Monday, July 26, 2021

Category: Business

The Sawiris family leads funding round in the real estate startup Nawy

Egyptian real estate technology startup Nawy has secured a seven-figure seed funding, led by the Sawiris family office. With the participation of angel investors, including Hatem Dowidar, CEO of Etisalat Group.

Founded in 2016 by entrepreneurs Mohammed Abu Ghanima, Abdul Azim Othman, Ahmed Rafea, Ali Rafea, and Mostafa El-Beltagy, Nawy provides a real estate platform that allows users to browse thousands of properties and buy homes in closed residential communities.

This investment – whose value the company has not announced – is the first from outside investors, while the founders have pumped about $200,000 into the company over the past five years, according to co-founder Abdul-Azim Othman to Forbes Middle East.

Cooperation with the family office of the richest Egyptian family
While Nawy plans to use the new investment to enhance its technology, diversify its services, and expand its workforce across Egypt, it is also seeking to benefit from the joint collaboration with the Sawiris family.

Co-founder Abdulaziz Othman told Forbes Middle East: Of course we work closely with the family office to explore collaborations between Nawy and Ora Real Estate Development (affiliated with Naguib Sawiris). He continued: We plan to build a closer relationship and partnership, and we will achieve this through more cooperation, but it will not be in an “exclusive” form.

The Sawiris family is the richest family in Egypt, where Nassef Sawiris tops the Forbes ranking of Arab billionaires with a fortune of 9.1 billion dollars, while his brother Naguib has a fortune estimated at 3.1 billion dollars. Family members invest in many sectors, including construction, financial services, sports, and others.

The new investment comes at a time when Naguib Sawiris is focusing on the real estate sector through his company, Ora Real Estate Development, which designs and develops luxury properties in countries including Egypt, Cyprus, Pakistan, and London.

According to Onsi Naguib Sawiris, who leads the Sawiris family office, the field of real estate management technology PropTech is witnessing a rapid evolution of service offerings and how to provide integrated business models that can be implemented in Egypt.

big growth
Currently operating from two offices in New Cairo and 6th of October City, Nawy has seen a 30% year-over-year growth since its inception, and the total value of sales through the platform has reached $150 million, according to co-founder Abdulaziz Othman for Forbes Middle East.

The company explained in a statement that it has helped more than 30,000 people buy the right property over the past five years, and the emerging platform aims to achieve 300% growth in 2021 despite what it described as a “turbulent year in the real estate market.”

Regarding the company’s vision and purpose, Mostafa El-Beltagy, CEO of Nawy explained: There is a lot of time wasted when buying a home due to the lack of information and transparency, which creates anxiety among customers. He continued: Even traditional methods, such as increasing sales by phone calls, are making customers more skeptical than ever.

heated competition
There is intense competition between the platforms that allow the ability to search for real estate, including Aqarmap, Propertyfinder, Bayut, among many others.

Real estate technology start-ups are also raising significant investments in the Middle East and North Africa, where Saudi Gatherin, a platform for one-to-one vacation home rentals in the Kingdom, secured $6 million in financing last month, and Morocco’s Mubawab Group raised $10 million. In March, Egyptian Sakenin secured $1.1 million and RentUp secured less than $1 million in funding.

The UAE’s XPLOR and Stake also raised $3 million and $4 million respectively, while Dubai-based online mortgage platform Huspy secured initial funding, which it did not disclose.

Shares of Indian food delivery company Zomato jumps 80% on the first day of trading on the stock market

For more than a decade, Dependergoyal’s Zomato company has supplied delicacies from spicy crepes dosa to soft vegetable curry pav bhaji, to millions across India.

Now, investors will get a taste of the fast-growing food delivery giant. Shares of the startup surged more than 80% on their debut Friday, after a $1.3 billion initial public offering.

Zomato is one of the first generation of internet startups worth over $1 billion (unicorn) to tap into India’s capital markets and has generated a frenzy rarely seen in the local investment community.

Investors on Twitter have bragged about buying the startup’s shares, eager for the kind of returns that Facebook and Alibaba Holdings are making.

This is India’s largest initial public offering since March 2020 and has received bids from major investors about 35 times the shares it intends to sell.

The strong presence of food delivery companies
Zomato’s inclusion follows strong debuts in food delivery, including China’s Dash Door and Meituan.

It is the culmination of a 13-year journey for co-founder Joyal, 38. He and Pankaj Chada, who has since left, started Zomato as a delivery service in 2008 for their colleagues at Pine & Co.

