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Egypt’s supermarkets to sell table eggs for EGP150/carton

Egypt’s Ministry of Agriculture announced it will supply several supermarket chains, Hyper One, Fathallah Market, Gomla Market, Beit El Gomla, and Saudi Market, with an unlimited quantity of table eggs at a delivery price of 150 Egyptian pounds per carton.

These supermarkets will sell the eggs to the public at the same price, covering any additional costs.

This initiative is part of the ministry’s efforts to ease the financial burden on citizens and ensure the availability of essential food items at affordable prices.

Attribution: The Egyptian Cabinet

Subediting: M. S. Salama

Otsuka launches EGP 1b nutraceutical products plant in Egypt

Egypt’s Minister of Investment and Foreign Trade, Hassan Al-Khatib, laid the foundation stone for the Japanese Otsuka Company’s new factory on Sunday, with an investment of 1 billion Egyptian pounds in the 10th of Ramadan City for the manufacture of nutraceutical products.

Al-Khatib noted that the facility, which targets exports to African and Gulf markets, has received substantial support from the Egyptian government, including the granting of the Golden License to expedite implementation.

He emphasised that Otsuka, one of only three Japanese companies to receive this license, is a model for international firms entering the Egyptian market.

Attribution: Egyptian Cabinet

Subediting: M. S. Salama

 

S.Arabia leads $2.6b GCC IPO boom – PwC

The GCC initial public offering (IPO) market experienced a strong second quarter, with 13 deals raising a combined $2.6 billion, surpassing the $1.8 billion raised in the same period last year, according to PwC Middle East’s latest IPO+ Watch.

“We have witnessed some volatility in the first half of 2024 in the performance of GCC stock exchange indices and oil prices. That said, the number of new IPOs in the GCC continued to remain strong. Saudi Arabia continued to dominate the IPO market, with H1 2024 experiencing 19 IPOs compared to 17 IPOs in H1 2023.” the report read.

Saudi Arabia dominated the region, accounting for 61 per cent of the total with $1.6 billion in IPO proceeds. Notable Saudi IPOs included Dr. Soliman Abdel Kader Fakeeh Hospital Company, which raised $763 million on the Tadawul Stock Exchange.

The UAE also witnessed significant activity with large listings from Alef Education and Spinneys. Leading the charge were Alef Education, which raised $515 million on the Abu Dhabi Securities Exchange (ADX), and Spinneys, which secured $375 million on the Dubai Financial Market (DFM).

This quarter was also the first time Boursa Kuwait witnessed its first IPO since 2020, with the Beyout Investment Group Holding Company raising $147 million.

The report also shows that IPO activity was experienced across a diverse range of sectors during the second quarter, including health industries ($774 million), consumer markets ($530 million), financial services ($256 million), energy, utilities and resources ($148 million), industrials, manufacturing, and automobile ($407 million), and technology, media and telecommunication ($515 million).

Moreover, the PwC report also referred to a significant rise in sukuk issuances, totaling over $10 billion this quarter, compared to $2.6 billion last year, highlighting strong demand for shariah-compliant financial products.

“Looking forward, the outlook for the GCC IPO market continues to remain positive with strong issuance expected for the remainder of 2024, subject to the wider geopolitical environment and oil prices.” the report concluded.

Attribution: PwC Middle East’s latest IPO+ Watch

Subediting: Y.Yasser

Arab stock exchanges’ market cap exceeds $4.17t in H1 

The Arab stock exchanges’ market capitalisation surpass $4.17 trillion by the end of the first half of 2024, as reported by the Arab Monetary Fund (AMF).

According to the AMF’s latest monthly bulletin, the Abu Dhabi Securities Exchange (ADX) market capitalisation was $761.54 billion, the Saudi Exchange (Tadawul) followed with a significant $2.68 trillion, while the Dubai Financial Market (DFM) reported a value of $184.8 billion.

Other notable exchanges include the Qatar Stock Exchange, valued at $157.9 billion, and Boursa Kuwait, which reached approximately $134.06 billion.

The Casablanca Stock Exchange had a market value of $69.4 billion, while the Muscat Stock Exchange and the Egyptian Exchange (EGX) stood at $63 billion and $39.07 billion, respectively.

Further down the list, the Amman Stock Exchange was valued at $23.3 billion, the Bahrain Bourse at $21.2 billion, and the Beirut Stock Exchange (BSE) at $16.54 billion. The Tunis Bourse had a market cap of $8.3 billion, followed by the Damascus Securities Exchange (DSE) at $5.66 billion and the Palestine Exchange at $4.2 billion.

Attribution: Smarties News Agency (WAM)

Kuwait’s KSCP mulls buying stake in Saudi Investment Bank

Kuwait Finance House KSCP is considering purchasing a significant stake in Saudi Investment Bank as deal activity intensifies in the Middle East, Bloomberg reported citing sources familiar with the situation.

The Kuwaiti lender is evaluating the potential investment to strengthen its presence in the region, said the sources.

Shares of Saudi Investment Bank have shown minimal movement in Riyadh trading this year, maintaining a market value of approximately $4.3 billion as of yesterday.

On Tuesday, shares surged more than 4.9 per cent at the opening of trading on Saudi’s Tadawul stock exchange, marking the largest increase since 2022. Trading in Kuwait Finance House was halted pending further announcements, as stated by Boursa Kuwait.

Banking consolidation has accelerated across the Middle East as financial institutions seek greater scale to enhance competitiveness. One of the notable recent transactions involving KFH was its agreement in 2022 to acquire Bahrain’s Ahli United Bank after nearly four years of negotiations.

Discussions regarding the potential stake acquisition are ongoing, with no assurance of reaching a final agreement, according to the sources. Representatives for KFH and Saudi Investment Bank did not respond to requests for comment.

Previously, Saudi Investment Bank had JPMorgan Chase & Co. as one of its largest shareholders until the US bank divested its stake in 2018.

Attribution: Bloomberg.