UK to launch creative economies program in Egypt

Minister of Telecommunication and Communication Technology Amr Talaat (l) and British Minister of State for the Middle East at the Foreign and Commonwealth Office Alistair Burt (r) - Press PhotoCountry Director at the British Council in Egypt Elizabeth White - Noha El TawilHead of Developing Inclusive and Creative Economies (DICE) Becky Schutt - Noha El TawilCAIRO - 15 October 2018: The United Kingdom is initiating a partnership with Egypt to launch the Developing Inclusive and Creative Economies (DICE) program in two years. We know that for countries to succeed in creating jobs for future generations, and solutions for society’s problems, we need to support bright ideas and entrepreneurial spirit. Schutt clarified that creative economy can come up with creative solutions to gender inequality, demarginalization of certain social groups and unemployment.Schutt added that creative jobs are 85 percent less likely to be robotized and that it is ideal for women empowerment. The DICE fellowship program has been already introduced in Pakistan.Schutt clarified that the program is based on the demands of each country so as the UK currently co-designs the model with Egypt with an interest in hubs and intermediaries as one establishment can work with 100 others. Furthermore, DICE plans to do a mapping of different sectors in the creative economy - including journalism and media - to determine development needs, and potential areas.

Source:Egypt Today

October 15, 2018 14:03 UTC

Trading on Sarwa Capital starts Monday

FILE - Employees in the EGX following performance of the trading session on December 12, 2017CAIRO – 15 October 2018: Trading on Sarwa Capital shares on the Egyptian Exchange started Monday, October 15, recording LE 6.67 per share at 1:09 p.m.(CLT), and losing 9.74 percent of its opening price after trading on 12.39 million shares with a turnover of LE 82.68 million.Sarwa offered around 295.2 million shares on EGX, representing 47.2 percent of the company’s capital, at a price of LE 7.36 per share, reaching a total value of LE 2.2 billion.Chairman of EGX Mohamed Farid said that the strong demand from Arab and foreign investors to represent 52.3 percent of the total offer is a very strong message that Egypt is on the right path by implementing reforms on all levels; financially, critically and legally.The stake of non-Egyptians "Arabs and foreigners" recorded 52.3 percent, while the share of Egyptians reached 47.7 percent of the total (public and private offerings).The company retail offering of 877.4 million shares was oversubscribed 30.1 times, recording demands of LE 6.5 billion. The retail offering subscription period ran from October 3 and ended Wednesday, October 10, 2018.On October 4, the company announced that its private offering was oversubscribed around 10.83 times, recording a strong demand of c.LE 21 billion ($1.2B), with demand coming from over 280 institutional and high net worth investors.The company added that the final price of its public offering was set at LE 7.36 per share after the success of the book-building process for the institutional offering of 265.65 million ordinary shares.For his part, Managing Director of Beltone Financial Holding Bassem Azzab said that the offering witnessed a great deal of interest from institutions and individuals both inside and outside Egypt, which was evident in the private offering coverage rates which reached 11 times and the public offering was covered more than 30 times.Beltone Investment Banking was acting as Sole Global Coordinator and Bookrunner, and Marouk Bassiouny was acting as counsel to the issuer.Azzab also noted that Sarwa is one of the most attractive companies in the Egyptian market due to several factors including the fact that the free trading ratio in the company will reach about 47 percent after the completion of capital increase, and the rate of growth in profits of the company hit 52 percent on average over the last five years.The company will allocate LE 700 million of the yields of public and private offerings to increase its capital by LE 95.11 million, in a closed subscription of selling shareholders at the offer price (LE 7.36).“Based on the offer price, the company’s post money market capitalization is LE 5.3 million,” Sarwa stated earlier.In August, Sarwa Capital announced its intention to issue IPO on the EGX.Sarwa Capital is a provider of consumer and structured finance solutions in Egypt.

Source:Egypt Today

October 15, 2018 13:41 UTC

EGX ends Monday in green, market cap. loses LE 2.6B

FILE- Employees in the EGX following performance of the trading sessionCAIRO – 15 October 2018: The Egyptian Exchange’s (EGX) ended Monday in green, although market capitalization lost LE 2.58 billion, amid foreign purchases.The benchmark EGX30 rose 1.81 percent, or 240.42 points, to close at 13,523.73 points.The equally weighted index EGX50 hiked 2.31 percent, or 47.23 point, to reach 2,093.68 points.The small and mid-cap index EGX70 increased 1.96 percent, or 13.44 points, reaching 698.51 points, and the broader index EGX100 inched up 1.87 percent, or 32.10 points, closing at 1,751.04 points.Market capitalization lost LE 2.58 billion, recording LE 758.96 billion, compared to LE 761.55 billion in Sunday’s session.The trading volume reached 147.04 million shares, traded through 21,520 transactions, with a turnover of LE 708.29 million.Medinet Nasr Housing, El Kahera Housing, and Memphis Pharmaceuticals were top gainers of the session by 10.77 percent, 9.92 percent and 9.15 percent, respectively.On the other hand, Sarwa Capital Holding, Lecico Egypt, and Six of October Development & Investment (SODIC) were top losers of the session by 11.14 percent, 9.85 percent, and 7.88 percent, respectively.Foreign investors were net buyers at LE 81.49 million, while Egyptian and Arab investors were net sellers at LE 58.09 million and LE 23.4 million, respectively.Egyptian individuals were net sellers at LE 1.74, while Arab and foreign individuals were net buyers at LE 4.9 million, and LE 388,781 , respectively.Egyptian and Arab organizations sold at LE 56.35 million, and LE 28.31 million, respectively, while foreign organizations bought at LE 81.11 million.

Source:Egypt Today

October 15, 2018 13:30 UTC

Egypt to host 'Defenders of Friendship 3' military drills with Russia

FILE: Egypt to Host Joint Drills of Russian, Egyptian Paratroopers in 2018 - MoDCAIRO – 15 October 2018: Egypt will host the joint drills “Defenders of Friendship 3" of Egyptian and Russian paratroopers from October 24 to 26.The two countries’ paratroopers will exchange training experiences on a number of combat activities, including Special Forces' training, counter-terrorism tactics, freeing hostages and storming facilities based on the latest modern training systems.The training comes as part of the cooperation between Russian and Egyptian Armed Forces.Egypt's joint military exercises for 2016-2017 included 30 trainings with 20 Arab and African countries. The Egyptian Army participated in joint military drills and exercises with some of the top armies in the world.In September 2017, The Egypt-U.S. military maneuvers known as the “Bright Star 2017” was launched, and took place at the combat training complex at the Mohamed Najib Military Base in the northern military zone.At the same time, the Egyptian paratroopers arrived in Russia to participate in the first joint exercises, "Defenders of Friendship 2017", hosted by the Russian Federation during the period from September 9 to 22, 2017. The "Defenders of Friendship" training was carried out for the first time in Egypt in 2016.These military trainings come in light of the joint training plan of the Egyptian Armed Forces, which aims to exchange training experiences and establish military cooperation with friendly countries.Egypt’s Special Forces headed to Bahrain in April to participate in the Khaled Bin Al-Waleed 2018 joint military drill with Bahraini forces.“The training comes in light of the military partnership and cooperation and the coordination of efforts between the Armed Forces of the two brotherly countries to reach the highest levels of efficiency and combat readiness,” the Armed Forces statement said.

Source:Egypt Today

October 15, 2018 13:18 UTC

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