investment Fund (PIF) is in \u201cadvanced talks\u201d\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\/2022\/12\/252.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581760,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/valuation-dispute-puts-saudi-united-bank-acquisition-at-risk\/","url_meta":{"origin":580174,"position":1},"title":"Valuation dispute puts Saudi United Bank acquisition at risk","author":"enterpriseam admin","date":"23 February 2023","format":false,"excerpt":"Saudi wealth fund takeover of United Bank in jeopardy? The Public Investment Fund (PIF) has reportedly hit \u2018pause\u2019 on talks for the acquisition of state-owned United Bank due to a dispute over its valuation, Bloomberg and Reuters reported yesterday, citing sources they claim are familiar with the matter. The two\u2026","rel":"","context":"In &quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/PIF-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582656,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/12\/cbe-seeks-advisors-for-united-bank-sale\/","url_meta":{"origin":580174,"position":2},"title":"CBE seeks advisors for United Bank sale","author":"enterpriseam admin","date":"12 March 2023","format":false,"excerpt":"Talks have been stalled with the Saudis since last month.","rel":"","context":"In &quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Central-Bank-of-Egypt-1600-px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":552219,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/this-evening-did-the-pif-lock-down-its-united-bank-purchase-ofh-is-setting-up-a-vc-fund-this-year\/","url_meta":{"origin":580174,"position":3},"title":"THIS EVENING: Did the PIF lock down its United Bank purchase? + OFH is setting up a VC fund this year","author":"enterpriseam admin","date":"21 August 2022","format":false,"excerpt":"Good afternoon, friends, and welcome to another relatively busy Sunday afternoon to disprove the conventional wisdom that Augusts are slow in the land of news.THE BIG STORY TODAY Orascom Financial Holding (OFH) plans to establish a c.USD 30 mn tech venture capital fund by the end of this year, CEO\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":548410,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/08\/saudi-wealth-fund-could-acquire-united-bank-this-year-appoints-advisers-on-transaction\/","url_meta":{"origin":580174,"position":4},"title":"Saudi wealth fund could acquire United Bank this year, appoints advisers on transaction","author":"enterpriseam admin","date":"8 August 2022","format":false,"excerpt":"Saudi Arabia\u2019s sovereign wealth fund could purchase United Bank from the Central Bank of Egypt (CBE) before the end of the year, according to Hapi Journal. The Public Investment Fund (PIF) is close to wrapping up due diligence on the bank and the acquisition is expected to be finalized by\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\/2022\/8\/185.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548772,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/22\/saudi-wealth-fund-is-sizing-up-egyptalum-and-potentially-egyptian-media-production-city-united-bank\/","url_meta":{"origin":580174,"position":5},"title":"Saudi wealth fund is sizing up EgyptAlum \u2014 and potentially Egyptian Media Production City + United Bank","author":"enterpriseam admin","date":"22 August 2022","format":false,"excerpt":"Saudi Arabia\u2019s sovereign wealth fund is making headlines in Cairo with at least three possible high-profile acquisitions now appearing to be in its pipeline, including an aluminum maker, a bank and Egyptian Media Production City. The fund has not confirmed any of the three potential transactions.A stake in EgyptAlum? 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