Last week, Goyal tweeted about the stress of eating and installed an emoji on his Twitter account.

India Bubble
Zomato’s debut also comes buoyed by Chinese billionaire Jack Ma’s Ant Corporation, amid investor concerns that India’s markets are a bubble waiting to burst, and that valuations have outpaced fundamentals.

What dampens optimism about India is one of the world’s worst coronavirus outbreaks, which threatens to undo decades of economic gains.

Investors also have to deal with political risks, as Narendra Modi’s government clamps down on foreign retailers, social media giants, and streaming companies.

pizza moment
For others, the potential outweighs the downsides. With nearly half of India’s 1.3 billion people accessing the internet via smartphones, the bet on Zomato represents optimism that India’s tech startups could go the way of the United States or China, especially given that India’s internet infrastructure is not It is still emerging, and that consumers are accustomed to buying online.

Burberry is back in fashion but is looking for a new boss

Checks from Burberry are back in fashion, but the departure of the company’s CEO has taken its toll on the British luxury brand.

Although Burberry Group reported an improvement in sales last Friday, the decision of its chief executive, Marco Gopetti, to leave his post to move to smaller Italian rival Salvatore Ferragamo, threatens to unravel the recent improvement.

Sales jump
Gobetti had set himself a goal that included elevating the company from a luxury brand to the very highest echelons of luxury.

Indeed, Gobeti has managed to stabilize the company since he joined in July 2017, as evidenced by the 90% increase in sales in the same stores in the three months to June 26, compared to the same period last year. That exceeded analyst expectations, to the point that sales slightly exceeded the pre-pandemic stage.

Modern designs
Gobetti brought in a new designer, Riccardo Ticchi, and laid the foundations for turning Burberry into a super-luxury brand, building a line of handbags, modernizing its signature coats, and expanding the shoe line to include sneakers.

It also stopped selling the brand’s products in regular stores and reduced special discounts.

In addition, Burberry is getting closer to Millennials and Gen Z shoppers thanks to the streetwear it is launching in limited editions.

It is no longer surprising to see young Londoners dressed in the brown, black, red, and white checks that characterize Burberry, along with other brands such as Gucci and Balenciaga.

New suit
However, the British brand still lacks the same glamor as Gucci, plus the sales growth and market margin expansion that Gucci achieved just a few years after its parent company Kering launched the brand’s transformation in 2015.

Indeed; The work on the new Burberry suit is not finished yet. For example, it is necessary to continue working until the handbag line achieves its full potential, as handbags are one of the most important sales and profit drivers for other luxury brands.

The epidemic impeded the progress of “Barbarian”. Now that it is emerging from the crisis, the company is having to search for a new CEO.

Given the path of transformation it has achieved; The next CEO’s strategy would have to align with the broad outlines of Gobeti’s plan, although that might act as a deterrent for candidates who would want to put their stamp on Burberry.

More importantly, is the match that will arise between the new CEO and Tychi, who previously worked with Gobetti at LVMH’s Givenchy brand, and joined Burberry in March 2018.

In terms of continuity, Techy’s history attests to him remaining in his position at Genifchi for more than a decade after Guppette moved to LVMH’s Celine brand – Moët Hennessy Louis Vuitton.

Ticchi’s relationship with the new CEO will be crucial to determining whether the designer stays long at Burberry.

New logo
At first, I questioned Gopetti’s appointment of Ticci, whose style aesthetic could best be described as falling in half between former Celine designer Phoebe Philo and Alessandro Michele’s fashion revolution at Gucci.

however; Embracing a change in creative management at this sensitive juncture would be beneficial.

In this regard, the company has put a lot of effort into creating a new logo, and the “monogram tchi” design intertwined with the letters “T” and “B” that adorns all of the brand’s products today, from blouses to sunblocks.

Kenya aspires to export its pioneering expertise in the production of geothermal electricity

When Kenya opened the Olkaria power plant four decades ago, it was more of a research project than a commercial one. Because of its location in Hills Gate National Park, an arid region of volcanic rock punctuated by sulfur gases and inhabited mostly by pigs and zebras, the facility was able to generate electricity using steam from deep within the earth. Untested and expensive geothermal energy was an experimental technology at best, with the first unit expected to power about 10,000 homes. Today, the Olkaria plant generates more than 50 times that, and the technology is going to make up the strength of the country’s electricity grid. “Our future strategy is geothermal energy,” says Rebecca Miano, chief executive of the state-owned Kenya Electricity Generating Company, or KenGen.

