{"id":616234,"date":"2024-03-03T00:00:00","date_gmt":"2024-03-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/03\/kuwait-finance-house-is-in-the-running-for-united-bank-acquisition\/"},"modified":"2024-03-03T00:00:00","modified_gmt":"2024-03-03T00:00:00","slug":"kuwait-finance-house-is-in-the-running-for-united-bank-acquisition","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/03\/kuwait-finance-house-is-in-the-running-for-united-bank-acquisition\/","title":{"rendered":"Kuwait Finance House is in the running for United Bank acquisition"},"content":{"rendered":"

Good morning, w<\/strong>onderful people, and welcome to the last workweek before Ramadan<\/strong>, which we expect to begin on Sunday, 10 March or Monday, 11 March. <\/p>\n

(Our money is on the Monday after the National Research Institute for Astronomy and Geophysics called the ball<\/a>.)<\/p>\n

On everyone\u2019s mind: Is this the week the central bank takes action on the EGP? <\/strong>It\u2019s anyone\u2019s guess. We wouldn\u2019t have been surprised for it to have taken place last Thursday. This morning wouldn\u2019t surprise us, either. But a small part of us thinks the Sunday before Ramadan is just as likely \u2014 kick things off when the banks move to Ramadan hours to make things a bit more manageable. <\/p>\n

One way or another: International sentiment on Egypt is improving<\/strong>, according to analysts we spoke with over the weekend. (More on that later this week.)<\/p>\n

<\/a> That all suggests Egyptian companies could have an easier time of it (and a bit more<\/strong> investor interest) when they head to the EFG Hermes One on One<\/strong>, which gets underway tomorrow morning in Dubai and runs through Thursday. <\/p>\n

The One on One will see some 670 investors from 250 global institutions meet<\/strong> face-to-face with senior execs from more than 215 companies <\/strong>in industries spanning from food and fintech to banking and petrochemicals. Companies from 29 countries will be attending. <\/p>\n

We\u2019ll have coverage for you on the ground starting Tuesday <\/strong>and continuing into next week. <\/p>\n

** If you\u2019re in Dubai and want to have coffee or pitch us on an interview<\/strong>, hit us up on 1x1@enterprisemea.com<\/a>. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- KFH confirms United Bank interest:<\/strong> The Kuwait Finance House (KFH) has submitted anon-binding offer to get the required data on central bank-owned lender United Bank for assessment, the group said on Thursday in a disclosure (pdf)<\/a>. The group still hasn\u2019t submitted a final offer. <\/p>\n

ICYMI- <\/strong>Asharq Business said last week<\/a> that KFH and Qatar Islamic Bank (QIB) have completedtheir due diligence for United Bank in December. The unconfirmed report put the odds in QIB\u2019s favor seeing as it seeks to enter the Egyptian market. United Bank was listed in the lineup of state companies and assets earmarked for privatization in February 2023<\/a>.<\/p>\n

<\/a> #2- AFC to back Egypt\u2019s upcoming bond issuance:<\/strong> The African Finance Corporation (AFC)plans to support Egypt\u2019s upcoming international bond issuance, be it through strengthening its position or investing in the bonds, AFC Executive Director for Financial Services Sanjeev Gupta told Asharq Business<\/a>. Gupta added that the AFC is holding talks with the Madbouly government to look into ways to support the central bank's FX requirements. <\/p>\n

<\/a> #3- Middle East tensions to impact aviation giants\u2019 capacity growth in 2024:<\/strong>International Airlines<\/a>Group<\/a> and Air France-KLM<\/a>Group<\/a> have warned that the ongoing tension in the Middle East will constraint capacity growth throughout the year, as Israeli aggression on Gaza and the repeated Red Sea attacks scare away public and corporate flights, writes Bloomberg<\/a>. The tension has caused flights to Egypt and Jordan to dry up, Air France-KLM said. <\/p>\n

\n

HAPPENING TODAY- <\/p>\n

#1- Shoukry is in Riyadh: <\/strong>Foreign Minister Sameh Shoukry is in the Saudi capital today as part of a two-stop Gulf trip, which first saw him visit Qatar. While in KSA, the minister will participate in a consultative meeting between Egypt and GCC members, which will address \u201cframeworks of consultation and coordination between Egypt and the Gulf states at the political and economic levels, as well as means to develop and enhance areas of cooperation between the two sides,\u201d according to a Foreign Ministry statement<\/a>. <\/p>\n

#2- It\u2019s the last day of the <\/strong>Egypt Health Tourism International Conference<\/a><\/strong> hosted by the Emigration Ministry. The conference, which kicked off yesterday, is bringing together government officials and medical, tourism, and medical tourism professionals to discuss ways to make Egypt a medical tourism destination.<\/p>\n

