Monday, July 26, 2021

Category: Business news

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.

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.

“Bitcoin” faces an unknown fate in America… Why?

Just a few months ago, crypto enthusiasts were hoping that Washington would turn to digital assets. But recent cyberattacks demanding ransom for Bitcoin, sharp trading, and reprimands from regulators have undermined this optimism.

The timing couldn’t be worse, as policymakers prepare to make a number of critical judgments about virtual tokens in the coming months, decisions that could reveal how deep the gap the industry must exit. The approval of a Bitcoin ETF is likely on track, with crypto funds allowed and banking licenses granted to financial firms.

For Bitcoin proponents, the setbacks are fueling concern that one of their top priorities will be subject to a ban by federal agencies, and tougher oversight action from lawmakers. Evidence is mounting that Congress is moving in this direction, with Senator Mark Warner, Democrat of Virginia, saying last month that cryptocurrencies “call for some level of regulation,” and Senator Elizabeth Warren reiterated that view last Wednesday.

“Honestly, regulators and Congress are late in timing and short on money,” the Massachusetts Democrat said in an interview with Bloomberg Television. “We need to catch up with the direction these cryptocurrencies are going.”

The harsh correction began in May when Securities and Exchange Commission Chairman Gary Gensler urged lawmakers to pass a law regulating cryptocurrency exchanges, arguing that the lack of oversight posed a serious threat to US investors. The comments shocked Bitcoin proponents who had speculated that Gensler would be an ally, since, unlike most government officials, he is well versed in virtual currencies.

Fuel shortage
The Colonial Pipeline hack, which caused fuel shortages across the eastern US, and, as in previous breaches, demanded a ransom payment in Bitcoin, highlighted the ramifications of cryptocurrencies on national security. Long gas pipelines are also expected to attract the attention of lawmakers, and the scrutiny could worry some on Wall Street about embracing more assets that are routinely linked to illicit transactions.

The Department of Justice has recovered most of the tokens paid by Colonial by tracking transactions in Bitcoin’s public registry, demonstrating how the technology can help law enforcement agencies. However, Senator Warren said the main advantage of cryptocurrencies is that they allow people to secretly transfer money, making coins a “haven for criminals.”

Warren’s view was recalled on Wednesday when JBS USA revealed it had paid $11 million to pirates who forced the world’s largest meat producer to shut down all of its US beef plants.

There is another problem, as Bitcoin has lost more than a third of its value since early May, and a series of negative tweets by Elon Musk contributed to the drop, assuring crypto critics that token prices are extremely volatile and easily influenced by social media, becoming unsafe for inexperienced investors. . The frenzy associated with non-fungible tokens and Dogecoin – a cryptocurrency created as a joke – has amplified these fears.

“We cannot deny the potential impact of negative media narratives on regulatory and legislative conversations in the capital in the short term,” said Kristen Smith, executive director of the Blockchain Association trade group.

Much of the funding into crypto is based on Gensler, who previously taught cryptocurrency courses at the Massachusetts Institute of Technology because the US Securities and Exchange Commission will determine whether a Bitcoin ETF becomes traded on US exchanges.

Change the rules of the game
The fund is seen as a game-changer, as it will allow investors to trade in and out of the world’s most popular cryptocurrency throughout the day without putting them at risk of having to hoard their tokens.

By adding another layer of security, consumers can buy ETF shares from strictly regulated brokers instead of buying bitcoin from unregulated exchanges. Mutual funds and institutional investors can pump more money into crypto assets through ETFs.

A spokeswoman for the Securities and Exchange Commission (SEC) declined to comment.

Under Guy Clayton, Gensler’s predecessor, the Securities and Exchange Commission (SEC) banned several exchange-traded fund applications, arguing that Bitcoin is too volatile and prone to manipulation.

Stephen Miro, a former Treasury Department official during the George W. Bush administration, said Gensler’s comments about crypto exchanges’ lack of protection for investors suggested he might share some of those concerns.

