{"id":605741,"date":"2023-09-05T00:00:00","date_gmt":"2023-09-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/05\/egypts-future-credit-rating-agency-2-plus-news-from-midbank-banque-misr-egypt-air-and-more\/"},"modified":"2023-09-05T00:00:00","modified_gmt":"2023-09-05T00:00:00","slug":"egypts-future-credit-rating-agency-2-plus-news-from-midbank-banque-misr-egypt-air-and-more","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/05\/egypts-future-credit-rating-agency-2-plus-news-from-midbank-banque-misr-egypt-air-and-more\/","title":{"rendered":"Egypt\u2019s future credit rating agency #2? PLUS: news from MidBank, Banque Misr, Egypt Air and more"},"content":{"rendered":"

CAPITAL MARKETS- <\/strong><\/p>\n

First entrant in the race to set up a second credit rating agency: <\/strong> MGM Financial and Banking Consultants Chairman Gamal Moharam have partnered up with unnamed investors to bid for a license to build a new credit agency, he is quoted as telling Al Ma<\/a> l<\/a>. <\/p>\n

We had an idea this was coming: <\/strong>Moharam\u2019s consortium has been in talks with the FRA to form the country\u2019s second credit rating agency since last year<\/a>. The investors were at the time looking to hire an ex-Moody\u2019s industry expert to head the firm, Dreny and Partners Founding Partner Moataz Dreny told us.<\/p>\n

REMEMBER- <\/strong> The FRA last month opened applications<\/a> for a new local credit rating agency, saying that it would award a license to just one company. Firms have until 22 November to apply. The country currently only has one domestic credit rating agency, the Middle East Rating and Investors Service (MERIS).<\/p>\n

BANKING- <\/strong><\/p>\n

#1- Midbank gets on the Instapay bandwagon: <\/strong>Midbank has announced that its clients will have access to instant payment network Instapay, it said in a LinkedIn<\/a> post<\/a>. Instapay allows users to transfer money instantly between bank accounts and digital wallets. <\/p>\n

#2- Banque Misr x Tatweer Misr: <\/strong> Banque Misr is set to provide real estate developer Tatweer Misr\u2019s smart cities, BM said in a statement (pdf)<\/a>. Banque Misr will roll out its services to customers across six of the developer\u2019s smart projects in Cairo, Ain Sokhna, the Red Sea, and the North Coast.<\/p>\n

CONSTRUCTION- <\/strong><\/p>\n

Local construction companies eyeing business in Iraq: <\/strong>The Housing Ministry is putting together a list of local construction companies that it recommends for taking on infrastructure projects in Iraq,Housing Minister Assem El Gazzar said<\/a> in a meeting with Iraqi Ambassador to Egypt Ahmed Al Dulaimi. El Gazzar met with his Iraqi counterpart<\/a> last month to discuss the potential involvement of Egyptian construction companies in Iraqi development projects. Egypt has long advocated<\/a> to get our firms involved in the country\u2019s reconstruction. <\/p>\n

TRANSPORT- <\/strong><\/p>\n

EgyptAir lands in Sao Paulo: <\/strong>EgyptAir yesterday touched down in Sao Paulo, Brazil, for the first time, according to Youm7<\/a>. The national flag carrier will make two flights a month between Cairo and the Brazilian city.<\/p>\n

PHARMA- <\/strong><\/p>\n

Some relief for the pharma sector: <\/strong>A backlog of pharma raw materials imports worth some USD 120-130 mn stuck at our ports could be cleared this month, Gamal El Leithy, head of the Federation of Egyptian Industries\u2019 pharma division, is quoted as telling Al Borsa<\/a>. The FX crunch has meant that companies have only been able to access 30% of the needed imported raw materials in recent months, putting pressure on local medical supplies<\/a> and triggering fears of shortages.<\/p>\n","protected":false},"excerpt":{"rendered":"

The chairman of MGM Financial and Banking Consultants is partnering with investors to form a rating agency<\/p>\n","protected":false},"author":1,"featured_media":605742,"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":[111,3049,204,576,102,130,880,72,76,183,1719,1458,11558,1884,427,83,3224,238,207],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-605741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-assem-el-gazzar","tag-banking","tag-banque-misr","tag-capital-markets","tag-construction","tag-egyptair","tag-enterpriseam","tag-financial-regulatory-authority","tag-fintech","tag-housing-ministry","tag-instapay","tag-mgm-financial-and-banking-consultants","tag-midbank","tag-pharma","tag-real-estate","tag-tatweer-misr","tag-tourism","tag-transport","wpautop","entry"],"acf":{"mongo_id":"170b7556-9e78-423d-9768-b637f6a95f2d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/334.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s future credit rating agency #2? 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