Home > Insights > The Chairman and Chief Executive of Banque du Caire, Tarek Fayed, stated that the bank is aiming to raise 300-400 MM USD.
Monday, 22 Apr 2019

The Chairman and Chief Executive of Banque du Caire, Tarek Fayed, stated that the bank is aiming to raise 300-400 MM USD.

Insights MENA

Economic Outlook

Economic Outlook

  • The Chairman and Chief Executive of Banque du Caire, Tarek Fayed, stated that the bank is aiming to raise 300-400 MM USD by selling a 20-30% stake by the end of 2019 noting that the timing of the initial public offering depends on market conditions.
  • The Central Bank of Egypt (CBE) has agreed to renew a mortgage financing initiative aimed at helping to finance mid-income housing units. The initiative will be re-introduced from July 2019, with funding offered with a 10.5% interest rate.
  • Rating agency Moody's has upgraded the long-term foreign and local currency issuer ratings of Egypt to B2 from B3. The outlook was changed to stable from positive.
  • Saudi Arabia has registered 17% growth in online job postings in Q1-2019 compared to the same period last year. The increase in online vacancies follows a number of initiatives to increase the role of women in the workplace.
  • The 2019 Global Wealth Migration Report stated that Dubai attracted more than 1,000 millionaires from outside the country, surpassing major cities like Los Angeles, Melbourne, Miami, New York, San Francisco and Sydney.
  • The number of licenses issued to new businesses registered in Dubai increased 3% since December 2018. The total number of licenses issued from the start of 2019 to 15th April reached 7,418.
  • Qatar Genome Program (QGP), a member of Qatar Foundation (QF), has signed a strategic research and development agreement with Genomics England, aimed at enabling novel scientific discoveries and providing medical insights in genomics and precision medicine.
Political Events

Political Events

  • At least 207 people were killed and hundreds more wounded in a series of bomb blasts that hit luxury hotels and churches across Sri Lanka on Easter Sunday, leaving the entire country in a state of lock-down.
  • President Abdul Fattah al-Sisi will participate in the Belt and Road forum in China capital of Beijing from April 25 to 27, among presidents and senior officials from some 40 countries.
Stock Market

Stock Market

  • The Egyptian Stock Exchange gained 66.8 BN EGP (3.8 BN USD) in market capitalization during Q1-2019. The total market value of listed companies has reached 816.5 BN EGP (47.5 BN USD), with an 8.91% increase from 749.7 BN EGP at the beginning of the year.
  • .TASI real estate sector increased led by Saudi Real Estate company (Al Akaria).
  • .QSI banking sector increased led by Qatar First Bank (QFB) and telecommunication sector led by Vodafone Qatar.
Companies Transactions

Companies Transactions

  • Developer Talaat Moustafa Group has partnered with the non-bank financial intermediary (NBFI) arms of Ghabbour Auto Company (GB Capital) and investment bank EFG Hermes (EFG Hermes Capital) to create a company offering home loans to potential buyers. Each of the partners will hold one-third of the equity in the mortgage financing company, which will have initial paid-in capital of 150 MM EGP (8.7 MM USD).
  • Egypt El-Attal Holding is planning to invest 11 BN EGP (640 MM USD) in three residential projects within the coming three years in the New Administrative Capital (NAC), New El Alamein, and Ain Sokhna.
  • Saudi Arabia largest mining company, Ma'aden, will make its first international acquisition with the purchase of an African Fertilizer distribution company. Under this agreement, the publicly-listed Saudi Arabian Mining Company will acquire an 85% stake in the Mauritius-based Meridian Group.The deal is expected to be completed by September 2019 for an undisclosed fee.
  • The Department of Urban Planning and Municipalities (DPM) has signed an MoU with Smart Crowd Holding Ltd to promote economic growth in UAE and encourage real estate investment through collective ownership.
  • Commercial Bank of Dubai (CBD) reported an increase in net profit in Q1-2019 amounted to 340.05 MM AED (92.58 MM USD) compared to 279.74 MM AED (76.15 MM USD) in Q1-2018, recording a 21.56% increase.
  • Maha Bin Hendi Law Firm is proud to be ranked first at the head of "NAFES Top 100 Law Firm" initiative issued by Dubai Courts in Q1-2019, within a year from its establishment.
  • Qatar Islamic Bank (QIB) announced Q1-2019 net profit reaching 685.2 MM QAR (188.2 MM USD) representing a growth of 9.6% over the same period in 2018. Total Assets of the Bank has increased by 2.3% compared to March 2018.
Sports and Culture

Sports and Culture

  • Egypt Ali Farag and Raneem El Welily, the world's current number one male and female squash players, won the 2019 DPD Open Squash championship after claiming respective wins over Mohamed El Shorbagy and Nour El Sherbini in Eindhoven, Netherlands. Moreover, El Gouna International Squash Open returns to Egypt for the 8th edition started from 17th to 26th of April. Around 96 of the world's top squash players are participating in the tournament representing 20 countries.
  • Mohamed Salah's wonder-strike helped Liverpool beat Chelsea and ensured they remain two points clear of Manchester City at the top of the Premier League. Salah's goalscoring record this season is matched by Manchester City's Sergio Aguero, although the Egyptian has provided more assists.


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