{"id":609934,"date":"2023-11-13T00:00:00","date_gmt":"2023-11-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/13\/the-developer-of-the-new-capital-has-received-offers-to-advise-on-its-planned-ipo\/"},"modified":"2023-11-13T00:00:00","modified_gmt":"2023-11-13T00:00:00","slug":"the-developer-of-the-new-capital-has-received-offers-to-advise-on-its-planned-ipo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/13\/the-developer-of-the-new-capital-has-received-offers-to-advise-on-its-planned-ipo\/","title":{"rendered":"The developer of the new capital has received offers to advise on its planned IPO"},"content":{"rendered":"

Good morning, friends. <\/strong>It\u2019s a reasonably brisk morning for news: Lamees El Hadidi tore a strip off policymakers last night as she criticized the slow pace of the privatization program<\/strong>, and the Grand Egyptian Museum<\/strong> is getting plenty of ink after Tourism Ministry Ahmed Issa suggested it could open by next spring. <\/p>\n

SMART POLICY- <\/strong>We also think it notable this morning that Volkswagen<\/strong> is going to work with the state on a study to set up an automotive-assembly and part-manufacturing zone on the banks of the Suez Canal. Single-industry industrial clusters make sense a mn different ways, as we\u2019ve previously discussed<\/a>.<\/p>\n

KIND POLICY- We\u2019re still singing the praises of Google<\/strong>, which as we noted yesterday gave<\/a>a blanket extension of service to many Egyptian companies<\/a> that are having problems paying for services on domestic credit cards in the wake of currency controls handed down by banks and the CBE. Amazon Web Services and Microsoft, among others, need to follow suit and show they support their small and medium-sized business clients.<\/p>\n

<\/a> MEANWHILE- <\/strong>Core inflation slows again in October:<\/strong>Core inflation eased in October for the fourth consecutive month, according to c<\/a>entral bank figures<\/a> released yesterday. Core prices \u2014 which strip out volatile items such as food and fuel \u2014 slowed to 38.1% y-o-y during the month from 39.7% in September. On a monthly basis, core inflation slowed to 1.8% from 3.0% in September.<\/p>\n

This comes after figures released by Capmas last week showed that annual urban <\/strong>inflation <\/strong>eased<\/a><\/strong>for the first time in six months<\/a><\/strong> in October on the back of slowing food prices. Both headline and core inflation rates have soared to record highs this year on the back of a series of currency devaluations and a chronic FX shortage.<\/p>\n

WATCH THIS SPACE- <\/strong><\/p>\n

#1- ACUD receives offers from financial advisors for its 2024 IPO:<\/strong> The Administrative Capital for Urban Development Company (ACUD) has received offers from several firms to act as financial advisor ahead of an initial public offering on the EGX, its chairman Khaled Abbas said at Al Mal\u2019s Real Estate Debate<\/a> on Sunday, according to Asharq Business<\/a>. The company in charge of developing Egypt\u2019s new capital revived its IPO plans \u2014 in the works since 2021 \u2014 in September<\/a>, saying it would offer 10-15% of its shares to investors.<\/p>\n

There\u2019s plenty we don\u2019t know about the IPO<\/strong>, including whether ACUD will market it to international as well as domestic investors, what its financials look like, and how the company values itself.<\/p>\n

A first look at the company\u2019s finances:<\/strong> ACUD booked EGP 10 bn in net income during the first half of 2023, Abbas revealed at the conference<\/a> yesterday. The company is a joint venture between the military and the Housing Ministry and will be required as part of the IPO process to make its finances public.<\/p>\n

#2- An updated law on informal housing to be introduced by the end of the year<\/strong>: A bill that will make it easier for owners of illegal buildings to go legit is under final discussion in the State Council and will be announced within two to three weeks, the parliamentary Housing Committee\u2019s undersecretary Tarek Shoukry said at yesterday\u2019s Real Estate Debate, Al Mal<\/a> reported. <\/p>\n

Background<\/strong>: Legislation dating from 2019 gives owners of illegal buildings the option to pay reconciliation fees to allow them to legalize their building. Only a fraction of the 2.8 mn reconciliation requests<\/a> were processed, due in large part to bureaucratic challenges managing data throughout the process. The new bill, which received initial approval<\/a> in 2022, is expected to streamline the bureaucratic process. <\/p>\n

<\/a> #3- Trouble on the rails: <\/strong>French rolling stock manufacturer Alstom is in a pickle: The company\u2019s shares have plunged in value after it warned last month<\/a> that it faced a cash flow squeeze, prompting the market to raise flags about the company\u2019s debt position \u2014 setting up the possible loss of its investment grade rating, the Financial Times<\/a> writes. That could set off a downward spiral. Management says that upcoming down payments on projects will help keep it afloat \u2014 but some analysts believe that the only way forward is to sell assets. <\/p>\n

