Back to the complete issue
Monday, 4 April 2022

A strong start to the year for sukuk + investors sentiment tanks on high-growth firms

Surging oil prices gave sukuk transactions their best ever start to a year in 2022, Bloomberg reports. Sales of new sukuk maturing in at least a year reached nearly USD 24 bn in the first quarter, marking the best start since the business newswire began compiling data on the sharia-compliant bonds back in 1999. Saudi Arabia and Turkey were the biggest issuers of sukuk, which performed better than highly-rated global bonds, shedding 4% compared with 7% for investment-grade bonds overall.

Investor sentiment on high-growth private companies has done a 180° this year as rising interest rates threaten to hit valuations, the Financial Times reports. Some 95% of “growth investors” — investors situated between early-stage VCs and private equity groups that target older companies — are expecting to cut corporate valuations over the next 12 months, according to an investor survey by Numis. This compares to 70% who anticipated valuations to either remain the same or rise at the end of 2021. The reversal in sentiment mirrors what is happening in high-growth tech stocks, which have sold off this year ahead of rising borrowing costs.

Another IPO in the Gulf: UAE-based property developer FAM Holding is planning to list on Abu Dhabi stock exchange’s second market, a platform that allows private joint stock companies to list. If approved, FAM Holding, which has a property portfolio worth USD 545 mn, will be joining eight companies currently trading on the second market. (Bloomberg)


  • More bad news for Russia’s bondholders: Russian corporate and sovereign debt has been removed from JPMorgan’s EM bond indexes, putting more pressure on Russian fixed-income assets, which have tanked since the country invaded Ukraine on 24 February. (Bloomberg)
  • China wants to keep its companies listed stateside: China has moved to make its auditing rules more transparent in a bid to stop US regulators delisting Chinese firms in 2024. The new rules allow foreign regulators to gain access to sensitive financial information and are being seen as a major concession to the US, which has upped the pressure on Beijing to allow it to access more information about listed Chinese firms. (FT)
  • Chinese fashion e-commerce startup Shein could raise some USD 1 bn in an upcoming funding round, which would value it at USD 100 bn, according to sources familiar with the matter. The company — known for its affordable designs and fast delivery — saw its app downloaded more times than Amazon in the US last year. (Bloomberg)




+2.9% (YTD: -3.2%)



Buy 18.21

Sell 18.31



Buy 18.19

Sell 18.29


Interest rates CBE

9.25% deposit

10.25% lending




-0.1% (YTD: +16.0%)




-0.2% (YTD: +17.0%)




+0.3% (YTD: +10.7%)


S&P 500


+0.3% (YTD: -4.6%)


FTSE 100


+0.3% (YTD: +2.1%)


Euro Stoxx 50


+0.4% (YTD: -8.8%)


Brent crude

USD 104.39



Natural gas (Nymex)

USD 5.72




USD 1,923.70




USD 47,337

+2.7% (as of midnight)


The EGX30 rose 2.9% at yesterday’s close on turnover of EGP 561.21 mn (42.5% below the 90-day average). Regional investors were net sellers. The index is down 3.2% YTD.

In the green: EFG Hermes (+9.1%), Mopco (+8.1%) and GB Auto (+7.0%).

In the red: Fawry (-0.6%), Orascom Construction (-0.5%) and Telecom Egypt (-0.2%).

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.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.