Does PIF want more of EIPICO?
Among the other stories we’re paying attention to this morning:
EIPICO says it hasn’t been formally told Saudi’s PIF wants to up its stake: EIPICO IR Manager Abdel Raheem Ghareeb tells us that the company has not received any official notice that Saudi Arabia’s Public Investment Fund (PIF) intends to up its stake in the drugmaker. His remarks came after Al Mal, citing sources it says have knowledge of the transaction, reported that the PIF is looking to acquire an additional stake in the EGX-listed company by subscribing to a capital increase worth nearly EGP 149 mn. The capital increase would put an additional 15% stake up for grabs.
KEEPING IT ALL STRAIGHT- Since setting up the Saudi Egyptian Investment Company in August, the PIF has acquired sizeable stakes in several companies and been linked to a number of others in the domestic press, including the Alexandria Mineral Oil Company, EgyptAlum, and Egyptian Media Production City. The investment drive is part of a USD 22 bn package of financial support offered by Gulf allies to help Egypt’s economy through the economic crisis sparked by the war in Ukraine.
SFE likes Chinese FDI: The Sovereign Fund of Egypt (SFE) wants to attract Chinese investors to projects in the Suez Canal corridor and in key economic sectors including renewable energy, desalination, and petrochemicals, Al Shorouk reports the fund’s CEO Ayman Soliman as telling reporters at an Egyptian-Chinese business event.
The Emigration Ministry next year plans to set up a firm through which Egyptian expats can invest in local projects, Emigration Minister Soha Gendy told Bloomberg Asharq. The ministry plans to list the company on the EGX, allowing expats to buy stakes or invest privately, Gendy said, without specifying the types of projects the company will help fund, or its initial and targeted capital.
Saudi Arabia’s Sumou eyes an entry to our real estate market: Saudi real estate firm Sumou Holding wants to acquire a 49% stake in the Egyptians for Real Estate Investment Fund from Egyptians for Housing and Development for EGP 29.2 mn, CEO Hashem El Sayed told Enterprise, following a bourse filing on Thursday. Egyptians for Housing and Development currently holds a 75.5% stake in the fund, El Sayed said, and plans to form a strategic partnership with Sumou to help it tap into the local market.
Dubai-based real estate investment platform Stake will launch in the local market next year, with operations slated to begin in El Gouna, the fintech’s co-founder and CEO said at the Forbes Under 30 summit, according to Hapi Journal.
Mobile network operator Orange has landed a consumer finance license from the Financial Regulatory Authority. The FRA decision (pdf) does not specify what new financial services or product Orange plans to bring to market.
ADIB rolls out prepaid card: Abu Dhabi Islamic Bank (ADIB) will begin offering its new prepaid card, Takka, after getting approval from the Central Bank of Egypt, according to a CBE statement. ADIB will roll out the card, which is Sharia-compliant, through subsidiary Abu Dhabi Islamic Consumer Finance (ADI-CF).
The Health Ministry will appoint an official to a full-time role leading its efforts to boost health tourism, PM Moustafa Madbouly said, according to a cabinet statement. The official will report directly to the Health Minister, with oversight from the PM.