Dubai-based VC Global Ventures is nearing a USD 100 mn target for its new fund, after attracting liquidity from Abu Dhabi and Saudi Arabia's state funds, ins. company Bupa Arabia, and unnamed US investors, Reuters reports. The firm’s second VC fund, which has already made 18 investments and could back up to 30 companies, is focused on pre-series A and series A rounds for budding firms across the MENA region, in sectors including digital health, fintech, agritech, and edutech. Global Ventures is a key player in our local VC scene, having made investments totaling USD tens of mns in Egyptian startups including Sympl, Paymob, Yodawy, Thndr, Minly, and Elmenus. The firm plans to invest USD 20-30 mn in Egypt in 2022, general partner Basil Moftah told us over coffee in October.

Keywords for biotech investors: mergers, short-selling, covid stocks. Amid a dismal year for biotech stocks and hedge funds in the sector, three strategies have seen some investors continue to thrive, the Wall Street Journal reports. Analysts and investors expect covid-related companies to continue to outperform the wider sector next year, on the back of a rush for booster jabs driven by Omicron. Small but innovative biotech firms are also a strong call, as big, liquidity-rich pharma companies look to make acquisitions. And there are gains to be made from others’ misfortune: A savvy short-seller can capitalize on the volatile nature of biotech, where one set of disappointing trial results can send a stock into freefall.

The use of libor replacement rates is surging as the benchmark’s switch-off day approaches, with 4Q2021 seeing the majority of volumes of privately negotiated swap transactions using the new so-called “riskfree” rates authorities proposed instead of the discredited benchmark, the Financial Times reports. Libor is the benchmark interest rate for interbank borrowing, and determines borrowing rates for public and private loans, bonds, credit cards and derivatives around the world. Banks will be barred from underwriting new loans using Libor starting 2022, as per a decision following the 2012 Libor scandal that saw some of the world’s largest banks colluding to rig the rate.

European gas prices reached a record high, jumping by over a quarter the past week to hit EUR 127.8 / MWh on the back of winter’s arrival and threats of a Russian invasion of Ukraine, the Wall Street Journal reports.

THE CLOSING BELL-

The EGX30 rose less than 0.1% at yesterday’s close on turnover of EGP 1.19 bn (14.2% below the 90-day average). Local investors were net buyers. The index is up 7.2% YTD.

In the green: Credit Agricole Egypt (+4.1%), Madinet Nasr Housing (+3.9%) and Ibnsina Pharma (+3.0%).

In the red: Speed Medical (-4.3%), Heliopolis Housing (-2.5%) and CIRA (-2.2%).

Asian markets are mixed so far this morning, with the Nikkei, Shanghai, and Kospi all in the green and the ASX and Hang Seng just slightly in the red. Futures suggest Wall Street will follow with mixed open as well, as the Dow Jones looks set to start the trading day in the red.