EGX 30: 10,981 (+0.8%) weekly change, (-21.3%) YTD
Traded Value 1W Avg: EGP 604M , (+7.5%) above 90D Avg.
EGP:USD: 15.66 (+0.2%) weekly change
Sarwa Capital closes the largest Sukuk issuance in Egypt for EGP 2.5B
Sarwa Capital has successfully closed an EGP 2.5B Shariah-compliant 7-year Mudarabah Sukuk and received a high credit rating of A- . The proceeds will be used for further expansion of Contact Credit and its affiliate companies. (Daily News)
Orascom Construction sign a USD 800M contract for Cairo Metro line 4
Orascom Construction announces that its consortium with Mitsubishi Corporation signed a contract with the National Authority for Tunnels (NAT) to execute the Railway Systems, Track and Depot Works Package (CP411) for Cairo Metro Line 4 Phase 1. The total value of the turnkey contract is approximately USD 800M and Orascom Construction’s share exceeds USD 350M . (Company release)
Ibnsina faces boycott, legal action from Pharmacists Syndicate
The Pharmacists Syndicate will pursue legal action against Ibnsina for allegedly using its app “3elagi” to sell products directly to consumers. The pharmacists gave Ibnsina 48 hours to stop using the app and Ibnsina declined to do so. (Enterprise)
Dow Jones hit 30,000 points for the first time ever
The Dow Jones industrial average, made up of 30 big publicly-traded US companies hit 30K for the first time ever. Promising vaccine news, less political uncertainty, and renewed hopes for a second stimulus have all boosted the rally. (Robinhood snacks)
Market wrap up
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Elon Musk has overtaken Bill Gates to become the world’s second richest man with a USD 128B fortune.
Word of the Week
Sukuk is a sharia-compliant bond-like instrument used in Islamic finance. Unlike a conventional bond, which represents the debt obligation of the issuer, a sukuk Sukuk involves a direct asset ownership interest and the return of the capital at a defined future date.