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Midar Joins Egypt’s Sovereign Fund

Engineer Ayman ElKousey, MIDAR Managing Director and CEO (Asharq Al-Awsat)
Engineer Ayman ElKousey, MIDAR Managing Director and CEO (Asharq Al-Awsat)
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Midar Joins Egypt’s Sovereign Fund

Engineer Ayman ElKousey, MIDAR Managing Director and CEO (Asharq Al-Awsat)
Engineer Ayman ElKousey, MIDAR Managing Director and CEO (Asharq Al-Awsat)

The real estate developer El Mostakbal Urban Development (MIDAR) has been added to The Sovereign Fund of Egypt’s (TSFE) pre-initial public offering (IPO) fund. This move comes as the company aims to sell a stake to a strategic investor and list another portion on the stock exchange.

On Sunday, the company announced a change in its name and brand, rebranding itself as Midar. This decision was made to align with its ambitious plans and regional expansion.

Engineer Ayman ElKousey, MIDAR Managing Director and CEO explained that the company has been selected among the pioneering firms to join the Egyptian sovereign fund.

This selection was made to prepare the company for the sale of the state’s stake to a strategic investor and the subsequent listing of another portion on the Egyptian stock exchange.

During a Sunday press conference, ElKousey said: “We have allocated 5 billion Egyptian pounds for investments throughout the current year... and approximately 20 billion pounds over the next few years.”

The MIDAR CEO stated that the company’s ownership structure is comprised of major Egyptian financial entities; (Banque Misr, the National Bank of Egypt, Misr Capital Company, one of the investment arms of Banque Misr, the National Investment Bank), as well as a selection of the best Egyptian figure working in the field of urban development that all enjoy prestigious records of achievements in this field both within and outside Egypt.

According to ElKousey, the company owns a real estate portfolio spanning up to 11,000 acres, with the development of an additional 5,000 acres currently underway.

ElKousey stressed that the company had laid down an ambitious plan for augmentation within the Egyptian real estate market by applying an innovative concept in the field of advancing and operating comprehensive major cities at the highest international quality standards via making use of the latest techniques followed internationally in this domain with the support of specialized market studies that have been prepared by major international consultancy bureaus tailoring to investors and customers’ requirements equally.

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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)
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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)

Chinese lawmakers are deliberating a draft of the country's first basic law specifically focused on the development of the private sector, the country’s Xinhua news agency reported.

“The law will be conducive to creating a law-based environment that is favorable to the growth of all economic sectors, including the private sector,” said Justice Minister He Rong, while explaining the draft on Saturday during the ongoing session of the Standing Committee of the National People's Congress, the national legislature.

The draft private sector promotion law covers areas such as fair competition, investment and financing environments, scientific and technological innovation, regulatory guidance, service support, rights and interests protection and legal liabilities.

The draft has incorporated suggestions solicited from representatives of the private sector, experts, scholars and the general public, the minister said.

China left its benchmark lending rates unchanged as expected at the monthly fixing on Friday.

Persistent deflationary pressure and tepid credit demand call for more stimulus to aid the broad economy, but narrowing interest margin on the back of fast falling yields and a weakening yuan limit the scope for immediate monetary easing.

The one-year loan prime rate (LPR) was kept at 3.10%, while the five-year LPR was unchanged at 3.60%.

In a Reuters poll of 27 market participants conducted this week, all respondents expected both rates to stay unchanged.

Morgan Stanley said in a note that the 2025 budget deficit and mix are more positive than expected and suggest Beijing is willing to set a high growth target and record fiscal budget to boost market confidence, but further policy details are unlikely before March.

Last Friday, data released by the country's central bank said total assets of China's financial institutions had risen to 489.15 trillion yuan (about $68.03 trillion) by the end of third quarter this year.

The figure represented a year-on-year increase of 8%, said the People's Bank of China.

Of the total, the assets of the banking sector reached 439.52 trillion yuan, up 7.3% year on year, while the assets of securities institutions rose 8.7% year on year to 14.64 trillion yuan.

The insurance sector's assets jumped 18.3% year on year to 35 trillion yuan, the data showed.

The liabilities of the financial institutions totaled 446.51 trillion yuan, up 8% year on year, according to the central bank.

Separately, data released by the National Energy Administration on Thursday showed that China's electricity consumption, a key barometer of economic activity, rose by 7.1% year on year in the first 11months of the year.

During the period, power consumption of the country's primary industries increased by 6.8% year on year, while that of its secondary and tertiary sectors rose by 5.3% and 10.4%, respectively.

Residential power usage saw strong growth of 11.6% during this period, the administration said.

In November alone, power usage climbed 2.8% from one year earlier, according to the data.