{"id":588184,"date":"2023-06-07T00:00:00","date_gmt":"2023-06-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/07\/evolve-azimut-gold-fund-sees-strong-investor-demand-plus-dhl-maire-tecnimont-x-kima\/"},"modified":"2023-06-07T00:00:00","modified_gmt":"2023-06-07T00:00:00","slug":"evolve-azimut-gold-fund-sees-strong-investor-demand-plus-dhl-maire-tecnimont-x-kima","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/07\/evolve-azimut-gold-fund-sees-strong-investor-demand-plus-dhl-maire-tecnimont-x-kima\/","title":{"rendered":"Evolve-Azimut gold fund sees strong investor demand. PLUS: DHL, Maire Tecnimont x Kima,"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">CAPITAL MARKETS- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Gold rush:<\/span><span style=\"\"> The first tranche of Egypt\u2019s first gold fund was more than 15x oversubscribed, raising <\/span><span>EGP 153 mn from over 7k primarily local investors, Evolve Holding founder and CEO Sameh El Torgoman was quoted as telling <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/tinyurl.com\/mry4jvjp\" style=\"\">Bloomberg Asharq<\/a><\/span><span>. Fund managers Evolve and Azimut could look to open the gold fund to investors for a second round after 3Q 2023 \u201cwith a different mechanism,\u201d Torgoman added, without providing details. The two companies <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a0f44c41-ff88-4e13-bc3f-aa66ea6f7f9a\" style=\"\">launched<\/a><\/span><span style=\"font-weight:400;\"> the fund last month<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER- <\/span><span style=\"\">The strong demand for the fund comes amid soaring appetite for the precious <\/span><span>metal due to the current economic uncertainty. The price of 21-carat gold has rise<\/span><span>n 40%<\/span><span> to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/2904680\" style=\"\">EGP 2,350 per gram<\/a><\/span><span> since the beginning of the year as savers look for safe havens to hedge against the weaker EGP.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">LOGISTICS-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">DHL wants to make Egypt its springboard for Africa: <\/span><span style=\"\">DHL plans to expand its operations <\/span><span>here to form a logistics hub for the African continent, DHL Express CEO John Pearson told Moustafa Madbouly during a meeting, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0JLmbm3YXfyZj5fUWif2CpcVeVvTMSmDqAzTMK3VWhWctLQw8Ryiturz6kxUisjKql?__cft__[0]=AZVAz8QmkUE5dYYvNdegKDqsctO_q0gT8jbfXooNKMJsxbUWk3k_2QA6T6hcYLtnYc-d0JeQlfWVJ0c8r2VLhhpTTJdJwKLh1vEDUw4cHiqE1AoslThQF293JuMMRgQM8WRFdETDgmBAzO0QJXraplumEjXab6tCt6DrQ69-5QBvJsv2VKbwPOpY5cZyAk4lpRk&__tn__=%2CO%2CP-R\" style=\"\">cabinet statement<\/a><\/span><span style=\"font-weight:400;\">. The firm aims to increase the number of its cargo flights to Egypt, Pearson said, adding that DHL has already invested more than EGP 1 bn in the local market. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">NBFS-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Contact Financial subsidiary Contact Credit has introduced a new motorcycle financing <\/span><span style=\"font-weight:700\">product<\/span><span>, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/316.pdf\" style=\"\">press release (pdf)<\/a><\/span><span style=\"font-weight:400;\">. The product allows Contact customers to finance motorcycles, scooters, golf carts, beach buggies, and motorsport equipment worth up to EGP 2 mn in installments over periods of up to five years. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">AUTOMOTIVE-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/aaamafrica.com\/\" style=\"\">African Association of Automotive Manufacturers<\/a><\/span><span style=\"font-weight:700\"> (AAAM) is set to provide the Trade <\/span><span style=\"font-weight:700\">Ministry\u2019s automotive industry unit with technical support <\/span><span>to help it carry out the government\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a06d4ec-4025-490e-8842-45c8a9fe0d8a\" style=\"\">automotive strategy<\/a><\/span><span>, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0v7KpxA8SpW4ddKxdK8z1DwHo5zhdcDGmozYd66Gp3q8rtaTE3JXvqbbpZMvUDPqEl\" style=\"\">cabinet statement<\/a><\/span><span style=\"font-weight:400;\">. An MoU inked on Sunday will see the organization structure the automotive industry unit, work on a system to automate its operations, create a guide for production incentives, and draft information memos for investors.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REFRESHER-<\/span><span style=\"\"> The strategy \u2014 known as the Automotive Industry Development Program \u2014 <\/span><span>seeks to incentivize local assembly and component manufacturing and boost export volumes. AAAM expects Egypt\u2019s automotive industry to become the largest market in the continent by the middle of the next decade, representatives previously <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7a265bb5-cf07-4f72-9825-d4be3dd8e71f\" style=\"\">told<\/a><\/span><span style=\"font-weight:400;\"> Enterprise.