Back to the complete issue
Wednesday, 22 June 2022

New tech could propel the wealth of Africa’s richest business owners + Saudi investors are keen for a slice of Domino’s

Africa’s rich are about to get richer, thanks to tech: As African businesses ramp up their use of technology to raise efficiency, the wealth of business owners is also set to climb, according to Bloomberg. The tech-savvy second generation of family-owned firms are driving wealth accumulation as they take over management. "There’ll be a boom of ultra high net worth individuals in Africa over the next five to 10 years," said Faizal Bhana, the director for the Middle East, Africa and India at Jersey Finance. "They’re still farming, they’re still doing infrastructure projects, but increasingly using technology."

Domino’s in high demand in Saudi: Shares offered in the USD 325 mn Saudi IPO of Alamar Foods, which operates the Middle East Domino's Pizza franchise, were fully booked within hours of subscription opening, Bloomberg reports.

Up

EGX30

9,698

+0.2% (YTD: -18.9%)

None

USD (CBE)

Buy 18.71

Sell 18.79

None

USD at CIB

Buy 18.73

Sell 18.79

None

Interest rates CBE

11.25% deposit

12.25% lending

Up

Tadawul

11,660

+2.6% (YTD: +3.4%)

Up

ADX

9,470

+1.2% (YTD: +11.6%)

Up

DFM

3,264

+1.7% (YTD: +2.1%)

Up

S&P 500

3,765

+2.5% (YTD: -21.0%)

Up

FTSE 100

7,153

+0.4% (YTD: -3.2%)

Up

Euro Stoxx 50

3,494

+0.7% (YTD: -18.7%)

Down

Brent crude

USD 113.14

-1.3%

Up

Natural gas (Nymex)

USD 6.81

+0.0%

Down

Gold

USD 1,829.60

-0.5%

Up

BTC

USD 20,840

+1.7% (YTD: -55.2%)

THE CLOSING BELL-

The EGX30 rose 0.2% at yesterday’s close on turnover of EGP 642 mn (23.3% below the 90-day average). Foreign investors were net sellers. The index is down 18.9% YTD.

In the green: Heliopolis Housing (+4.7%), e-Finance (+2.2%) and Housing and Development Bank (+2.2%).

In the red: Abu Dhabi Islamic Bank Egypt (-4.0%), Telecom Egypt (-3.0%) and Eastern Company (-1.7%).

Asian markets are checkered in early trading this morning, while futures suggest the major European and US benchmarks are set to open in the red later on today.

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 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; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.