Monday, 17 January 2022

THIS EVENING: Egypt could get its first SPAC within weeks + FinMin proposes issuing FCY bonds in Japan in debt diversification strategy

Good afternoon, friends. We’re only through two days of the week so far, but it already feels like it should be Thursday. As we expected yesterday, the newsflow is picking up today, so let’s get to it.

THE BIG STORIES TODAY

#1- Make way for our first SPAC: A consortium of Egyptian and international companies is planning to file for a license from the Financial Regulatory Authority to establish a SPAC within weeks, Zulficar & Partners founding partner Anwar Zeidan told Enterprise. The SPAC would be the first ever to list on the EGX, and will have an initial capital of EGP 10 mn, which is the minimum requirement set by the FRA. This comes a couple of months after the FRA issued the rules and regulations for establishing local blank-check firms, after the regulator greenlit EGX boss Mohamed Farid’s proposal to allow SPACs in Egypt.

#2- Are we going to see a revival of our Samurai bond plans? Finance Minister Mohamed Maait and Japan’s ambassador in Cairo discussed potentially issuing FCY bonds in Japan as part of Egypt’s debt diversification strategy, according to a ministry statement (pdf). The statement does not provide further details on the potential plans. Longtime Enterprise readers will remember that the government had been mulling selling JPY-denominated bonds back in 2019.

HAPPENING NOW-

The World Art Forum is ongoing at Cairo’s National Museum of Egyptian Civilization until Wednesday, 19 January. The inaugural edition of the forum, which kicked off yesterday, will see artists from around the world participating.

The World Future Energy Summit is also ongoing in Abu Dhabi. The three-day summit will bring together leaders in the renewable energy industry as part of the Masdar-hosted Abu Dhabi Sustainability Week.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • Suez Canal revenues are expected to hit USD 7 bn in 2022, up 11.1% from last year, Suez Canal Authority boss Osama Rabie said yesterday.
  • Lots of cooperation with South Korea: South Korea is providing a USD 1 bn soft loan to Egypt and is eyeing participating in the construction of the Dabaa nuclear plant, the country’s ambassador said ahead of President Moon Jae-in’s visit to Egypt this week.
  • …And South Korea’s Myoung Shin could soon locally produce electric microbuses with state-owned Engineering Automotive Manufacturing Company, with the two companies set to sign a cooperation agreement during Moon’s visit.

THE BIG STORY ABROAD-

Credit Suisse Chairman António Horta-Osório is stepping down following an investigation into an alleged breach of covid-19 rules and other matters relating to “personal conduct,” the Wall Street Journal and Financial Times report. The personal conduct issues include his alleged use of corporate aircraft for personal use.

FOR TOMORROW- Consoleya will kick off its Startup Meet-up series tomorrow with a talk from Ayman Ashour, founder and principal at Newton International Management. The talk, titled Exits and Reset Dilemmas, will see Ashour discuss how to plan for your startup’s exit and the connections you’ll need along the way. Our friend Hossam Allam from Cairo Angels will moderate the discussion. The event will take place from 6-9pm — you can register using this link.

🗓 CIRCLE YOUR CALENDAR-

South Korean President Moon Jae-in is due in town from Wednesday to Friday, the first visit to Egypt by a South Korean president in 16 years. Moon will meet with President Abdel Fattah El Sisi during a regional tour that will also see him swing through the UAE and Saudi Arabia.

Applications are open until 31 March to join the Femtech Accelerator Program run by Flat6Labs and women’s healthcare firm Organon. The four-month-long virtual accelerator will support women-led digital healthcare start-ups operating in MENA to build products, test market fit and improve business models. You can register at this link.

National flag carrier EgyptAir will operate a flight from Casablanca to Cairo this Wednesday, 19 January, to bring home Egyptian expats stranded in Morocco following border closures.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

☀️ TOMORROW’S WEATHER- Is anyone else freezing? The cold front is continuing, with a daytime high of 16°C tomorrow and nighttime low of 9°C, our favorite weather app tells us.

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