CAPITAL MARKETS-

EGX looks to forge closer ties with Gulf counterparts: EGX officials are reportedly mulling onboarding the EGX to the Gulf’s Tabadul regional exchange hub, Shorouk News reports citing EGX head Ramy El Dokany. The move would allow Egyptian and Gulf investors direct access to trading on the EGX and regional bourses through authorized brokers.

SOUND SMART- Launched last summer, Tabadul grants investors in the Abu Dhabi Securities Exchange (ADX) and the Bahrain Bourse (BHB) access to both markets through local authorized brokers. Muscat’s stock exchange in October signed an MoU to join the platform and more Gulf exchanges will follow suit, El Dokany is quoted as saying.

REMEMBER- EGX officials are booked for visits to Saudi Arabia and the UAE in the coming months as part of a roadshow geared towards attracting foreign investors to the EGX, Al Dokany was quoted as saying last week.The EGX has been working to up foreign inflows, particularly from the Gulf. Saudi sovereign wealth fund PIF and Abu Dhabi’s ADQ together invested USD 3.1 bn in government-owned shares in EGX-listed companies last year.

TECH AND TELECOMS-

The CIT sector grew at a 16.7% clip in 2022 — faster than any other sector in the country, according to a CIT Ministry statement. The sector made up 5% of the country’s GDP last year, the statement reads, while digital exports registered USD 4.9 bn.

DEBT-

State-owned consumer finance outfit One Finance is in the final stages of securing an EGP 150 mn loan from Banque du Caire and Suez Canal Bank, Shorouk News reports, citing CEO Hazem Madany. One Finance is working in parallel to secure credit lines from CIB and Banque Misr as part of plans to secure EGP 1.5 bn in finance from nine separate lenders during 2023, Madany reportedly said. Launched in October, One Finance is 40% owned by the state’s Ayady Investments, while the remaining 60% is split equally between microfinance player Tamweely and Post for Investment, Egypt Post’s investment arm.