FRA Agrees to Establish National Credit Rating Agencies💳

Local Pickup🌇

FRA Agrees to Establish National Credit Rating Agencies💳

The FRA has opened the door for the establishment of national credit rating agencies.

Credit Rating Agencies💳 assess an individual’s or company’s creditworthiness, or in other words, their ability to repay debt.

More Details🧐 Credit rating agencies could only be established in Egypt under the rule that international credit rating agencies must contribute to their capital.

The FRA’s decision to remove this rule will allow for the establishment of national credit rating agencies.

Why is this Important🤔 The decision comes amid the increase in bond issuances, which reached 24 in 2021.

Marseilia for Real Estate Investments Signs an EGP 6.5 Billion Development Contract⛱

Marseilia for Real Estate Investments (MAAL), which recently started trading on the EGX, has signed an EGP 6.5 billion development contract in the Western North Coast.

 

More Details🧐 The project is set to include housing units, hotels, & commercial services, falling on 861k square meters of land.

The development period is expected to take up to four years.

Why is this Important🤔 MAAL considers this agreement an investment opportunity. The company expects the project to generate EGP 13 billion in revenues, with MAAL’s share amounting to 65% or more (EGP 8.45 billion).

Startup Spotlight💡 – Yalla Fel Sekka Raises $7 Million in Series A Round🛵

On-demand logistics startup Yalla Fel Sekka (YFS) has raised $7 million in a Series A round led by DisruptAD.

More Details🧐 YFS provides instant delivery for groceries, food, & pharmaceutical products to urban communities in Egypt through its dark store network (warehouses with supermarket-like products but isn’t open to the public).

Co-founder & CEO Yasmine Abdel Karim said YFS currently has around 1,000 active drivers who deliver 10,000 daily orders. The company’s gross merchandise volume is growing at a 20% monthly rate, according to Abdel Karim.

Why is this Important🤔 YFS plans to use the funds to expand across Egypt & the MENA region, as well as expand its dark stores network.

Global Pickup🌎

Google Announces Earnings & a 20-for-1 Stock Split☁

Google’s parent company Alphabet (NASDAQ: GOOGL) saw its stock price soar on the back of better than expected Q4-2021 earnings. The tech giant also announced a 20-for-1 stock split, effective July 2022.

More Details🧐 GOOGL soared more than 10% in premarket trading as the earnings release showed higher than expected revenues & earnings per share (EPS). 

The strong earnings further solidified the company’s case against withstanding inflationary pressures, with YouTube ad revenue the only metric falling short of analyst expectations.

In the same earnings release statement, Alphabet announced a 20-for-1 stock split that will see its price go from near $3,000/share to around $135/share.

Why is this Important🤔 The stock split aims to attract smaller investors (whose numbers increased massively during the pandemic) who otherwise wouldn’t be able to afford a single GOOGL share. 

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