Week ending October 11, 2020

EGX 30: 11,327 (+2.5%) weekly change, (-18.9%) YTD  
Traded Value 1W Avg:
EGP 565M , (-7.6%) above 90D Avg.  
EGP:USD:
15.72 (-0.2%) weekly change 

Local Pick-up

Abu Qir Fertilizer pumps USD 100M in a step towards expanding its Urea plant 

Abu Qir, Egypt’s largest fertilizers company, has started taking measures to curb carbon dioxide emissions and expand its urea plant from 1.9K Tons to 2.3K Tons per day. The estimated cost of the project is USD 100M. (Source: Al Mal) 

Sarwa Capital and Premium Card plans to launch a consumer finance company in October

Premium Card company plans to launch the consumer finance company in a 50% partnership with Sarwa Capital during the current month. The company is looking to complete all incorporation procedures and obtain the license to practice the activity from the Financial Supervisory Authority (FRA). (Source: Al Mal) 

B Investments 53%-owned subsidiary – Gourmet Egypt adopts Norma AI software to optimize delivery and logistics

Gourmet Egypt and Softec technologies, a technology company providing AI and visibility solutions for logistics, announced a collaboration to help Gourmet’s operation automate, optimize and control home delivery and branch replenishment routes with Artificial Intelligence.

Global Pick-up

JP Morgan pledges USD 30B to fight racial wealth gap

US largest bank, JP Morgan, announced long term USD 30B commitments to expand access to affordable housing and boost small businesses in a step towards advancing racial equity.  The bank said it would spend USD 8B to originate 40K mortgages for Black and Latinx households over the next five years, and provide USD 14B in loans and investments meant to create 100K affordable rental units in underserved communities. (Source: Company Disclosure)

Market wrap up

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Weekly Thunderstrike!

The 50 richest Americans are now worth as much as half of the US population.