For decades, Kenya and its neighbors have focused on hydroelectric power and fossil-fueled thermal plants, but only recently have they awakened to the potential of their vast underground energy resources. The area lies on the side of the Great Rift Valley, an area where tectonic plates gather, bringing the magma underground closer to the surface. It is one of the most active volcanic regions in the world, with Mount Kilimanjaro in the middle, in addition to dozens of hot springs that indicate the intense heat directly below. According to economic research firm Fitch Solutions, Kenya gets nearly half of its electricity from geothermal power plants, more than any other country, and is on track to increase that rate to nearly three-fifths of its electricity. electricity by 2030.

New stations
The Olkaria geothermal power plant, the first of its kind in Africa, feeds tubes that extend two miles deep into the Earth’s crust. The deep tubes deliver high-pressure steam up to 350°C (662°F), which is used to drive giant turbines. Ken Jin plans to invest $2 billion over the next five years in the construction of four new plants and upgrades to the Olkaria plant, which will increase Kenya’s geothermal capacity to more than 1.6 gigawatts, nearly double the current production, which is Enough to supply electricity to a city of one million people. In the long term, the Kenya Electric Corporation expects the country to be able to generate at least six times that amount.

Investment hurdle
The biggest hurdle, in Kenya and the region, has always been the initial investment. While turbines and other equipment used above ground cost roughly $3 million per megawatt, the real cost lies underground, with a single well costing up to $6 million. The construction of each unit usually entails multiple drilling attempts to find enough steam to keep the turbines spinning. For the first plant in Olkaria, the Kenya Electricity Generating Company has drilled 33 wells. “Initially, geothermal plants were seen as too risky and the high initial cost was a drag,” says Peter Omanda, a consultant who has worked on several projects in the region. While technological advances have reduced costs and made it easier to get more steam from each well, the cost of drilling remains a significant obstacle.

Drilling wells and selling steam
To help offset costs, in 2008 Kenya established the state-owned Geothermal Development Corporation, known as GDC. This company aims to assume the investment risks associated with this technology, by drilling wells similar to oil drilling companies. And when it finds a promising field, it sells the steam to Ken Gene or other companies that build above-ground facilities. GDC has raised $746 million, mostly from international lenders such as the World Bank, to develop the volcanic Menengai Crater, 60 miles north of Olkaria, where three independent power producers expect to open geothermal plants in 2023 after years of delay.

Find out about gasoline prices in Egypt before and after the increase

Today, the Ministry of Petroleum and Mineral Resources announced the increase in new gasoline prices, which makes many people search for gasoline prices in Egypt before and after the increase to determine the value of the increase.

Gasoline prices in Egypt were estimated before and after the increase, with an increase of 25 piasters per liter of gasoline of all kinds, and the stability and stabilization of diesel and diesel prices.

The Automatic Pricing Committee decided to raise gasoline prices by 3% over the prices set last April.

The committee formed by the Ministry of Petroleum and the Ministry of Finance announced to raise the prices of 80 petrol by 25 piasters to 6.75 instead of 6.50, which is within the framework of the 10% agreed upon by the committee in fuel pricing.

Gasoline 92 prices increased by 25 piasters, bringing the price of a liter of 92 gasoline to 8 pounds, compared to 7.75 pounds.

As for gasoline 95, it increased and reached 9 pounds per liter instead of 8.75 pounds per liter, and local diesel prices stabilized at 3900 pounds per ton.

Facebook allocates $1 billion to reward content creators in 2022

The company added that content makers will receive financial support from it, to be able to cover the costs of producing their videos.

In the statement, Facebook indicated that its new support program is available on its blue platform as well as on “Instagram”, in the form of in-video ads and a star system based on the continuity of the content creator in the production of videos.

Facebook explained that its new program is currently available on the “Invitations-Only” system only, and did not reveal the date of its availability to all content makers.

The United States provides Jordan with $600 million

Today, Saturday, before the start of King Abdullah II’s official visit to Washington, the Jordanian Ministry of Planning and International Cooperation signed an agreement to transfer the first batch of the US grant for direct cash support to the treasury, amounting to 600 million dollars, to contribute to financing development projects and supporting economic recovery.

The first batch of the US cash grant for 2021, amounting to a total of $845 million, is part of the US economic assistance program for the Jordanian government for this year, according to the Jordan News Agency, quoting a Ministry of Planning statement.

