EFG Hermes expects two Tadawul-listed companies to be added to the standard index. AFP
EFG Hermes expects two Tadawul-listed companies to be added to the standard index. AFP
EFG Hermes expects two Tadawul-listed companies to be added to the standard index. AFP
EFG Hermes expects two Tadawul-listed companies to be added to the standard index. AFP

EFG Hermes expects $1.1bn investment flows into regional equities after MSCI index review


Sarmad Khan
  • English
  • Arabic

Regional equities are likely to receive a $1.1 billion boost in investment inflows with global index provider MSCI’s review in the fourth quarter of this year, EFG Hermes has reported.

MSCI will complete its 2022 semi-annual index review on November 10 that will result in several regional equities being included in its indexes, said EFG Hermes, Egypt's biggest investment bank.

“Liquidity will be tested at the end of September,” said Ahmed Difrawy, director and head of Data and Index at the bank.

“The price cut-off period will be any of the last 10 business days of October, starting from October 18.”

In August, MSCI said that changes announced in November will become effective on December 1.

MSCI gauges are tracked globally by major market players and funds. Any addition of a particular stock to indexes results in flows from investors with trillions of dollars under management, boosting liquidity and, potentially, its value.

In Saudi Arabia — the Arab world’s biggest economy and home to the largest Arab bourse, Tadawul — EFG Hermes expects two additions to the standard index: Nahdi and Arabian Internet and Communications.

“We think the following four names have a chance to be added to the small cap index: Al Dawaa Medical Services, Retal Urban Development, Al Masane Al Kobra Mining and Alamar Foods,” Mr Difrawy said.

“We see one name, Saudi Company for Hardware, at risk of being deleted from the small cap index.”

In the UAE, the Egyptian investment bank expects “three price-dependent candidates for inclusion” in the country’s standard index.

Abu Dhabi-listed Multiply currently barely meets the minimum estimated free float market capitalisation (FFMC) threshold, and any rally and subsequent holding on to its gains before the price cut-off period would generate $170 million in investment flows, EFG Hermes said.

Q Holding currently does not meet the minimum FFMC, but if the stock rallies 18 per cent before the price cut-off, the stock could see $195m of investment inflows.

In the case of Abu Dhabi-based IHC, “a 10 per cent price rally, even when using a 2 per cent free float, would make it eligible for inclusion and see $277m of inflows”, the bank said.

For Emaar Properties, the biggest-listed UAE developer, EFG Hermes has laid out several scenarios in terms of its foreign ownership limits that will decide if the stock will see potential inflows or outflows.

In terms of the UAE small cap index, the bank expects the addition of Sharjah Islamic Bank and Al Seer Marine Supplies, while it expects Dubai-based Shuaa Capital to exit, unless the stock rallies a minimum of 15 per cent before price cut-off period.

In Qatar, EFG Hermes sees inflows mostly reflecting the recent foreign ownership limit changes in Qatar Fuel Company, Qatar International Islamic Bank, Doha Bank and Medicare Group. There could be one possible small cap addition of Investment Holding Group.

In Kuwait, meanwhile, EFG Hermes expects two small cap additions — Salhia Real Estate and Ali Alghanim Sons Automotive.

But in Egypt, it sees Juhayna Food Industries and Cairo Investment and Real Estate as being eliminated from the small cap index, as “they will most probably miss the liquidity screening by the end of September”.

“Cleopatra Hospital is also at risk of being deleted from the small cap index, unless the stock rallies a minimum of 10 per cent before the price cut-off period,” the bank said.

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Why are you, you?

Why are you, you?
From this question, a new beginning.
From this question, a new destiny.
For you are a world, and a meeting of worlds.
Our dream is to unite that which has been
separated by history.
To return the many to the one.
A great story unites us all,
beyond colour and creed and gender.
The lightning flash of art
And the music of the heart.
We reflect all cultures, all ways.
We are a twenty first century wonder.
Universal ideals, visions of art and truth.
Now is the turning point of cultures and hopes.
Come with questions, leave with visions.
We are the link between the past and the future.
Here, through art, new possibilities are born. And
new answers are given wings.

Why are you, you?
Because we are mirrors of each other.
Because together we create new worlds.
Together we are more powerful than we know.
We connect, we inspire, we multiply illuminations
with the unique light of art.

 Ben Okri,

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Earth under attack: Cosmic impacts throughout history

4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon

- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.

50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater

1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.  

1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.

1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.

-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.

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Barbie
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Common OCD symptoms and how they manifest

Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.

Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.

Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.

Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.

Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.

Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia

AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street

The seven points are:

Shakhbout bin Sultan Street

Dhafeer Street

Hadbat Al Ghubainah Street (outbound)

Salama bint Butti Street

Al Dhafra Street

Rabdan Street

Umm Yifina Street exit (inbound)

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

The Birkin bag is made by Hermès. 
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.

Stage results

1. Julian Alaphilippe (FRA) Deceuninck-QuickStep  4:39:05

2. Michael Matthews (AUS) Team BikeExchange 0:00:08

3. Primoz Roglic (SLV) Jumbo-Visma same time 

4. Jack Haig (AUS) Bahrain Victorious s.t  

5. Wilco Kelderman (NED) Bora-Hansgrohe s.t  

6. Tadej Pogacar (SLV) UAE Team Emirates s.t 

7. David Gaudu (FRA) Groupama-FDJ s.t

8. Sergio Higuita Garcia (COL) EF Education-Nippo s.t     

9. Bauke Mollema (NED) Trek-Segafredo  s.t

10. Geraint Thomas (GBR) Ineos Grenadiers s.t

HOW TO WATCH

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MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

Ipaf in numbers

Established: 2008

Prize money:  $50,000 (Dh183,650) for winners and $10,000 for those on the shortlist.

Winning novels: 13

Shortlisted novels: 66

Longlisted novels: 111

Total number of novels submitted: 1,780

Novels translated internationally: 66

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Test: Virat Kohli (c), Rohit Sharma, Mayank Agarwal, Cheteshwar Pujara, Ajinkya Rahane, Hanuma Vihari, Wriddhiman Saha (wk), Ravindra Jadeja, Ravichandran Ashwin, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Shubman Gill, Rishabh Pant

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Profile of MoneyFellows

Founder: Ahmed Wadi

Launched: 2016

Employees: 76

Financing stage: Series A ($4 million)

Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund

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How Beautiful this world is!
Updated: September 16, 2022, 6:07 AM`