{"id":656339,"date":"2024-12-03T00:00:00","date_gmt":"2024-12-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/03\/united-banks-retail-tranche-already-23x-oversubscribed-as-offering-enters-last-day\/"},"modified":"2024-12-03T00:00:00","modified_gmt":"2024-12-03T00:00:00","slug":"united-banks-retail-tranche-already-23x-oversubscribed-as-offering-enters-last-day","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/03\/united-banks-retail-tranche-already-23x-oversubscribed-as-offering-enters-last-day\/","title":{"rendered":"United Bank\u2019s retail tranche already 23x oversubscribed as offering enters last day"},"content":{"rendered":"

Good morning, friends<\/strong>, and a happy hump day to you all. Unlike the weather, local business and economy news is continuing to heat up as we approach the end of the year. We\u2019ve got a packed issue today, so let\u2019s jump right in.<\/p>\n

PSA-<\/p>\n

WEATHER- It\u2019s another cool and dry day in Cairo today<\/strong>, with a high of 22\u00b0C and a low of 13\u00b0C, according to our favorite weather app.<\/p>\n

There\u2019s a chance of light to moderate showers tomorrow in Alexandria<\/strong>, with a high of 23\u00b0C and a low of 11\u00b0C.<\/p>\n

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

** Were you forwarded this email?<\/strong> Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n

\n

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

<\/a> #1- Today is the last day for retail investors to grab a piece of United Bank<\/strong>, with the retail offering for the Central Bank of Egypt-owned bank set to wrap today, before trading kicks off on the EGX. The tranche is offering 16.5 mn shares \u2014 equivalent to 5% of the total offering \u2014 at 13.85 a pop.<\/p>\n

The offering is already 23x oversubscribed as of yesterday<\/strong>, as retail investors jump one of only two IPOs to kick off this year, Amwal Al Ghad reports, citing sources in the know. Act Financial\u2019s EGX debut in July<\/a> also saw its retail tranche heavily subscribed, covering the subscription 54x.<\/p>\n

The bank\u2019s private placement also saw heavy interest from institutional investors<\/strong>, with the offering of 313.5 mn shares \u2014 equivalent to 95% of the total offering \u2014 being 6x oversubscribed<\/a> by the time the offering came to a close last week<\/p>\n

All together the offering is expected to raise EGP 4.6 bn<\/strong>, with the bank offering a 30% stake in the company through 330 mn shares.<\/p>\n

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<\/a> #2- Will today be<\/strong> the day that Egypt\u2019s non-oil private sector returns to growth territory? <\/strong>S&P Global will publish Egypt\u2019s Purchasing Managers\u2019 Index (PMI) figures for November a little later this morning, measuring the country\u2019s non-oil private sector activity. After breaking into growth territory<\/a> in August \u2014 the first time in three years \u2014 the sector fell back into the red<\/a> for the following two months.<\/p>\n

October\u2019s reading puts us <\/strong>just under<\/a><\/strong> the growth threshold<\/strong>, edging up to 49.0 and leaving us just below the 50.0 mark that separates growth from contraction. Pressing on the sector in October were rising price pressures \u2014 driven by higher costs of raw materials and utilities \u2014 that dampened new order volumes across the board.<\/p>\n

\n

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#3- <\/strong>Food Africa 2024<\/a><\/strong> kicks off today:<\/strong> Africa\u2019s largest food and beverage trade exhibition, Food Africa 2024, opens at the Egypt International Exhibitions Center in Cairo today, hosting over 900 exhibitors from 32 countries. The three-day event will bring together wholesalers, distributors, and retailers in food and beverage industries from countries across the world.<\/p>\n

\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1-<\/strong> Egyptian electricity exports to Syria via Jordan could be in the cards: <\/strong>Egypt is exploring the possibility of exporting electricity to Syria through its interconnection link with Jordan, Electricity Minister Mahmoud Esmat told Asharq Business<\/a> on the sidelines of the Arab Ministerial Council for Electricity. Esmat added the caveat that the plan hinges on stabilizing the security situation in the country and did not provide a timeline for when a project <\/p>\n

