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Tuesday, 7 December 2021

Is Uber planning to sell a stake in Careem?

Is Uber planning to sell a stake in Careem? Uber is in talks with its Middle East unit Careem to “bring outside investors” into the business, Reuters reports, citing sources in the know. It’s so far unclear what the size or structure of the investment would be, but the sources said Uber would remain a shareholder “while giving Careem’s management greater decision-making power.” The investment would support the roll-out of Careem’s planned foray into food delivery, digital payments and courier services and could eventually lead to a public listing. Uber bought Careem in a USD 3.1 bn transaction two years ago.

ACWA Power is getting USD 2 bn from the French Natixis bank: The Saudi renewables company signed an MoU with Natixis Corporate & Investment Banking to work together on advancing ACWA’s projects in the region, the bank said in a statement. The MoU includes a USD 2 bn financing target from the bank over two years to fund the company’s upcoming projects.

There’s an Egyptian project in the pipeline: ACWA is working on a 200 MW Kom Ombo solar power plant and had previously expressed interest in Egypt’s investment in desalination infrastructure. The company also has minority stakes in three plants in Benban and an upcoming project with the Egyptian Electricity Transmission Company to convert an electricity plant in Luxor to renewable energy.

Up

EGX30

11,515

+1.0% (YTD: +6.2%)

None

USD (CBE)

Buy 15.66

Sell 15.76

None

USD at CIB

Buy 15.66

Sell 15.76

None

Interest rates CBE

8.25% deposit

9.25% lending

Down

Tadawul

11,021

-1.1% (YTD: +26.8%)

Up

ADX

8,999

+2.6% (YTD: +78.4%)

Up

DFM

3,162

+2.4% (YTD: +26.9%)

Up

S&P 500

4,592

+1.2% (YTD: +22.3%)

Up

FTSE 100

7,232

+1.5% (YTD: +12.0%)

Up

Brent crude

USD 69.81

+0.5%

Up

Natural gas (Nymex)

USD 3.70

+1.3%

Up

Gold

USD 1,782.30

+0.2%

Up

BTC

USD 50,700.83

+4.2%

THE CLOSING BELL-

The EGX30 rose 1.0% at yesterday’s close on turnover of EGP 1.86 bn (23.8% above the 90-day average). Regional investors were net sellers. The index is up 6.2% YTD.

In the green: Heliopolis Housing (+18.7%), GB Auto (+9.3%) and Madinet Nasr Housing (+7.4%).

In the red: Fawry (-3.4%), Rameda (-1.9%) and Speed Medical (-1.9%).

Shanghai is the only major Asian index in the red this morning as Asian shares followed Wall Street in rallying on “optimism” that the omicron variant of the virus that causes covid-19 may not kills us all. Futures suggest shares on Wall Street as well as Paris and Frankfurt will follow suit, while the FTSE looks set to open down just a smidge.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

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