The agreement was signed by Minister of Planning and International Cooperation Nasser Al-Shraideh, representing the Jordanian government, and the Director of the US Agency for International Development (USAID) Sherry Carlin.

Al-Shraideh explained that transferring the cash support grant to the treasury early to support priority development projects within the sectors of public finance, water, education, health, public works, housing, energy, mineral wealth, local administration, tourism, antiquities, and youth, which will contribute to reducing the general budget deficit and support the government’s plans to start economic recovery.

Musk buys a ticket for Branson spaceflight to secure a seat on Virgin Galactic

Tesla founder Elon Musk has bought a ticket on one of the future spaceflights by rival billionaire Sir Richard Branson’s Virgin Galactic, according to a newspaper report.

Mr. Branson became the first in the billionaire’s space race between himself, Mr Musk, and Amazon founder Jeff Bezos, to successfully touch the edge of space as he jumped aboard a Virgin Galactic flight earlier on Sunday.

Musk has paid a $10,000 deposit to secure a seat on a future Virgin Galactic trip, Branson told ‘The Sunday Times in an interview. However, the date has not been set, he told the newspaper outlet.

A ticket for a one-hour trip on Virgin Galactic’s space plane costs $250,000 – including the training and a spacesuit. Around 600 people from across 58 countries have already reserved a ticket on VVS Unity, including the celebrities such as Tom Hanks, Justin Bieber, and Lady Gaga.

Revenues of the Egyptian Commercial International Bank rose 1.4% to $ 1.5 billion in the first half

The consolidated revenues of the Egyptian Commercial International Bank (CIB) increased by 1.4% during the first half of this year to reach 23.77 billion pounds ($1.5 billion) compared to 23.44 billion pounds ($1.49 billion) in the same period last year, with an increase in fees and commission income by 21.8 % to EGP 1.8 billion ($114.8 million) compared to EGP 1.5 billion ($94.3 million) in the corresponding period of 2020.

And CIB ranked 16th in the Forbes Middle East “50 Most Powerful Banks” list for this year, issued last June, with sales of $3 billion, net profits of $654 million, and assets of $27.3 billion. Ranked 24 on Forbes Middle East’s list of the 100 most powerful companies in the Middle East for the year 2021.

However, net income from fees and commissions increased by 24.2% to 603.8 million pounds ($38.49 million) in the second quarter of this year, compared to 486.3 million pounds ($31 million) in the same quarter of 2020.

The bank’s net profit rose during the second quarter of this year by 23.1% to 3.2 billion pounds (205 million dollars) compared to 2.6 billion pounds (165.7 million dollars) in the same quarter last year.

The Commercial International Bank had confirmed the start of correcting the violations attributed to it, which caused the departure of its former president, Hisham Ezz Al-Arab from his position, and the appointment of Sherif Sami as his successor last October.

The domestic credit provided to the private sector in Egypt rose last year to 27.26% of GDP, compared to 24.02% of output in 2019, according to World Bank statistics, while the global ratio reached 147.9% of GDP in 2020, compared to 131.9% of output in 2019.

“Binance” platform… The story of the largest cryptocurrency exchange in the world

It is a company that pays its employees with a digital code of its own creation, headquartered wherever its founder is. There is a growing list of countries that you do not want anything to do with. It’s Binance Holdings that might be the biggest, and craziest, thing in the craziest world of cryptocurrency.

Welcome to the world of Zhang Bing Zhou, the elusive Flip-flop developer called CZ — and the mastermind behind Binance, currently the largest cryptocurrency exchange. On this planet, though, the UK has just fired a subsidiary, while Thailand has filed a criminal complaint against the company for operating without a license.

without a specific title
Binance was founded in China, then exiled to Japan, then exiled itself to Malta, and today its official headquarters are in the Cayman Islands, but unofficially; the company

It has no headquarters specifically anywhere.

The platform lives online, and so far appears to be a far cry from regulators’ attempts to pinpoint exactly how and where it operates. At the core of this company is CZ, a figure revered by crypto enthusiasts who have nearly 3 million followers on Twitter and has stated his desire to ease government censorship. Live in Singapore recently.

Just now, the authorities of several countries want to know more about CZ’s four-year experience in cryptocurrency trading. The reprimand to the company from the UK is one of the biggest blows yet, as Binance Markets cannot sell or even advertise products in the UK, a move that prompted Barclays to block payments. With debit cards to this stock exchange.

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