Would the global trade come to a standstill as supply chain crisis worsens?    EBRD vice president heads delegation to Egypt to discuss new country strategy    The unvaccinated prohibited from entry to Egypt state institutions starting December 1    Egypt, Cyprus sign deal for electricity grid link    Russia to lift COVID restrictions on flights to Egypt's Red Sea resorts on Nov. 9    Egypt, Greece ink deal for first subsea power link between Europe and Africa    Egypt hosts regional conference of EU refugee agency EASO    SCOHRE sparks discussion on harm reduction, tobacco control    Egypt to receive first of six high-trains from Spain's Talgo in mid-November    Egypt's iron and steel exports jump 197% in 8 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Over 100 officials resign from Tunisia's main Islamist party    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egyptian court bans use of mosques for political purposes    Brazil calls up 8 EPL players for World Cup qualifying    Refugees in fear as sentiment turns against them in Turkey    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Sisi calls on House, Senate to commence second legislative sessions on 3, 5 October    Huawei Technologies has invested $10 mln over 5 years in innovation centres in Egypt    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    Qa'a play showing at Lycee El Horreya Theatre, Alexandria is a must go    Orange Egypt Introduces Amazon Prime Video    Tokyo Olympics: Cautious opening ceremony, shy start for Egyptians in competitions    Mallawi Museum in Upper Egypt holds recycling workshop for children during Eid Al-Adha    Egypt keen on stable tax policies to attract more investors: Finance Minister    Sudan declares state of emergency as water goes beyond Merowe Dam capacity    Niagara Falls illuminated in Egyptian flag to mark 23 July Revolution anniversary    Capital flows into EM keep recovering after March 2020 slump: Central Bank of Egypt    1 child orphaned every 12 seconds due to COVID-19-associated death: World Bank    Egypt, Japanese Olympic Committee discuss boosting sports cooperation    US emphasises AU's role in mediating Ethiopian damdispute    Ethiopia ready to resume dam talks with no legally binding agreements: Ethiopian official    Sunken city of Thônis-Heracleion in Egypt's Abu Qir bay yields new archaeological treasures    New films, concerts, and destinations for Eid Al-Adha holidays    Egypt, Oman discuss enhancing bilateral economic, investment relations    Al Ahly v Kaizer Chiefs: Cairo giants eye 10th CAF Champions League title    Tunisia hopes to have a UN role in resolving Egypt-Ethiopia dam dispute    APO Group enters new exclusive agreement with Getty Images on African press releases and images    On International Museum Day, Egypt opens two new museums at Cairo Airport    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    







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From the trading floor
Published in Ahram Online on 17 - 08 - 2021

GB Auto: The leading car distributor has decided not to renew distribution agreements signed with the Chinese Car Manufacturing Company, owner of the trademark Geely, "for strategic reasons", according to a GB Auto statement.
Prior to the decision, the company held an exclusive licence to assemble and distribute Hyundai and Geely passenger cars, and it imports and distributes Hyundai, Geely, and Mazda cars, as well as spare parts for all three brands. It has been the sole distributor for Geely for nine years. A few days following the statement, Geely announced that it had finalised a deal with Abu Ghaly Motors to sell its cars in Egypt.
Geely also owns Volvo Cars in addition to a 49.9 per cent stake in Malaysia's Proton and a 51 per cent stake in the British racing and sports car manufacturer Lotus. Abu Ghaly is the local distributor for a number of global auto brands, including Mercedes-Benz, Jeep, and Alfa Romeo.
GB Auto saw its revenues increase by 43 per cent year-on-year to reach LE14 billion during the first half of 2021 compared to the same half in 2020. "The increase in revenues reflected strengthening consumer demand and improving market conditions across the company's lines of businesses as demand normalises following the Covid-19 pandemic," Pharos, an investment firm, commented.

Swvl: The four-year-old transport start-up is making headlines. The company, which is based in Cairo and Dubai, last month merged with American Gambit Growth Capital, a move aimed to help the company list on the US Nasdaq exchange. It is also considering listing on the Egyptian Stock Exchange next year.
Swvl is an app through which customers can reserve bus rides along fixed routes. The company now operates in 10 cities in six countries and makes more than three million trips a month, a number it aims to increase to two million a day by 2025, Youssef Salem, the company's chief financial officer, told Reuters last week.
"Swvl will turn profitable in 2024 after investments and operating costs of about $13 million. We then aim to earn more than $170 million in 2025," Salem said.
With its capital expected to increase to $550 million upon the completion of its merger with Gambit by the end of the year, the company plans to expand to 30 cities in 20 countries over the course of four years. New targeted markets include southern and western Europe, Brazil, Mexico, the Philippines, Malaysia, and Indonesia, Salem said.
While the company projects revenues of $79 million this year, it puts its target for 2025 at $1 billion. Swvl currently operates in 10 cities in six countries, including Egypt, the UAE, Saudi Arabia, Jordan, Kenya, and Pakistan.

Fawry for Banking Technology and Electronic Payments: The e-payments giant recorded an almost 60 per cent increase in its net profits for the first half of 2021 to reach LE137 million as compared with the same period a year earlier. This came on the back of the whopping 190 per cent increase in its revenues during the same period to reach LE742.5 million.
The company is set to buy the 15 per cent stake the Commercial International Bank (CIB) owns in Fawry Plus Banking Services, as well as a similar stake owned by the state-owned Banque Misr in the same subsidiary. The price of the shares in each of the deals is set at LE1.15 per share, putting each deal at LE16.2 million.
Fawry offers financial services to consumers and businesses through more than 225,000 locations. It enables customers to pay bills and other services through multiple channels, including online, using ATMs, mobile wallets, and retail points.

Orascom Development Egypt: The resort developer reported sales of LE1.9 billion during the second quarter of 2021, up by 43.1 per cent on its level a year ago. The year-on-year growth was supported by a 90.8 per cent increase in the number of units sold, totaling 292 units, together with an increase in the average selling prices for units in Gouna, Makadi Heights, and Qwest. Sales in Makadi Heights recorded a whopping 953 per cent increase.
The company's hotels business generated revenues of LE160.5 million, which represents an 1,153 per cent surge from last year when hotels were closed from 19 March to 15 May followed by a period when they were allowed to operate at 25 per cent capacity that was later raised to 50 per cent on 1 June.
"The company owns a land bank of 49.9 million square metres and 23 hotels with a total of 4,949 rooms within four operating destinations: El Gouna on the Red Sea in Hurghada, Taba Heights on the Sinai Peninsula, Makadi Heights in Hurghada, and Bayoum in Fayoum", according to its website.
*A version of this article appears in print in the 19 August, 2021 edition of Al-Ahram Weekly


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