Home > Insights > Alaa Moatamed: Founder of delivery service Presto wins prize for young African entrepreneurs
Monday, 02 Nov 2020

Alaa Moatamed: Founder of delivery service Presto wins prize for young African entrepreneurs

Insights MENA

Economic Outlook

Economic Outlook

  • Assets of the Saudi Arabian Monetary Authority (SAMA) decreased by 5% yearly in September 2020 to stand at 82 TR SAR (485.3 BN USD). Month-on-month (MoM), SAMA’s assets levelled down by 0.7% when compared to their level in August at 1.84 TR SAR (490.63 BN USD).
  • Saudi Arabia posted a budget deficit of 768 BN SAR (10.87 BN USD) in Q3-2020, according to the ministry of finance, as oil revenue continued to drop amid low oil prices and production cuts.
  • King Abdullah University of Science and Technology (KAUST) has announced the launch of Saudi Arabia’s first university engagement program intended specifically to foster the growth of small and medium-sized enterprises (SMEs) in the Kingdom.
  • Egypt Minister of Planning and Economic Development, Hala El-Said, has revealed that the government targets to inject about 4 BN EGP (8.69 BN USD), equivalent to 18.5% of the country’s total investment plan for fiscal year 2020/2021, in the urban development sector.
  • Egypt trade deficit recorded a 5% decrease to 3.02 BN USD in August 2020, compared to the 3.8 BN USD in August 2019, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).
  • UAE has been ranked second in the world as a source of remittances, the World Bank announced in its report 'Migration and Development'. The value of the UAE's remittances reached 96 BN USD (165 BN AED) in 2019, accounting for 10.7% of the gross domestic product (GDP).
  • The cabinet of UAE approved a smaller federal budget for 2021 in a sign that the country is curbing expenditure amid the coronavirus crisis and lower oil prices. The budget for 2021 was set at 58 BN AED (15.8 BN USD), down from this year's 35 BN AED (16.7 BN USD), which was the largest budget since the establishment of the country.
  • The Central Bank of Kuwait has cut repo rates and other rates across the interest rate yield curve up to the ten-year term by 125%. The bank, which said it was it was maintaining a "historically low" discount rate of 1.5%, said this was in line with "special measures to cope with the ramifications of the Covid-19 pandemic on economic and banking conditions.
Political Events

Political Events

  • The Egyptian army chief of staff on Sunday discussed boosting military cooperation with his Sudanese counterpart during a visit in Sudan. The two sides agreed to implement joint training activities for all the branches of both countries’ armed forces, exchange expertise, secure borders and combat terrorism.
  • A transit fee will be levied on passengers using the airports in Oman, as per a ministerial decision issued on Sunday. The new fee of 3 OMR (7.8 USD) will be levied on transit passengers starting from January 1, 2021.
Stock Market

Stock Market

  • EFG Hermes topped the EGX’s brokerage league table in October with a market share of 8%, according to EGX figures. Rounding out the top five: CI Capital with 9.9%, EGY Trend Brokerage (4.7%), Pioneers Securities (4.5%) and Naeem Brokerage (3.8%).
  • The Tadawul All Share Index (TASI) fell by 65% or 215.33 points on Thursday to reach 7,907.72 points. The turnover amounted to 7.868 BN SAR (2 BN USD) and the trading volume reached 356.351 million shares. Anaam International Holding Group topped the green zone with 9.93%, whereas Saudi Ceramic Co. led the red zone with 10%.

Note: All values are calculated by last Thursday.

Companies Transactions

Companies Transactions

  • Online fashion marketplace Brantu has raised an undisclosed USD seven-figure investment in a series A funding round led by Sawari Ventures. Brantu will use the investment to grow its user base and increase its market share in Egypt and add new verticals to its platform. Launched in 2019, Brantu is an e-commerce fashion platform stocking local and international brands including Dalydress, Merch and Carina.
  • B2B e-commerce platform Fatura is in talks with several unnamed e-payments companies and financial institutions to allow retailers to pay for their orders electronically through its platform. The company currently collects only cash payments from FMCG retailers, which use its app to restock.
  • Alex Angels plans to make follow-on investments in Mumm, Ordera, and El Gameya as part of its new 100 MM EGP (6.37 MM USD) startup fund. The launch of the fund had been postponed from September to November as a result of administrative procedures.
  • Alaa Moatamed has been awarded the grand Anzisha prize of 25,000 USD for her work co-founding delivery management service Presto. Presto aims to help small business owners overcome operational hassles by providing fast and flexible delivery services. The Anzisha prize was created in partnership between the African Leadership Academy and Mastercard and recognizes innovation by Africa’s youngest entrepreneurs.
  • Speed Medical Company and its sister company Misr Labs signed a memorandum of understanding (MoU) with Nile Scan to set up diagnostic radiology centers inside Speed Labs and Misr Labs. This move is aimed at expanding the diagnostic radiology services in different governorates in Egypt.
  • National Bank of Kuwait (NBK) posted a net profit of 168.7 MM KWD (550.9 MM USD) for the first nine months of 2020 compared to 302.2 MM KWD (986.8 MM USD) for the same period last year; dropping by 2% y-o-y.
  • North of Riyadh for Healthcare Company, a subsidiary of Dr. Sulaiman Al Habib Medical Services Group, has inked a long-term Shariah-compliant credit facility agreement worth 17 BN SAR (578.6 MM USD) with Saudi British Bank (SABB). The loan term extends over 13 years, including a five-year grace period.
  • Nasdaq Dubai has welcomed the listing of 600 MM USD Sukuk by the Islamic Corporation for the Development of the Private Sector (ICD). The raised capital from the five-year Sukuk will fund ICD’s development activities in its 55 member countries, including entrepreneurship, employment opportunities, and export potential.
Sports and Culture

Sports and Culture

  • UAE billionaire, Sheikh Khaled bin Zayed Al Nehayan, in talks to acquire Derby County in the United Kingdom. According to British media, the owner of Dubai-based firm Bin Zayed Group is now interested in Derby, and that the English Football League (EFL) is set to approve the deal soon.
  • Egyptian businessman Mohamed El Kashashy and British sports lawyer Chris Farnell are set to take over Premier League club Burnley in 200 MM GBP (257.57 MM USD) agreement. The Egyptian-British duo have signed sale and purchase agreements with Burnley Chairman Mike Garlick and are waiting to pass the Premier League’s owners and directors’ test.


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