Esmat didn\u2019t provide a timeline for the project, but we may have to wait a while until we <\/strong>have excess capacity to export. <\/strong>An unconfirmed report citing a government official earlier this week pencilled in either 2029 or 2030 as when the country will finally be able to close the gap between domestic production and consumption.<\/p>\n

\n

\n

#2- The days of unlicensed apartment rentals for tourists may soon be over<\/strong>, with the executive regulations for a law on apartments rented to tourists and temporary rentals to be \u201cissued in the coming days,\u201d Tourism Minister Sherif Fathy told the House yesterday, according to Al Masry Al Youm<\/a>. Licenses will be granted based on the apartments\u2019 cleanliness, security, and safety standards to ensure a better experience for those visiting the country, the minister added.<\/p>\n

Egypt has some great short term rentals for tourists \u2014 but some pretty terrible ones too<\/strong> that often masquerade as much nicer than they are<\/strong>, which the minister hopes to help solve with an inventory of licensed properties that can host tourists. The new regulations should also help increase tourism revenues and open new areas for investment, the minister added.<\/p>\n

\n

FROM THE DEBT MARKETS-<\/p>\n

<\/a> The central bank sold USD 980.5 mn worth of one-year, USD-denominated t-bills <\/strong>yesterday<\/strong>, with an average yield of 4.50% \u2014 down 0.65 percentage points from the last time the same length bills were auctioned off in June, according to data<\/a> from the Central Bank of Egypt.<\/p>\n

\n

IN THE HOUSE- <\/p>\n

The House is expected to vote on the cash-based subsidies bill today: <\/strong>The bill, which received preliminary approval on Sunday<\/a> and was initially expected to be voted on yesterday, would establish a Takaful and Karama fund to provide cash-based payments to those under the poverty line, funded by the state budget, private contributions, foreign grants and loans, and investments.<\/p>\n

MPs are also expected to give preliminary approval today to the <\/strong>draft Criminal<\/a><\/strong>Procedures law<\/a><\/strong>, now in its third week of discussions.<\/p>\n

ICYMI: MPs yesterday gave the greenlight to a <\/strong>EUR 1 bn macro-financial assistance<\/a><\/strong>package<\/a><\/strong> from the EU<\/strong>, which marks the first phase of a EUR 5 bn set of concessional loans running through 2027 as part of a wider EUR 7.4 bn package<\/a> from the EU announced in March. The funds will go towards alleviating external financing constraints, easing the government\u2019s balance of payments and budget needs, and boosting FX reserves against the backdrop of regional geopolitical tensions.<\/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

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

No single story is dominating the headlines across the global press this morning<\/strong>, with attention split between parliamentary turmoil in France, cross-border strikes amid a fragile ceasefire in Lebanon, another high-level corporate resignation, and Musk\u2019s latest run-in with the courts all fighting for attention. <\/p>\n

News outlets are forecasting the \u201call but certain\u201d collapse of the French government led<\/strong> by Prime Minister Michel Barnier by the end of the week<\/strong>, after his move to try to push through an unpopular budget of EUR 60 bn in tax rises and budget cuts led to no-confidence motions being put forward from both the left and right. Barnier is warning of \u201cserious financial turbulence\u201d if both the budget and government falls, and it seems the markets have already got the memo. (Reuters<\/a> | New York Times<\/a> | Bloomberg<\/a> | BBC<\/a> | Guardian<\/a>)<\/p>\n

Our corner of the world is also continuing to attract the attention of the world\u2019s press<\/strong>, with the rebel advance in Syria and cross border strikes in Lebanon despite the ceasefire pushing their way up the digital front pages. At least nine were killed yesterday in Israel\u2019s heaviest strikes since the ceasefire began last week. (New York Times<\/a> | Bloomberg<\/a>)<\/p>\n

WHILE IN BUSINESS NEWS\u2013 A Delaware judge has struck down Tesla CEO Elon Musk\u2019s USD <\/strong>56 bn pay package<\/strong> for the second time, rejecting Tesla\u2019s attempt to reinstate it through a shareholder re-vote. (Reuters<\/a> | New York Times<\/a> | Financial Times<\/a> | Wall Street Journal<\/a>)<\/p>\n