“It was a big turnaround four months ago when everyone said: Gensler taught a cryptocurrency course at MIT,” said Miro, managing partner at Beacon Policy Advisors, which tracks regulatory and legislative proposals, and is based in Washington. So we will get all our requests approved.”

The Securities and Exchange Commission (SEC) is facing a June 17 deadline on one of the proposals to list an exchange-traded fund from VanEck Associates Corp, one of several applications it is considering. The agency was previously postponed

How did the Fed Chairman convince Wall Street investors of his position on inflation?

It appears that Federal Reserve Chairman Jerome Powell and his colleagues have won, convincing investors that the current rise in consumer prices will not continue.

When news broke last Thursday that US inflation had risen to 5% in May for the first time since 2008, yields on the major 10-year Treasuries moved in the opposite direction, dropping to a three-month low of 1.43%.

While bond market metrics edged toward expected inflation, they remained well below this year’s high in May.

That upbeat reaction may be welcome news for Fed officials, ahead of next week’s interest rate meeting. Expectations prevail that officials will stick to a very accommodative monetary stance, in pursuit of the twin goals of maximum employment and average inflation at 2%. They have underestimated the risks that their policy could lead to a large and permanent price overshoot.

US central bankers have been repeating over and over the message that rising inflation will mostly be transitory, the result of temporary bottlenecks as the economy reopens, and low readings when the economy shut down a year ago.

Satisfaction of the markets
“The best, and most effective, thing the Fed has done is that they have remained consistent,” says Peter Yee, director of short-term fixed income and head of credit research at Northern Trust Asset Management, which oversees nearly $1 trillion. Tell them that it is transient.

In support of the Fed’s view, price increases in May were largely driven by categories in which supply or demand has skewed due to the reopening of the economy, from used cars and home furnishings to airline tickets and clothing.

“A lot of the items that have gone up were fleeting, more people in the market now feel comfortable going beyond these things,” Ye explains.

In a report to clients following the release of the May data, JPMorgan economist Daniel Silver agreed that the drivers of higher inflation remain mostly temporary, but added that “some smoothing is underway for price increases beyond these factors as well.” Referring in particular to the increase in rents.

Billionaire investor Stan Druckenmiller said the Fed’s easing measures have calmed investors with a false sense of security and distorted asset prices, adding to CNBC TV in an email: “Right now, the market isn’t talking.”

Federal Reserve officials stressed the importance of expectations when discussing the future of inflation. If people believe that prices are heading sharply upward, they act in ways that help achieve that, so the absence of financial market fears of high prices is undoubtedly comforting, but also limited, Policymakers – and perhaps Federal Deputy Governor Richard Clarida – are well aware that the bond market does not give a completely clear reading of expectations, even among investors, and can be bogged down by volumes traded, liquidity and other issues.

Cash flow
Financial analysts have attributed lower bond yields in recent days in part to investors who had previously bet on a move in the opposite direction covering short positions.

The massive cash flow into the money markets – a fact highlighted by the unprecedented use of the Federal Reserve’s reverse repo agreement – is also a factor likely to support demand for Treasuries. Even at these levels, US government debt provides a greater return than many other alternatives, including sovereign bonds in Japan and Europe.

Clarida, who served as a global strategy advisor at Pacific Investment Management before joining the Fed, is a “strong supporter” of the creation of a new Common Inflation Expectations Index developed by central bank staff.

The index consists of 21 different measures of inflation expectations, including some taken from the bond market, and is published quarterly. On this, Clarida said last month that the index was in line with the Fed’s target of a 2% inflation differential.

Incomplete index
Randall Quarles, the Fed’s other vice chairman, said he’s paying more attention to market surveys of inflation expectations than readings from the bond market.

During a webinar at the Brookings Institution on May 26, Quarles said, “Ultimately, what drives inflation is people’s expectations of what wages they will need. Surveys, not measures based on market conditions.

