{"id":593270,"date":"2019-11-24T04:12:24","date_gmt":"2019-11-24T04:12:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/24\/what-were-tracking-on-24-november-2019\/"},"modified":"2019-11-24T04:12:24","modified_gmt":"2019-11-24T04:12:24","slug":"what-were-tracking-on-24-november-2019","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/24\/what-were-tracking-on-24-november-2019\/","title":{"rendered":"What we\u2019re tracking on 24 November 2019"},"content":{"rendered":"

<\/a> The capital city\u2019s rumor mill is still in overdrive <\/strong>above a potential cabinet shuffle<\/strong> even though there were no developments over the weekend. The latest speculation out of the domestic press is that Ain Shams University professor Mahmoud El Meteiny could take health from Hala Zayed, while Damietta Governor Manal Awad could take Yasmine Fouad\u2019s position as environment minister, an unnamed government source tells Masrawy<\/a>.<\/p>\n

Media councils getting a shakeup too?<\/strong> The ministerial changes could be preceded by a shuffle in the leadership of the country\u2019s three media regulators \u2014 the Supreme Media Council, National Media Authority, and National Press Council, according to Masrawy\u2019s source. Talk of a shuffle began last week <\/strong>when the high-profile head of the state-owned Akhbar Al-Yom news outlet first raised the topic on the nation\u2019s talk shows.<\/p>\n

Either way, Ghada Waly is leaving cabinet: <\/strong>The long-serving minister of social solidarity has been named the next executive director of the United Nations Office on Drugs and Crime, UN Secretary\u2011General Ant\u00f3nio Guterres said in a statement on Thursday<\/a>. She will also be the next director-general of the United Nations Office in Vienna, the National<\/a> notes. Waly has been a fixture at the cabinet table since 2014.<\/p>\n

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Private markets are \u201clarger than ever\u201d as companies stay private for longer:<\/strong> Once upon a time, conventional wisdom was that companies grew to a certain size in private hands before making their debut on a stock exchange, selling shares to (hopefully) get a higher valuation and raise the money they needed to grow.<\/p>\n

But more companies are staying private for much longer because \u2026 it\u2019s <\/strong>become really easy to raise private capital. <\/strong>Investors have been piling into private market investments as companies are tending to stay private for longer and are increasingly opting for so-called \u201cprivate IPO\u201d fundraising rounds \u2014 and when they do go public, some are executing direct listings instead of IPOs, Goldman Sachs said in a briefing last week. In the last decade, USD 3 tn has flowed into private equity and venture capital funds across the globe<\/strong>, and private funds are on track to raise over USD 100 bn for >10k transactions for the second year in a row.<\/p>\n

Other key takeaways from the Goldman report: <\/strong>VC and PE funds now have competition for transactions from sovereign wealth funds, pension funds, corporate \/ captive VC funds (to say nothing of traditional investors in public quities). Transactions are getting larger (43% of transaction value this year is accounted for by c. 200 of them worth more than USD 100 mn apiece) and companies are raising late-stage rounds more frequently.<\/p>\n

\"enterprise\"<\/a><\/p>\n

Saudi Aramco\u2019s IPO continues to get media attention globally even after <\/strong>bankers scrapped the international component of the transaction. <\/strong>Only Saudi individuals and institutions are buying, and even religious leaders in the kingdom are pushing investors to bid heavily for shares, the Financial Times reports<\/a>. Some SAR 14 bn (nearly USD 4 bn) in retail orders had been received by Thursday, according to Al Arabiya<\/a>, bringing the total order book from retail and institutional investors to SAR 73 bn. The Wall Street Journal<\/a> has a deep dive into Crown Prince Mohammed bin Salman\u2019s determination to bring the IPO to life \u2014 and alleges that doubts expressed by former energy minister Khalid Al Falih saw him swept to the side.<\/p>\n

Other headlines of note<\/strong> in our region and in the global economy:<\/p>\n