A bankrupt (or otherwise resource-constrained) Alstom is really bad news for us: <\/strong>The company has a long list of Egyptian projects in the pipeline. It is currently looking to establish<\/a>two factories<\/a> in Borg El Arab to produce electrical systems and metro and monorail rolling stock and is leading the consortium<\/a> in charge of the Sixth of October-new capital monorail. Alstom is also heavily involved with our efforts to expand the Cairo Metro, with the company penciled in to provide new rolling stock<\/a> for Metro Line 1 and signaling and control systems<\/a> for the third phase of Metro Line 3<\/a>.<\/p>\n

HAPPENING TODAY-<\/strong><\/p>\n

<\/a> #1- <\/strong>CBE to refinance FX debt in t-bill auction: <\/strong>The Central Bank of Egypt will hold an auction to refinance USD 1.6 bn of USD-denominated one-year t-bills due to mature on 14 November, according to data on its website. <\/p>\n

Expect borrowing costs to be higher:<\/strong> The government will likely have to refinance the debt at a higher rate than the maturing bills, which were sold last November at a 4.598% interest rate. The central bank agreed to pay 5.149% on a similar auction in June \u2014 the last time it sold USD-denominated bonds in the local market.<\/p>\n

#2- The House is in session: <\/strong>MPs are meeting today to discuss and vote on amendments to the 2020 SMEs laws that, if passed, would grant financing handed out by the SMEs Development Agency the same exemptions and benefits afforded under the Banking Act. <\/p>\n

Also on the agenda: <\/strong>The House will also vote on three presidential decrees: Banning double<\/a>taxation<\/a> on profits generated from air transport between Egypt and Brazil, a CAD 10 mn grant<\/a> from the Canadian government to enhance food security and fight climate change, and Egypt joining<\/a> the Basel Convention<\/a>, which aims to regulate the trade and disposal of hazardous waste.<\/p>\n

AND- <\/strong>Public Enterprises Minister Mahmoud Esmat will join the House Industrial Committee to discuss the ministry\u2019s strategy to boost the performance of its affiliated holding companies.<\/p>\n

#3- Egypt is the focus of day five at the <\/strong>Intra-African Trade Fair<\/a><\/strong>, with Elsewedy Electric CEO Ahmed Elsewedy and Hassan Allam Construction\u2019s Mohamed Taher set to take the stage alongside other leaders in the private and public sectors penciled in on the day\u2019s agenda (pdf)<\/a>.<\/p>\n

HAPPENING THIS WEEK<\/strong><\/p>\n

The Egypt VC Summit is nearly upon us: <\/strong>Venture capitalists will descend on the Hilton Hotel in central Cairo tomorrow for the Egypt VC Summit<\/a>, which will run through Wednesday. Flat6Labs\u2019 Dina El Shenoufy, GAFI\u2019s Hossam Heiba, FRA\u2019s Mohamed Farid, and other industry players. The gathering wraps up tomorrow. <\/p>\n

ALSO HAPPENING SOON-<\/strong><\/p>\n

Erdogan is coming to Egypt: <\/strong>Turkish President Recep Erdogan is set to visit Egypt in the coming weeks, according to AFP<\/a>. The planned visit \u2014 a first since diplomatic relations broke down in 2013 \u2014 comes amid the diplomatic efforts in the region to end Israel\u2019s war on Gaza. <\/p>\n

THE BIG STORY ABROAD- <\/strong><\/p>\n

It\u2019s still all about the war on Gaza in the international pages, <\/strong>but each news outlet is looking at it from a different angle. Reuters<\/a> and the AP<\/a> are focussed on the Al Shifa hospital \u2014 Gaza\u2019s largest \u2014 which has halted operations after heavy Israeli attacks. The Wall Street Journal<\/a> is looking at where Hamas is getting its money from and Bloomberg<\/a> is leading with the hostage situation. Meanwhile, CNBC<\/a> is looking at the bigger picture with a comparison of fatalities from both sides since 2008, in which 12 times more Palestinains have been killed than Israelis. <\/p>\n

ALSO- Another depressing milestone in Sudan\u2019s tragic civil war: <\/strong>Intense fighting in the Sudanese region of Darfur is getting coverage in the international press, after the RSF and its allied militias reportedly killed more than 1k members of the non-Arab Masalit tribe in under 48 hours this week in West Darfur. (Reuters<\/a> | Bloomberg<\/a>)<\/p>\n

\n

HELP GAZA-<\/strong><\/p>\n

<\/a> Want to support relief efforts in Gaza, but don\u2019t know how?<\/strong> We\u2019ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.<\/p>\n

The folks at Talabat are processing donations for a range of Gaza relief appeals <\/strong>by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.<\/p>\n

Or check out <\/strong>our list of charities<\/a><\/strong> to which you can make direct donations<\/strong> via bank deposit and \/ or Fawry.<\/p>\n<\/div>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n

