Daily Markets Summary
What’s Clapping Today👏: E-finance institutional offering covered on the first day of subscription. Fuel prices go up, again. Amenli raises $2.3 million to scale digital insurance services. And Saudi Arabia consortium acquires Newcastle Football Club.
E-finance Institutional Offering Covered on First Day of Subscription💯
Bloomberg News Network reported that all private shares offered for E-finance for financial and digital investments were covered on the first day of the IPO by investors.
Fuel Prices Go Up, Again⛽
The Ministry of Petroleum & Mineral Resources announced an increase in gasoline prices, after the Petroleum Pricing Committee decided to raise the prices of gasoline and diesel by 25 piasters, effective Friday, the 8th of October.
Who is affected🤷: The committee reviewed the average prices of Brent crude in the global market and the exchange rate of the dollar against the EGP, the two most important determinants of the cost of providing petroleum products. After seeing a 7% increase in the price of Brent crude & a 0.1% increase in the currency exchange rate, the committee decided to increase fuel prices increased by 25 piasters, with the price of 80 octanes, 92 octanes, and 95 octanes rising to EGP 7.00, EGP 8.25, and EGP 9.25, respectively.
Why is this important🤔: Experts expressed their concern about the effect of the increase in fuel prices on prices of commodities & services. They stressed the need for regulators to take necessary actions to make sure commodity prices are not exaggerated & manipulated, considering that an increase of 25 piasters should have a limited effect on commodity prices, not a significant one.
Startup Spotlight💡 – Amenli Raises $2.3 Million to Scale Digital Insurance Services💰
Y Combinator summer 2021 graduate Amenli has secured a $2.3 million seed round funding to provide digital insurance services in Egypt.
Who is affected🤷: Traditionally, insurance companies in Egypt tend to partner with banks so they can identify high-spending consumers with solid credit ratings & sell them insurance. Those kinds of consumers are the most lucrative. Amenli, on the other hand, is looking to access a $2 billion untapped insurance market, a pool of about 50 million middle-income adults.
Why is this important🤔: Amenli seeks to address the large untapped insurance market in Egypt. When users log onto its platform, they are asked to answer a few questions, and the platform determines which insurance plan, whether life, medical, or motor based on the answers provided.
- CBE Governor: Supporting the Private Sector is not Intended to Support Businessmen
- Spain’s Ignis Agrees to Sell Stake to EFG Hermes for €625 million
- Egyptian Food Industry Exports to Germany Increased by 47% in 7 Months
- 50,000 People Visit the Egypt Pavilion at the Dubai Expo Within a Week
Saudi Arabia Consortium Acquires Newcastle Football Club⚽
An investment group led by the Public Investment Fund (PIF), which also includes PCP Capital Partners and RB Sports & Media Investment Group, has completed the 100% acquisition of New Castle Football Club.
Who is affected🤷: The PIF was formed in 1971 with the intent to provide financing support for projects of strategic significance. It is one of the largest and most impactful sovereign wealth funds in the world. The PCP Capital Partners Group was founded in 2005 & has a strong investment record, serving as trusted partners to private and institutional investors, whilst financing UK assets over the last 15 years in off-market transactions. RB Sports & Media is a subsidiary of private equity & investment company, Reuben Brothers.
Why is this important🤔: The Saudi Public Fund is working on diversifying its investments & expanding its portfolio to achieve long-term gains. By searching for attractive strategic investment opportunities locally and internationally, it aims to achieve high returns and contribute to the process of economic transformation and diversification of income sources for the Kingdom.
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