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Ahmed Mahsoub

NI Capital closes Siula fund’s initial subscription with inflows exceeding LE1.075B

By | Investment Management

Egypt’s Minister of Planning and Economic Development Hala El-Said announced the closure of subscriptions to the NI Capital’s first money market fund, “Siula”, with an inflow volume exceeding LE 1.075 billion. El-Said, who is also Chairperson of the Board of Directors of the National Investment Bank (NIB), noted that the fund is in Egyptian pounds with a cumulative daily return.

The minister added that the closing of the subscription comes before its scheduled date of 10th of March 2021, due to the large turnout witnessed during the initial subscription phase. She said that the tremendous success achieved by NI Capital, the NIB’s investment arm, at launching “Siula” as its first money market fund, evidence of the quality of its performance. It also highlights the growth of the role it plays in the field of non-banking financial services (NBFS) in Egypt.

El-Said said that introducing this type of investment products would contribute to attracting more investments in Treasury bills (T-bills) and governmental bonds, which would stimulate the economic development process.

CEO of the NIB and Chairperson of NI Capital, Mahmoud Montaser, said, “We are proud that NI Capital successfully launched “Siula” Fund, which is a continuation of its growing role in providing non-banking financial services.” “This means that NI Capital continues to meet the market’s need for new savings products that allow individuals and institutions to invest in T-bills and government bonds,” he added.

For his part, Mohamed Metwally, CEO and Managing Director of NI Capital, commented on the success of the offering, saying, “NI Capital’s ability to cover the initial offering of “Siula” fund by more than 21 times reflects the experience of the company’s employees in issuing and promoting such investment funds.”

He added, “It also shows the support of the leadership at the National Investment Bank to the company, and the confidence of policyholders in NI Capital and the National Investment Bank.”

Metwally said that the coming period will witness an expansion in the activities and services provided by the company to meet the needs of its institutional and individual clients. This comes especially after the acquisition of Arabiya Online Brokerage was completed last month.

Managing Director for investments at NI Capital, Hazem Kamel, thanked those in charge of “Siula”, as well as those who have been working on it for their combined efforts for its success.

He described the success of the initial offering as “a testimonial we are proud of from our clients, and we promise to achieve the desired objectives and outcome of the fund.”

“Siula” fund aims to achieve a daily cumulative return appropriate with the degree of low risk associated with the instruments it invests in. It also looks to maintain a high degree of liquidity that allows the investor to buy and redeem daily, effective from 17 February 2021.

The fund invests its short-term financial instruments such as bonds and bills, T-bills, bank deposits, savings certificates, and other low-risk investments.

The door for subscription in the fund was opened on 10 January with a target issue of LE 50 million. NI Capital received requests that led to the issuance being covered by more than 21 times the targeted size of the fund.

Starting from Wednesday 17th of February 2021, the door will be opened to receive daily purchase and redemption orders in “Siula” through “Arabiya Online” and “Mubasher” companies for individuals and institutions, in addition to NI Capital for large institutions.

 

Minister of Planning And Economic Development Announces The Launch Of NI Capital’s First Money Market Fund

By | Investment Management

Minister of Planning and Economic Development and Chairperson of the Board of Directors of the National Investment Bank (NIB), Dr. Hala El Said, announced that NI Capital – NIB’s investment arm, has launched its money market fund “Siula”, which comes as part of its strategy of to reinforce its role in achieving financial inclusion and developing the Egyptian capital market.

El-Said highlighted that the fund will invest in liquid and short-term financial instruments, including bonds; T-bills; banking deposits; certificates of deposits and other low-risk instruments.

NI Capital also aims to cater for the needs and requirements of its individual and institutional clients alike, according to the minister.

El-Said added that ‘Siula’ fund is the first of its kind to be established by an investment bank in Egypt and that it is also the first money market fund to invest in movable collaterals, benefiting from recent legislative amendments to investment funds’ laws.

“NI Capital’s introduction of its first money market fund is a new step in the path of the leading company in the field of providing non-banking financial services, and an enhancement to its unique role,” said CEO of NIB and Chairman of NI Capital, Mahmoud Montaser.

CEO and Managing Director of NI Capital, Mohamed Metwally illustrated that the fund comes as a continuation of the success achieved by NI Capital in managing the investment portfolios of many investors, whether from government entities or private sector companies.

Hazem Kamel, Managing Director of Assets and Investment Management at NI Capital, said that the company is working on introducing new and innovative products in the coming period as part of its strategy to support the state’s plan and to achieve the sustainable development goals. He added, “the NI Capital’s “Siula” fund seeks to introduce and make available new investment tools to achieve financial inclusion and avail them to different groups within our society, whether they are institutions or individuals.”

The ‘Siula’ fund aims to achieve a daily cumulative return corresponding with the low risk associated with the instruments invested in it while, maintaining a high degree of liquidity that allows the investor to buy and sell their certificates on daily basis.

