{"id":620788,"date":"2024-05-27T00:00:00","date_gmt":"2024-05-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/27\/gobus-wants-to-make-its-market-debut-by-2026\/"},"modified":"2024-05-27T00:00:00","modified_gmt":"2024-05-27T00:00:00","slug":"gobus-wants-to-make-its-market-debut-by-2026","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/27\/gobus-wants-to-make-its-market-debut-by-2026\/","title":{"rendered":"GoBus wants to make its market debut by 2026"},"content":{"rendered":"

Good morning, folks. <\/strong>We have a brisk issue for you this morning led by our conversation with Karim Hussein, managing partner of Algebra Ventures on what we can expect next from the VC and the local startup scene.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- <\/strong>ECA<\/strong> to roll <\/strong>out pre-approval<\/strong> system for M&As next week: <\/strong>Companies planning mergers and acquisitions will need to secure the Egyptian Competition Authority\u2019s (ECA) approval before proceeding starting 1 June, according to an ECA statement<\/a>. The new regulations seek to crack down on economic concentrations<\/a> in a bid to attract local and foreign investment, facilitate market entry, and bolster competition. The ECA has set up a specialized economic concentration control department to oversee the new system.<\/p>\n

\n

<\/a> #2-<\/strong>GoBus<\/strong> plans to go public:<\/strong> Local bus service GoBus<\/a> plans to list 30% of its shares on the EGX within the next two years, the company\u2019s CEO Fady Nassif was quoted as saying by local news outlets (here<\/a> and here<\/a>). The company is currently valued at EGP 5 bn according to preliminary valuations, Nassif said.<\/p>\n

The company also eyes offshore expansion: <\/strong>GoBus is gearing up to launch its Saudi arm<\/a> by June or July of this year, Nassif said yesterday. The company is also looking to enter the UAE and Greek markets by the end of 2024, he added.<\/p>\n

HAPPENING TODAY- <\/p>\n

#1- A big week ahead for Arab diplomacy? <\/strong> The foreign ministers of Egypt, Saudi Arabia, the United Arab Emirates, Jordan and Qatar will join their 27 European Union counterparts<\/a> in Brussels today for talks. Look for the war in Gaza and the post-war order there to take center stage. <\/p>\n

<\/a> #2- It\u2019s the final day of the Techne Summit at the Cairo International Stadium.<\/strong> The three-day investment- and entrepreneurship-focused event is hosting some big name speakers from leading VC firms and companies from the region and across the globe. You can still register for the event here<\/a>.<\/p>\n

#3- Avior-HC Egypt virtual <\/strong>conference <\/strong>kicks off:<\/strong> HC Brokerage and Avior Capital Markets are kicking off their virtual conference today, according to a joint statement (pdf)<\/a>. The four-day event brings representatives from 25 EGX-listed companies together with financial institutions from the US, Canada, Europe, South Africa, and Egypt to discuss potential investment.<\/p>\n

<\/a>#4- It\u2019s day two of <\/strong>ProPak<\/a><\/strong>MENA<\/a><\/strong>, an annual event on all things processing and packaging in the F&B manufacturing industry. The event will see over 350 companies from 20 countries gathered at the Egypt International Exhibition Center in New Cairo, according to a statement (pdf)<\/a>. The exhibition ends tomorrow.<\/p>\n

#5- A weeklong meeting of African Development Bank members kicks off in Kenya<\/strong> and will run through Friday. The relatively unwieldy title for the AfDB\u2019s annual meeting: \u201cAfrica\u2019s transformation, the African Development Bank Group, and the reform of the global financial architecture.\u201d International Cooperation Minister Rania Al Mashat will be speaking. More on the event\u2019s website here<\/a>.<\/p>\n

PSA- <\/p>\n

WEATHER- It\u2019s still very hot in Cairo<\/strong>, with a high of 35\u00b0C and a low of 22\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s cooler in Alexandria<\/strong>, with a high of 26\u00b0C and a low of 18\u00b0C.<\/p>\n

** DID YOU KNOW that we now cover <\/strong>Saudi Arabia<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

** Want to subscribe? <\/strong>Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\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

ICYMI- Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, we looked at how our freezones perform compared to the UAE and Turkey. Check out the story here<\/a>.<\/p>\n

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

It\u2019s a reasonably quiet morning in the global business press<\/strong>, as is often the case on Mondays \u2014 and even more so when it\u2019s a long weekend: Markets are closed today in both the United States (Memorial Day) and the UK (spring bank holiday). <\/p>\n

Hamas fired rockets at Tel Aviv yesterday for the first time since January<\/strong> in what defense analysts are saying is a demonstration of resilience, the Associated Press<\/a> reports. Eight rockets were launched from Rafah and several were intercepted, the Israeli military said. <\/p>\n

Israel, in turn, killed dozens<\/strong> in airstrikes<\/a> on Rafah hours after Hamas\u2019 attacks. At least 35 people were killed and dozens injured. <\/p>\n

<\/a> Negotiations due to resume in Cairo tomorrow: <\/strong>Another round of ceasefire and hostage swap negotiations is due to kick off in Cairo tomorrow, CNN<\/a> and Reuters<\/a> report, citing unnamed officials. Egyptian and Qatari mediators will lead the talks with US involvement. <\/p>\n