AND-<\/strong> Another CEO called it quits this week<\/strong>, with Intel\u2019s Pat Gelsinger \u201cabruptly\u201d stepping down amid the chipmaker\u2019s ongoing struggles to regain its footing in a fiercely competitive industry. Gelsinger, who took the helm in 2021, faced mounting pressure as Intel\u2019s ambitious turnaround plans failed to gain traction, with its market value nearly halving this year while rivals like Nvidia surged ahead. (Financial Times<\/a> | Bloomberg<\/a> | Wall Street Journal<\/a> | New York Times<\/a>)<\/p>\n

<\/p>\n

*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p>\n

In today\u2019s issue: <\/strong>We take a look at the infrastructural, institutional, and social enablers for establishing a global market for green hydrogen and its derivatives.<\/p>\n","protected":false},"excerpt":{"rendered":"

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Unlike the weather, local business and economy news is continuing to heat up as we approach the end of the year. We\u2019ve got a packed issue today, so let\u2019s jump right in. 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The aftermath of a sandstorm that hit parts of Egypt on Monday, affecting visibility and closing several highways in the south, is expected to last until Friday, which will see the week\u2019s highest temperature at 40\u00b0C, the national\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/5\/206.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621643,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/14\/what-were-tracking-on-13-november-2018-spotify-in-egypt-education-and-the-workforce\/","url_meta":{"origin":656339,"position":1},"title":"What we\u2019re tracking on 13 November 2018: Spotify in Egypt, education and the workforce","author":"enterpriseam admin","date":"14 November 2018","format":false,"excerpt":"In miscellany this morning: Spotify launched yesterday in Egypt and several other Arab markets. The world\u2019s largest streaming music service will be available at a cost of EGP 49.99 per month in Egypt as well as 13 other regional markets, including the UAE and Morocco. Egypt, Saudi Arabia, the UAE,\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/11\/369.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":628512,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/07\/628512\/","url_meta":{"origin":656339,"position":2},"title":"PSA #1- Zamalek residents could\u2026","author":"enterpriseam admin","date":"7 May 2018","format":false,"excerpt":"PSA #1- Zamalek residents could face a widespread water outage today lasting from 8:00 am until 4:00 pm as the Cairo Water Company cuts off pipes for work on Cairo Metro Line 3, Al Masry Al Youm reports. PSA #2- We\u2019re looking at three day of mixed cloud, rain and\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":670577,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/08\/21\/el-sisi-heads-to-saudi-to-meet-mohammed-bin-salman\/","url_meta":{"origin":656339,"position":3},"title":"El Sisi heads to Saudi to meet Mohammed bin Salman","author":"enterpriseam admin","date":"21 August 2025","format":false,"excerpt":"The two will discuss strengthening bilateral cooperation and \u201cregional and international issues of mutual concern\u201d","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/8\/173.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":583579,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/15\/this-evening-will-misr-ins-holding-sell-a-20-stake-plus-credit-suisse-shares-hit-a-new-low\/","url_meta":{"origin":656339,"position":4},"title":"THIS EVENING: Will Misr Ins. Holding sell a 20% stake? PLUS: Credit Suisse shares hit a new low","author":"enterpriseam admin","date":"15 March 2023","format":false,"excerpt":"Happy almost-THURSDAY, wonderful people. We\u2019re nearly at the end of what has shaped up to be a rather busy week. THE BIG STORIES TODAY #1- The EGX30 extended its slide today, closing 4.15% down to bring the index\u2019s year-to-date return to a slim 0.9%. Qalaa Holdings, Sidi Kerir Petrochemicals, and\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/EGX-1600px-1.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":670362,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/08\/18\/gulf-sovereign-fund-set-to-announce-new-ras-shukeir-project\/","url_meta":{"origin":656339,"position":5},"title":"Gulf sovereign fund set to announce new Ras Shukeir project","author":"enterpriseam admin","date":"18 August 2025","format":false,"excerpt":"Good afternoon, friends. It\u2019s a calm day on the news front, and we\u2019ve got a rather brisk issue for you today. THE BIG STORY TODAY- A Gulf sovereign fund is set to announce a new Ras Shukeir project, with a focus on infrastructure and energy development, according to a Finance\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/6\/682.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\/656339","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=656339"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/656339\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/656337"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/656340"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=656339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=656339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=656339"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=656339"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=656339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}