Electrolux has signed an agreement with SolarizEgypt to develop a solar power plant at the latter’s factory

Newsletter

25 Jul 2022

Starting our morning with green economy talks, first, Electrolux has signed an agreement with SolarizEgypt to develop a solar power plant at the latter’s factory. The energy to be generated from the solar power plant will be used in the production of washing machines, refrigerators, Delta electric water heaters, and stoves. The signed agreement comes in line with the Egyptian government’s efforts to transform to clean energy and attain long-term sustainable development. The deal comprises phases, of which the first will include the installation of 1 megawatt in the Delta factory and 0.5 megawatts in the stoves factory, and the second phase that will cover the installation of more megawatts. This project builds on Electrolux’s vision to reach zero-carbon emissions from its factories and sites by 2030. (Al Mal)

Second, Metro Africa Xpress Inc., a Nigeria-based startup backed by private-equity company Lightrock LLP, is planning to launch electric vehicles (EV) in nearly eight African countries by 2023.
The Nigerian company has raised a sum of 31 million USD in 2021 to develop an EV market in Africa due to the growing demand for investment in low-emission transport. This investment will enable the company to boost the number of cars to 100,000 by 2023 from 8,000 now, with the percentage of EVs increasing to 20% from 40%. The startup intends to enter African countries such as Egypt, Cameroon, and Uganda next year, adding that the company currently operates in only Nigeria and Ghana. It is worth noting that Metro Africa Xpress is pumping investments into charging points in Nigeria and Ghana. It previously secured over 70 million USDto finance its drivers from investors including Lightrock and Global Ventures. (Bloomberg)
On the global level, Egypt ranked 87th in the Sustainable Development Goals (SDGs) Index among 163 countries in 2022 after recording an overall score of 68.7.
At the level of the Arab World, Egypt captured the 7th spot in the SDG Index among 20 Arab states. Meanwhile, Egypt acquired 4th place among 47 African countries and 7th place among 16 countries in the Middle East and North Africa (MENA). Across the emerging markets, Egypt ranked 15th among 20 countries in 2022. As for the International Spillover Index, Egypt claimed the 30th spot among 163 countries. It is worth noting that in 2021, Egypt ranked 36th in the International Spillover Index among 165 countries. (Arab Finance)
In addition, Russia and Ukraine have signed a landmark agreement to resume grain exports through the Black Sea, in a move aimed at averting a global food crisis.
The pact will unblock 20 million tons of grain stranded at Ukrainian ports, a development that UN Secretary-General Antonio Guterres hailed as a “beacon of hope” that will alleviate the hunger of millions of people facing record food prices due to the war in Ukraine. Foreign Ministry Sameh Shoukry welcomed the agreement stating that it is a positive step that will ease the pressure on many countries that depend on imports from Ukraine and Russia, led by Egypt. (Reuters)
Moreover, Cairo is hosting the higher committee meetings of the integrated industrial partnership between Egypt, Jordan, and the UAE from July 23rd to 25th.
The participant delegations in the meetings will be headed by the trade and industry ministries of the three countries. This initiative targets achieving the sustainable economic development, supporting food and pharmaceutical security through localization of industries and expansion of agricultural and livestock production projects, in addition to securing supply chains, Minister of Trade and Industry Nevine Gamea said. (Arab Financee)
The Egyptian Ministry of Finance announced that 75% of state employees can now receive all their financial dues including salaries via Meeza cards.
Moreover, the ministry has urged the rest of the employees to activate their governmental cards by contacting relevant banks. This will enable employees to benefit from the merits of Meeza cards, which is one of the key instruments for transformation to a cashless economy and reinforcing financial inclusion. The smart contactless cards of Meeza provide state employees with the services of cash withdrawal, deposit, and transfer through ATMs, online shopping, payment at points of sale (PoS), and e-payment for dues. (Al Mal)
Moving to our EGX and companies talks, Obour Land for Food Industries stated that it did not receive any offers for partial or full acquisition of its shares. The Egyptian firm made the statement in line with news reporting that the UAE-based Agthia Group seeks to acquire Obour Land’s shares.
In the first quarter (Q1) of 2022, Obour Land logged consolidated net profits after tax worth 90.61 million EGP, higher than 69.79 million EGP in Q1-21. Revenues amounted to 923.80 million EGP in the January-March 2022 period, compared to 663.72 million EGP in the year-ago period. Meanwhile, the earnings per share (EPS) stood at 0.19 EGP in Q1-22, versus 0.15 EGP in Q1-21. This month, Agthia’s board approved a 60% stake acquisition of Egypt-based Auf Group to scale up its businesses in the Arab republic and diversify its portfolio. (Mubasher)
The Financial Regulatory Authority (FRA) approved the second issuance of the securitized bonds for Pioneers Properties for Urban Development (PRDC) and its related parties.
The share of El Saeed Contracting and Real Estate Investment Company (SCCD) (UEGC) in the issuance amounted to around 31.1 million EGP. Moreover, the share of Giza General Contracting and Real Estate Investment Company (GGCC) in the issuance reached 45.913 million EGP. Both companies announced that the secured amounts will be used to finance their expansions in the field of real estate development. (EGX)
El Ahram for Printing and Packing (EPPK) turned to losses during the first quarter (Q1) of 2022.
The company incurred a net loss after tax of 1.35 million EGP in Q1 2022, compared to a net profit of 1.194 million EGP in the three-month period ended March 31st, 2021. Net sales dropped to 7.145 million EGP in Q1 2022 from 9.635 million EGP in Q1 2021. (EGX)