Daily Markets Summary
What’s Clapping Today👏: Introducing the Thndr Community. Azimut to launch 3 mutual funds within 9 months. CBE agrees to issue licenses for mobile contactless payments. EXPO 2020 launches October 1st!
Introducing🥁: The Thndr Community!
The Thndr Community is a space to connect with other Thndr investors just like you. Ask questions, get them answered, and share ideas and opportunities.
Azimut Egypt to Launch Three More Mutual Funds💸
In an interview with “CEO Level”, Azimut Egypt’s CEO Ahmed Abou El Saad revealed that the company is planning on launching three new mutual funds within the next nine months.
Who is affected🤷: Abou El-Saad also revealed the investment nature of one of the upcoming mutual funds as technology-focused, while another would focus on a more traditional sector. You can catch the talk here.
Why is this important🤔: Azimut Egypt launched an Egyptian-equities fund last June, known as “AZ Opportunity”. The fund is a portfolio consisting of 20-30 stocks based on a mixture of research and financial analysis. The AZ Opportunity fund size is currently around EGP 130 million, compared to EGP 66 million at the time subscription for the fund closed in July. AZ Opportunity was oversubscribed by 3.5 times.
CBE to Issue Contactless Payments License📳
The Central Bank has agreed to issue a license allowing for mobile contactless payments, describing it as a leap in facilitating electronic financial transactions for merchants.
Who is affected🤷: The new service would allow smartphones to become electronic points of sale without any additional fees. Merchants would need to download a mobile application that links to his/her bank accounts. Sales made by the merchant would quickly & securely be transferred to them. The license is advantageous in several ways as it would significantly reduce the costs associated with renting or buying traditional e-payments devices, allow smaller merchants to grow, & ease the acceptance of payments for daily ordering services.
Why is this important🤔: The decision comes in light of the Egyptian government’s strategy to shift towards a more digital society, one that is less dependent on physical banknotes in support of the financial inclusion strategy.
- Cotton to trade on Egypt’s commodity exchange in 2022
- Egypt’s manufacturing index drops 12% in July
- Remco reveals latest updates on projects in Sokhna, New Administrative Capital
- Palm Hills Developments inks EGP 2.5bn syndicated loan deal
- Nile City Investments proposes stock split
Three More Days Until EXPO 2020 Dubai💥
EXPO 2020 is a large (gigantic) event taking place in Dubai starting 1st October 2021 & stretching until 31st March 2022. Due to the pandemic, the launch of EXPO 2020 Dubai was delayed by almost a year, but here we are!
What’s going on this year🤷: EXPO 2020 Dubai will comprise three different-themed districts: 1) sustainability, 2) mobility, 3) opportunity. 192 countries are set to participate in EXPO 2020 Dubai. Districts are made up of pavilions, each representing an idea or a theme, and are put in one of the three main districts. In EXPO 2020 Dubai, every participating country will have its own pavilion. All pavilions are put in one of the three districts. Aside from country pavilions, there will be pavilions for arts & culture, entrepreneurship, innovation & technology, entertainment, women, food, & education, among many others.
What is Egypt’s pavilion looking like🤔: Egypt’s pavilion is designed by architect
Hazem Hamada & is located in the Opportunity District. At the Egypt pavilion, you will be able to witness three original antique Pharaoh statues, go through a 3D travel experience through a time machine, and go on a high-end digital journey with a virtual tour guide. The pavilion celebrates a vision of a prosperous future for tourism, infrastructure, education & more.
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