Next Friday, policy makers will get a new reading of consumption inflation expectations, when the latest survey from the University of Michigan is due. Last month, survey respondents said they expected inflation to average 4.6% in the next 12 months, the highest in a decade, although they did not expect it to remain that high in subsequent years.

“Currently, a psychologically significant growth in inflation is unlikely, but it cannot be entirely ruled out,” Richard Curtin, director of the survey, writes in a report released on May 28.

With “vegan chocolate .. “Nestlé” invades the food market made from vegetable milk

Nestle has added the first chocolate made from plant-based milk to its products for sale, in a move aimed at expanding the world’s largest food manufacturer to rely on plant-based alternatives in its products.

The Swiss food giant plans to introduce its vegan KitKat bars this year under the name KitKat V, said Alexander von Maillot, head of the confectionery division at Nestlé.

The new product will be offered for sale online and in select stores in a range of markets, including the UK, as a test site for customer feedback prior to a possible wider launch of the product.

It is worth noting that the development of the chocolate bar, which uses a formula based on rice milk instead of cow’s milk, took about two years.

The main challenge in making an alternative to regular chocolate was ensuring that it mixed well with the cocoa and sugar to eventually get a creamy texture.

Maillot explained that other alternatives to milk made from soybeans or almonds can produce flavors far from the familiar taste of the famous “Kit Kat” bar.

The girl food market is growing strongly
Although some small brands make chocolate from vegan milk, most of the popular brands have yet to join the trend.

Lindt & Spruengli AG, best known for its gold foil-wrapped Easter bunnies, began selling oat milk chocolate bars under the “Hello” banner.

At the same time, Mars introduced a vegan version of the famous Galaxy bars in the UK, and Cadbury, a unit of Mondelez International, announced its plans to make chocolate from plant-based milk.

In a phone interview, Maillot said: “Demand for plant-based foods is growing everywhere. Developing a vegan Kit Kat was a logical choice, as it is largely a global brand, and is the biggest for the company.” The confectionery sector is one of the last sectors that have joined the vegan trend in the “Nestlé” company.

And over the past year, Nestlé Purina introduced a new pet food line, consisting of insects and vegetable protein from beans and millet that was mixed with animal protein.

The company also introduced a vegan alternative to sausage last year, and made a vegan alternative to ground beef, as well as dairy-free coffee drinks and ice cream.

Just Eat Takeaways orders jumped 79% in the first quarter of 2021

Food delivery company “Just Eat Takeaway,” said its orders jumped 79% in the first quarter of this year, nearly double its expected growth rate, as the boom in eating at home continued during the Coronavirus pandemic in Britain.

The Amsterdam-based company, which took a loss last year, has also indicated that it expects order growth for the rest of 2021 even as coronavirus restrictions are eased.

The company indicated an expected growth in first-quarter orders of more than 42% of what it achieved in the full year of 2020.

CEO Jitsi Groen told reporters that Britain was a privileged market following the company’s takeover last April of Just Eight for $ 7.8 billion, and Gruen said: “This is a significant increase, and in absolute terms, the increase will fit (size) the competition comfortably. “.

Just Eat Takeaway.com generated 63.8 million requests in the UK in the first quarter, an increase of 96% over the combined orders of Takeaway and Just Eight in the first quarter of 2020. The increase in demand has helped many restaurants that specialize in food delivery services. It is only allowed to sell fast food during a pandemic.

“Whether or not that means the competition is weakening, the competition has raised some money,” Groen said. “In the end, it’s all about the scale and if someone is much older than you and pulls twice as fast, you won’t overtake this player.”

UK takeaway is competing with smaller rivals Uber Eats and Deliveroo, which saw its share price plummet after its initial public offering on March 31.

Takeaway also said it still expects the proposed acquisition of its US counterpart, CrowHub, in a $ 7.3 billion deal, in the first half of 2021.

Dining inside restaurants in the country recorded an increase of 2.9%, and restaurants say they face higher costs due to the repercussions of the Corona epidemic, inflation, and increased wages.

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