#3- The <\/strong>Senate <\/strong>is back in session following a two-week break:<\/strong> The senate will reconvene today and tomorrow to discuss a draft law on social solidarity and cash-based subsidies that seek to unify all forms of cash-based subsidies into one system.<\/p>\n

\n

CIRCLE YOUR CALENDAR- <\/p>\n

#1- <\/strong>You <\/strong>can now apply to the Australian government\u2019s master\u2019s scholarship program,<\/strong>Australia Awards.<\/strong> The scholarship program, which grants funding for Egyptian, Sudanese, and Eritrean citizens to study climate change, agriculture and food security, mining and energy, foreign policy and international security, and gender, disability, and social inclusion, according to a statement (pdf)<\/a>. Applications are open until 30 April, 2024, and women, people with disabilities, and marginalized groups are encouraged to apply. You can find out more about the program here<\/a> and apply here<\/a>.<\/p>\n

#2- Flat6Labs, Organon kick off <\/strong>round two<\/strong> of<\/strong>femtech accelerator program:<\/strong>Applications are open until 16 May<\/strong> to join the second<\/a> round of the Women\u2019s Health Accelerator Program (pdf)<\/a> run by Flat6Labs and women\u2019s healthcare firm Organon. You can register at this link<\/a>.<\/p>\n

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

\n
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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

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

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

\n

RED SEA WATCH-<\/p>\n

Abandoned ship struck by Houthis<\/strong>last month<\/a><\/strong> sinks: <\/strong>The UK-owned Rubymar that was carrying 41k tons of fertilizers<\/a> has sunk in the Red Sea, the Yemeni government said, warning of an \u201cenvironmental catastrophe\u201d in the Red Sea and calling Houthi attacks a \u201cthreat to international peace and security,\u201d the state news agency Saba<\/a> reports. <\/p>\n

This is the first time that a ship targeted by the Houthis has sank<\/strong> and could further hike up ins. premiums for shipping companies operating in the area and divert ships from sailing through the Suez Canal.<\/p>\n

<\/a> SPEAKING OF SUEZ CANAL RECEIPTS-<\/strong>The Suez Canal has lost over USD 700 <\/strong>mn <\/strong>in revenue since the start of the war on<\/strong>Gaza<\/strong> compared to the same period a year earlier, according to estimates from Bloomberg Intelligence that were cited by Asharq Business<\/a>.<\/p>\n

\n

WARWATCH- <\/p>\n

Israel massacre of over 100 Gazans waiting for aid sparks international outcry:<\/strong> Israeli forces shot dead<\/a> at least 112 Palestinians and wounded at least 280 in Gaza as they waited for aid delivery on Thursday. When asked if the massacre will complicate ceasefire talks, US President Joe Biden told reporters, \u201cI know it will,\u201d who called the matter \u201ctragic and alarming\u201d on calls with President Abdel Fattah El Sisi and the Qatari Sheikh Tamim Bin Hamad Al Thani. El Sisi warned<\/a> Biden of the dangerous consequences of Israeli targeting of civilians on their call. France, Germany, the UK, and other nations have called for<\/a> an international inquiry into the event.<\/p>\n

Ramadan truce up in the air: <\/strong>Reuters<\/a> claims that two Egyptian security forces officials told the newswire that Israeli and Hamas delegations are expected to arrive in Cairo today to reconvene talks through mediators on a permanent ceasefire in Gaza, but another source said Israel would not send a delegation until it receives a full list of hostages who are still alive. <\/p>\n

\n

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

In an otherwise quiet morning for business news, Elon Musk is once again<\/strong> in the headlines <\/strong>\u2014and for once it\u2019s not because of one of his social media posts. Three law firms that successfully argued<\/a> on the behalf of shareholders that Tesla CEO Elon Musk\u2019s USD 56 bn pay package was excessive are now seeking USD 6 bn in Tesla shares in legal fees. (Reuters<\/a> | Financial Times<\/a> | The Guardian<\/a> | Wall Street Journal<\/a>)<\/p>\n

\u201cWe recognize that the requested fee is unprecedented in terms of absolute size,\u201d<\/strong> the three law firms said in a filing. <\/p>\n

ALSO FROM THE MUSKOSPHERE-<\/strong>Musk has filed a lawsuit against Microsoft-backed<\/strong> OpenAI<\/strong> and its CEO Sam Altman, accusing the company of abandoning its original purpose of developing artificial intelligence \"for the broad benefit of humanity\" and pursuing financial gains instead. (Reuters<\/a> | Financial Times<\/a> | Bloomberg<\/a> | The Guardian<\/a>)<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, wonderful people, and welcome to the last workweek before Ramadan, which we expect to begin on Sunday, 10 March or Monday, 11 March. (Our money is on the Monday after the National Research Institute for Astronomy and Geophysics called the ball.) 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Both the central bank and the EGX have confirmed that our five-day Eid El Fitr weekend begins tomorrow. 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