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">PETROCHEMICALS-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Maire Tecnimont to take on Kima\u2019s nitric acid project: <\/span><span style=\"\">EGX-listed, state-controlled Egyptian <\/span><span>Chemical Industries (Kima) approved an offer from Italian contractor Maire Tecnimont to take the reins on its nitric acid and ammonium nitrate project, the company said in an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/295.PDF\" style=\"\">EGX disclosure (pdf)<\/a><\/span><span>. The project will cost some <\/span><span>USD 297 mn<\/span><span>, down from the USD 323 mn Maire Tecnimont originally requested, per the disclosure. It will produce some<\/span><span>600 tons of nitric acid and 665 <\/span><span>tons of ammonium nitrate a day once operational, with construction expected to take two years. The two companies late last year <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/689da38b-0ede-451c-b066-7dfb37f1eb0c\" style=\"\">settled a dispute<\/a><\/span><span style=\"font-weight:400;\"> over former projects. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Kima shares soared on the news: <\/span><span>Kima\u2019s stock price rose over 10% during yesterday\u2019s trading to close a<\/span><span>t <\/span><span>EGP 8.68<\/span><span>, prompting the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/298.jpg\" style=\"\">EGX (pdf)<\/a><\/span><span style=\"font-weight:400;\"> to temporarily suspend trading on its shares.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">SMES-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Support for MSMEs in East Port Said: <\/span><span style=\"\">The Micro, Small and Medium Enterprise Development <\/span><span>Agency (MSMEDA) inked an MoU with <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/company\/east-port-said-development\/?originalSubdomain=eg\" style=\"\">East Port Said Development<\/a><\/span><span> to support MSMEs in the East Port Said Industrial Zone, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0uUrD6U3ikAdSBeEX5acZLLLpfM7ZjKp72DFXKXMaNE1ayTwkfKtQA2JmVwc511s8l\" style=\"\">cabinet said<\/a><\/span><span style=\"font-weight:400;\">. The agreement aims to provide small enterprises with infrastructure, industrial space, services, finance, training, and other technical support in a bid to increase investment in the area and create jobs. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">FINANCE- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">CIB x Noon:<\/span><span style=\"\"> C<\/span><span style=\"\">IB <\/span><span style=\"\">has launched a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cibeg.com\/ar\/personal\/cards\/credit\/cib-noon?utm_source=pr&utm_medium=paid&utm_content=text&sc_camp=140EEF9D6CD240FDF570558E028637E7&utm_campaign=noon-cc-launch-2023&utm_term=june-pr-ar\" style=\"\">new credit card<\/a><\/span><span style=\"\"> in collaboration with online shopping platform <\/span><span>Noon, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/345.pdf\" style=\"\">joint statement (pdf)<\/a><\/span><span style=\"font-weight:400;\">. Card holders will be entitled to a range of offers and discounts when using the card on Noon\u2019s platform and will be able to pay for items in installments of up to 15 months. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The fund was more than 15x oversubscribed, raising EGP 153 mn<\/p>\n","protected":false},"author":1,"featured_media":588185,"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":[7209],"tags":[10648,111,144,3305,102,240,514,933,3663,72,544,7087,7093,253,145,10663,131,595,578,705,287],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-588184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-african-association-of-automotive-manufacturers","tag-also-on-our-radar","tag-automotive","tag-azimut-egypt-asset-management","tag-capital-markets","tag-cib","tag-consumer-finance","tag-contact-financial","tag-dhl","tag-enterpriseam","tag-evolve-investment-holding","tag-finance","tag-gold","tag-kima","tag-logistics","tag-maire-tecnimont","tag-manufacturing","tag-non-banking-financial-services","tag-noon","tag-petrochemicals","tag-smes","wpautop","entry"],"acf":{"mongo_id":"2ffa4509-4326-4177-bb87-b17ed8d17558","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/340.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s first gold fund sees strong investor demand. PLUS: DHL, Maire Tecnimont x Kima,","related_issue":[588164],"teaser":"The fund was more than 15x oversubscribed, raising EGP 153 mn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.4be9be4d-7b3a-4123-a02d-7805c32fdd27.mp3"},"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>Evolve-Azimut gold fund sees strong investor demand. PLUS: DHL, Maire Tecnimont x Kima, - 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\/2023\/06\/07\/evolve-azimut-gold-fund-sees-strong-investor-demand-plus-dhl-maire-tecnimont-x-kima\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Evolve-Azimut gold fund sees strong investor demand. 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