Worth mentioning, NI Capital has contracted ‘Arabiya Online’ which is owned by it, in addition to the ‘Mubasher’, to receive subscriptions and promote the fund among customers from the segments of individuals and institutions with the ability to receive subscriptions electronically, while NI Capital will promote the fund to large institutions.

Last year, NI Capital established the National Investment Charity Education Fund with the aim of providing sustainable financing for educational projects while managing charitable work, the size of the fund has so far reached EGP 150 million, according to the planning ministry.

NI Capital was established in 2015 as an independent financial services company, acting as an independent catalyst for promoting public-private cooperation and attracting both domestic and foreign expertise to add value through promoting sustainable economic and social development across Egypt.

It also provides an integrated set of investment banking, investment management services and financial advisory in the Egyptian market. It also manages the government IPO program to attract local and foreign investments to the Egyptian exchange and diversify sources of income for the government.

“Goodbye Julia” receives Ergo, Media Ventures’ Award at the 4th Gouna Film Festival

By | Media

Sudanese director Mohamed Kordofani’s redemption drama Goodbye Julia won Ergo, Media Ventures and MAD Solutions’ joint award at the CineGouna SpringBoard that was held on the sidelines of the 4th edition of El-Gouna Film Festival (GFF). The award offered grants the winning film project distribution services across the Arab world with a minimum guarantee of $30,000 for the filmmakers.

Additionally, the feature film has won the festival’s $15,000 top prize for best project in development, and secured a $10,000 award from “Sparkle Media Services”.

Set in Khartoum ahead of Sudan’s division in 2011 into two separate countries, “Goodbye Julia” explores the differences between their two populations through two women hailing from each area. One is a retired singer, struggling with her marriage, who seeks redemption for causing the death of man from the South by offering a job as a maid to the second woman, his widow who is oblivious of her involvement.

“Goodbye Julia” is produced by Sudanese director Amjad Abu Alala, who is best known internationally for his debut feature “You Will Die At 20” which won Venice’s Lion of the Future in 2019 as well as best film at GFF last year.

Ergo, Media Ventures continues to support promising Egyptian and Arab film projects by presenting awards in cooperation with different film festivals and is committed to support promising cinematic projects and aspiring talents in their endeavor to share their visions with the world.

Since its establishment, it has supported three other projects through the CineGouna SpringBoard in the first three editions of El-Gouna Film Festival and two projects at Cairo Film Connection of the Cairo International Film Festival; some of which have gone on to win prestigious awards from renowned festivals such as Lebanese film  “1982” which has won the NETPAC Award at the Toronto International Film Festival, and the FIPRESCI Award at the Gouna Film Festival in 2019 and is currently streaming on “Netflix”.

Ergo, Media Ventures is a dynamic investment firm committed to transforming the media landscape in Egypt and the Arab world. With a primary focus on digital and traditional content creation and distribution, Ergo, aims to re-establish the Egyptian media and entertainment industry as a sustainable economic, social, and cultural driver. Ergo, was established in 2018 by Ayady for Investment and Development, and is managed by NI Capital, a fully owned subsidiary of National Investment Bank.

NI Capital Acquires Bank Audi’s Arabeya Online Brokerage

By | Acquisitions

NI Capital Holding, a subsidiary of the National Investment Bank (NIB), signed an agreement with Lebanon’s Bank Audi to acquire the online brokerage firm Arabeya Online after concluding its due diligence on the Company, Planning Minister and National Investment Bank Chairman H.E. Dr Hala El Said announced in a statement. The bank is currently obtaining the necessary regulatory clearance to close the deal.

The acquisition will allow NI Capital to expand its non-banking financial services offering, including brokerage services for individuals and institutions, Dr. El-Said commented. “The transaction is a new step supporting NI Capital’s role in developing money markets in Egypt by offering comprehensive services to our clients,” said the minister.

 

Dr Al-Said added that: “NI Capital” has played an important role in supporting the economic reform program since its inception, and that the deal to acquire “Arabeya Online” will play a major role in the company’s efforts towards attracting investments to the Egyptian Stock market, with its experienced resources enabling it to play such role successfully.”

Mahmoud Montasser, CEO of the National Investment Bank and Chairman of the Board of Directors of NI Capital, commented on the deal, saying: “We are happy to sign the agreement to acquire Arabeya Online, the leading company in the field of retail brok

erage, which will enhance NI Capital’s contributions to  financial inclusion, and add a new service to its corporate clients.”

From his side, Mohamed Metwally, CEO and Managing Director of NI Capital said: “Signing the deal to acquire Arabeya Online comes after a year long of due diligence and negotiations.  The team at NI Capital, is always working to expand our scope of services to both our corporate and individual clients, and to continue promoting investments in the Egyptian capital markets.”

NI Capital appointed Shahid Law Firm as its legal counsel on the transaction, Mazars Mostafa Shawki for financial and tax due diligence, and Ernst & Young for IT due diligence. Bank Audi appointed Broadgate Advisers as financial advisor, and Zulficar & Partners as legal advisor to the deal.