Aid delivery resumes:<\/strong> Some 200 aid trucks and four fuel trucks departed from Egypt to enter Gaza through the Kerem Shalom crossing yesterday, bypassing the Rafah crossing that has been closed for several weeks, Al Qahera News<\/a> reports. <\/p>\n

\n

A bad morning for nervous flyers: <\/strong>The press is picking up on the idea that significant in-flight turbulence is becoming more common thanks to global warming after a dozen people were injured yesterday on a Qatar Airways flight that ran into turbulence over Turkey. The incident came just days after dozens were hurt in a similar Singapore Airlines incident. The story<\/a> is on all front pages this morning.<\/p>\n

Signs of the times: Hedge fund managers are blaming slow fundraising on the slow pace <\/strong>of exits by their counterparts in private equity.<\/strong> Both rely on pension plans, foundations, and endowments for assets under management, but with PE exits slowing, limited partners have less cash to put into hedge funds and other asset classes, the Financial Times<\/a> writes.<\/p>\n

Keep an eye on: <\/strong>Closing arguments in Donald Trump\u2019s hush-money trial<\/strong>, which begin on Tuesday, and parliamentary elections in South Africa<\/strong>, which start on Wednesday. <\/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> We spoke to industry insiders from the private and public sector to find out what are global university rankings and if they really matter. <\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, folks. We have a brisk issue for you this morning led by our conversation with Karim Hussein, managing partner of Algebra Ventures on what we can expect next from the VC and the local startup scene. 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The amendments \u2014 which got initial signoff from the chamber on Monday \u2014 grant the Egyptian Competition Authority (ECA) the power to\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/125.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556292,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/19\/eca-poking-into-mas-again\/","url_meta":{"origin":620788,"position":1},"title":"ECA poking into M&As again","author":"enterpriseam admin","date":"19 October 2021","format":false,"excerpt":"The Egyptian Competition Authority (ECA) is not happy that a number of mergers and acquisitions that have taken place without it being notified. In a statement yesterday, the competition watchdog warned businesses making EGP 100 mn in annual revenues that they must inform the ECA of M&A activity within 30\u2026","rel":"","context":"In "COMPETITION WATCH"","block_context":{"text":"COMPETITION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/competition-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/203.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596961,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/14\/eca-extends-technical-examination-period-of-uber-careem-merger\/","url_meta":{"origin":620788,"position":2},"title":"ECA extends technical examination period of Uber-Careem merger","author":"enterpriseam admin","date":"14 July 2019","format":false,"excerpt":"ECA gives itself more time to rule in Uber-Careem merger: The Egyptian Competition Authority (ECA) has extended the period during which it is studying Uber\u2019s recent USD 3.1 bn acquisition of Careem by an additional 60 days, according to an ECA statement. The watchdog originally said it would take 60\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":547621,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/29\/business-community-holds-its-breath-as-competition-authority-jockeys-for-more-power-to-regulate-ma\/","url_meta":{"origin":620788,"position":3},"title":"Business community holds its breath as competition authority jockeys for more power to regulate M&A","author":"enterpriseam admin","date":"29 June 2022","format":false,"excerpt":"WHAT\u2019S GOING ON with amendments to the Competition Act? Debate of legislation that would give the Egyptian Competition Authority (ECA) more power to regulate M&A is ratcheting up in the House of Representatives. The Madbouly cabinet provided a little clarity earlier this week on what it hopes to achieve with\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/333.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558929,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/03\/chg-alameda-merger-faces-antitrust-headwinds\/","url_meta":{"origin":620788,"position":4},"title":"CHG-Alameda merger faces antitrust headwinds","author":"enterpriseam admin","date":"3 January 2021","format":false,"excerpt":"Is the healthcare industry\u2019s mega-merger facing a regulatory hurdle? Cleopatra Hospital Group\u2019s (CHG) acquisition of 100% of Alameda Healthcare Group has not received the Egyptian Competition Authority\u2019s (ECA) blessing, which said in a statement (pdf) last week that its preliminary decision is to not approve the merger. CHG had announced\u2026","rel":"","context":"In "COMPETITION WATCH"","block_context":{"text":"COMPETITION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/competition-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/8.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564645,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/17\/the-eca-is-getting-muscled-up-but-do-we-even-agree-on-what-antitrust-means\/","url_meta":{"origin":620788,"position":5},"title":"The ECA is getting muscled up, but do we even agree on what \u201cantitrust\u201d means?","author":"enterpriseam admin","date":"17 February 2021","format":false,"excerpt":"The Egyptian Competition Authority could soon see itself muscled up after Rep. Ahmed Samir said yesterday his House Economics Committee had given preliminary approval to amendments to the Competition Act (law 3\/2005) that would give the ECA the power to reject mergers and acquisitions, Youm7 reports. The amendments would require\u2026","rel":"","context":"In "PARTING SHOT"","block_context":{"text":"PARTING SHOT","link":"https:\/\/enterpriseam.com\/egypt\/category\/parting-shot\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/475.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/620788","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=620788"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/620788\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/620786"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/620789"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=620788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=620788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=620788"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=620788"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=620788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}