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Fawry Launches ”Fawry Yawmy” Fund in Partnership with Misr Capital🤝

Local Pickup🌇

Fawry Launches ”Fawry Yawmy” Fund in Partnership with Misr Capital🤝

Banque Misr’s investment banking arm Misr Capital & Fawry (FWRY) have launched “Fawry Yawmy” money market fund, available for purchase & redemption starting January 30th, 2022. 

What’s a Money Market Fund🤨 A money market fund is a type of mutual fund that invests in highly-liquid, short-term asset classes. 

More Details🧐 The “Fawry Yawmy” fund targets a size of EGP 1 billion, with each certificate priced at EGP 1 & a minimum initial investment of EGP 500. No minimum investment amount is required after the initial investment.

Investors will be able to purchase & redeem certificates through 160+ Fawry Plus branches across Egypt, & over 250K Fawry POS machines. Later this year, purchase & redemption will be available via the myFawry app.

Although any person or entity can purchase certificates, the fund is “designed to primarily serve individuals.”

Why is this Important🤔 Fawry has over 30 million monthly active users, making it a lucrative partnership for Misr Capital, who aim to increase their assets under management from EGP 38 billion to EGP 45 billion by the end of 2022.

National Bank of Kuwait (Egypt) Starts Purchasing its Shares Today Ahead of Delisting✖

National Bank of Kuwait – Egypt (NBKE) will purchase its EGX-listed shares starting today & for five working days.

More Details🧐 NBKE will purchase its shares for EGP 20.03/share, a price that was determined through a fair value study last month.

The EGX approved the delisting last week.

Why is this Important🤔 NBKE shares that don’t get sold to the bank before the five-day deadline will be delisted from the EGX & traded through the operations system market. 

Dsquares Looks to Establish a SPAC📜

Dsquares, a loyalty solutions provider in the MENA region, is in the process of establishing a special purpose acquisition company (SPAC). 

More on Dsquares◽ Dsquares aims to create seamless, technology-based loyalty & rewards solutions for data-driven businesses.

More Details🧐 Dsquares hopes to merge with a technology company that provides customer offers & discounts.

The company hasn’t decided whether the SPAC would list on the EGX through a private or public offering. 

Global Pickup🌎

Rising U.S. Interest Rates Would Hurt Developing Countries; Fed Meets Today🌍

Rising U.S. interest rates are expected to worsen the global debt crisis, especially for developing countries, according to a research report by U.K. non-profit organization, Jubilee Debt Campaign. 

More Details🧐 The Federal Open Market Committee (FOMC) is meeting today & tomorrow, & is expected to announce the first interest rate hike in three years to take place in March 2022.

Rising U.S. interest rates would make it more expensive for countries to meet their USD-denominated debt obligations.

According to the report, developing countries’ debt payments rose 120% between 2010 & 2021. The Executive Director of Jubilee Debt Campaign stressed the need for urgent action on debt relief, as well as a debt calculation strategy.

Why is this Important🤔 Every interest rate hike would put further pressure on developing countries’ debt crises, which intensified during the pandemic & never really recovered.

While most analysts expect between three to four interest rate hikes in 2022, multinational investment bank Goldman Sachs hinted at the possibility of more than four rate hikes in 2022 due to surging inflation.

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