Tesla Reports Historic Quarter for Deliveries🚗

Local Pickup🌇

Contact Financial Launches Digital Car Insurance Product💻

Contact Financial Holding (CNFN) has launched a new digital insurance product available through contactcars.com, Sarwa Insurance Company, & Contact Insurance Brokerage.

More Details🧐 CNFN indicated that, like many financial services, the insurance sector is experiencing a period of digitalization, fueled by the effects of the pandemic.

Customers can fill in the necessary data in less than 90 seconds & obtain an electronically-issued insurance document within an hour, & can choose to pay in full or installments.

Why is this Important🤔 More than 1.2 million people visit contactcars.com every month, according to CNFN CEO Saeed Zaatar. The car insurance market continues to grow steadily, & fully insured cars represent only 3% of the total cars in Egypt, which Zaatar described as an opportunity to design products that focus on consumers’ needs.

Court Defers Lawsuit Against Madinet Nasr Housing…Again⚖

Madinet Nasr Housing (MNHD) stated that the court has deferred (again) a lawsuit filed by National Real Estate Bank (NRPD) against MNHD to March 6th, 2022.

Backstory🔙 NRPD filed a lawsuit against MNHD for EGP 24.8 million to get its mortgage matures for establishing 32 residential buildings in Sixth of October City.

Why is this Important🤔 The lawsuit was filed early in 2021, & was deferred six times since then. The most recent deferral postponed it for an additional three months after it was scheduled to be held on December 30th, 2021.

Housing & Development Bank Board of Directors Alter Source of Financing for Capital Increase🏦

Housing & Development Bank (HDBK) board of directors (BoD) have approved changing of funding sources for their capital increase.

More Details🧐 HDBK saw its request to increase its paid-up capital from EGP 1.518 billion to EGP 5.313 billion approved by the FRA back in September 2021. 

Why is this Important🤔 The capital increase would have initially been financed from HDBK’s general & legal reserves, as well as the distributable profits.

Now, the capital raise will be financed from general reserves with EGP 3.28 billion & retained earnings with EGP 511.97 million.

What else is Clapping👏

  • Al Baraka Bank-Egypt Targets EGP 1.41 Billion Profits in 2022

  • Banks & EGX Closed This Thursday in Observance of Coptic Christmas

  • National Bank of Egypt Increases Stake in CIB from 8.27% to 9.13%

  • Turkey’s December Inflation Registers 36%, Highest in 19 Years

Global Pickup🌎

Tesla Reports Historic Quarter for Deliveries🚗

Tesla delivered 308,600 vehicles in Q4-2021, much higher than analysts’ forecasts of 263,026. 

More Details🧐 Tesla’s Q4-2021 deliveries were up about 70% year-over-year, & nearly 30% higher from record deliveries in Q3-2021. Of Q4-2021 deliveries, 11,750 were for the Model S & X, while 296,850 were for the Model 3 & Y. 

Why is this Important🤔 Tesla CEO Elon Musk said in October 2021 that Tesla will be able to maintain an annual growth rate of more than 50% for “quite a while.” Total 2021 deliveries added up to 936,000, an 87% year-over-year increase. Experts praised the company for not only receiving such high demand but also being able to meet it despite supply chain disruptions & a global shortage of computer chips.

It’s worth mentioning that last year, Tesla rewrote its own software to reduce the impact of the global chip shortage.

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