WAR ECONOMICS-<\/strong><\/p>\n

<\/a> #1- ETFs in the Middle East record heavy outflows in October: <\/strong>Exchange-traded funds (ETFs) with exposure to Saudi, Qatari, Emirati, and Israeli stocks have seen significant outflows since the outbreak of war in Gaza as investors continue to worry about instability in the region, according to Reuters<\/a>. iShares MSCI Saudi Arabia ETF, which tracks the performance of an index composed of Saudi Arabian equities, saw the heaviest losses in the region, recording net outflows in October of over USD 200 mn and a 20% drop of what the fund held at the beginning of the month, the newswire reports. <\/p>\n

The outflows are bad news for Israel:<\/strong> Israeli ETFs saw net outflows between USD 2.5 mn and USD 9.3 mn since the outbreak of the war on Gaza, according to the newswire, which were accelerated by S&P Global Ratings lowering Israel\u2019s credit outlook to negative at the end of October, following similar moves from Fitch Ratings and Moody\u2019s after the outbreak of the war on Gaza, according to Bloomberg<\/a>. Concerns over Israel\u2019s credit ratings and its status as a destination for tech investment are \u201cnot going to get better any time soon,\u201d VanEck chief economist for emerging markets Natalia Gurushina told Reuters. <\/p>\n

#2- Israel\u2019s war On Gaza has dampened global wanderlust<\/strong>: Demand for international flights in the three weeks after October 7 were down 20% on the same period in 2019, bringing to an end a rosy six-month period for the travel industry that saw bookings nearly returning to pre-pandemic levels, according to travel company data cited in the Financial Times<\/a>. Flight bookings in the Middle East were hit particularly hard and fell 26% in the weeks after October 7 from the period just before the outbreak of the war. <\/p>\n

Is it geopolitics or inflation in home markets? <\/strong>Geopolitical uncertainty has \u201cdented consumer confidence\u201d in travel both within the region and elsewhere, says one analyst cited by the newspaper, whilst another suggests that other pressures such as inflation may also be at play. <\/p>\n

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

Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, we looked at how we can keep our furniture industry flourishing<\/a>.<\/p>\n

<\/p>\n

*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. <\/p>\n

In today\u2019s issue:<\/strong> The Higher Education Ministry wants local unis to start offering local foundation courses<\/p>\n","protected":false},"excerpt":{"rendered":"

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The government will announce in two months the new plan for the privatization program, an unnamed official said. 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The\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":560467,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/01\/misr-life-ins-ipo-in-2022\/","url_meta":{"origin":609934,"position":2},"title":"Misr Life Ins. IPO in 2022?","author":"enterpriseam admin","date":"1 March 2021","format":false,"excerpt":"Misr Life Ins. won\u2019t be ready for its EGX debut as part of the state privatization program before the end of 2021, Public Enterprises Minister Hisham Tawfik tells Al Mal. The company is set to sell 25% of its shares after the government committee managing the privatization program gave its\u2026","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/36.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591513,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/09\/egypt-gears-up-to-bring-e-finance-ipo-bdc-stake-sale-to-market-in-1q2020\/","url_meta":{"origin":609934,"position":3},"title":"Egypt gears up to bring e-Finance IPO, BdC stake sale to market in 1Q2020","author":"enterpriseam admin","date":"9 December 2019","format":false,"excerpt":"PRIVATIZATION WATCH- e-Finance could make its EGX debut as early as 1Q2020, chairman says: State-owned payments platform e-Finance is putting the final touches on its planned initial public offering (IPO), which could take place as early as the first quarter of 2020, Chairman and Managing Director Ibrahim Sarhan tells Hapi\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/8\/EGX-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542964,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/26\/its-privatization-the-speed-metal-version\/","url_meta":{"origin":609934,"position":4},"title":"It\u2019s privatization, the speed-metal version","author":"enterpriseam admin","date":"26 January 2022","format":false,"excerpt":"Gov\u2019t to step up privatization efforts in coming months: The Madbouly government is planning to sell stakes in state-owned companies every month or two, Planning Minister Hala El Said told Reuters.Riding the e-Finance wave: State-owned e-payments firm e-Finance completed the EGX\u2019s biggest IPO since 2015 in October, attracting strong demand\u2026","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/339.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597537,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/30\/pharos-rencap-consortium-picked-as-financial-advisor-for-e-finance-ipo\/","url_meta":{"origin":609934,"position":5},"title":"Pharos-RenCap consortium picked as financial advisor for e-Finance IPO","author":"enterpriseam admin","date":"30 July 2019","format":false,"excerpt":"IPO WATCH- Pharos-RenCap consortium lands financial advisor job in e-Finance IPO: Our friends at Pharos have been chosen to act as joint global coordinators alongside Renaissance Capital in the anticipated stake sale of government-owned fintech company e-Finance, Pharos\u2019 Managing Director and Head of Investment Banking Noha Ghazaly told Enterprise. 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