Qatar Investment Authority deposits 1 billion USD at CBE
Qatar Investment Authority deposits 1 billion USD at CBE. The Qatar Investment Authority (QIA) deposited 1 billion USD at the Central Bank of Egypt (CBE). This comes as QIA negotiates the acquisition of stakes in state-owned companies. It is worth noting that the trade exchange between Egypt and Qatar reached 44.8 million USD in 2021, up from 25.4 million USD in 2020. On September 13th, President Abdel Fattah El-Sisi flew to Doha to begin an official two-day visit, which is his first to Qatar. (Asharq Business)
- Egypt seals 2.24 billion USD development financing agreements
The Egyptian Ministry of International Cooperation announced the signing of 2.24 billion USD worth of concessional development financing agreements in the sectors of transportation, housing, electricity, renewable energy, food security, and the environment. Four agreements were signed for transport and infrastructure projects, including a 279 million USD grant for the rehabilitation and upgrading of the second line of Cairo Metro, and a 278 million USD financing by the French Development Agency (FDA) for the development of Alexandria’s Abu Qir rail line to transform it into an electric metro. (Asharq Business)
- Qalaa Holdings considers investment in Saudi energy sector
Qalaa Holdings (CCAP), through its subsidiary TAQA Arabia, is considering entering the Saudi energy market, especially for gas distribution, Chairman of Qalaa Holdings. Heikal revealed that a working group has been in Saudi Arabia for two months to set a final outline for the company’s investments. Saudi Arabia represents an important opportunity for the company. Qalaa Holdings, formerly Citadel Capital, is an Egypt-based company engaged in private equity investment activities. (Asharq) Business
- Qatar issues commemorative coins for 2022 World Cup
The Qatar Central Bank (QCB) announced issuing commemorative coins for the 2022 World Cup tournament in Doha. Governor of QCB, Abdulla bin Saoud Al Thani, stated during an official ceremony that the commemorative coins were a contribution by the central bank to the success of the historical event. He added that the coins reflected the civilizational heritage of Qatar. It is worth noting that Qatar is hosting the World Cup finals between November 20th and December 18th, with participation from 32 national teams. (Arab Finance)
- Deutsche Bahn and El Sewedy Electric have signed a contract with the Madbouly government to manage and operate the first line of the planned high-speed rail network
The German railway operator. The agreement is worth more than EUR 1 bn and will see the consortium run the 660-km line that will run between Ain Sokhna and Marsa Matrouh for 15 years with the option to extend for an additional 15 years. The signing comes months after the two companies signed an initial agreement with the National Authority for Tunnels (NAT) over the project. (Arab Finance)
- SIPES retracts NBO for 100% of Pachin
Paints and Chemical Industries (Pachin) (PACH) announced that it received a letter from SIPES International for the withdrawal of a non-binding purchase offer (NBO) for 100% of Pachin. On November 3rd, Pachin received an NBO from National Paints Holdings for the acquisition of 100% of Pachin’s shares for an initial price of 29 EGP per share. In August, Pachin received an NBO from SIPES International for 100% of Pachin’s issued capital at an initial price ranging between 17.5 EGP and 18.5 EGP per share. (Hapi Journal)
- Agthia to finalize Abu Ouf’s deal soon.
UAE’s Agthia is finalizing the acquisition deal of 60% of Abu Ouf company, Agthia’s Chief Human Capital and Corporate Services Officer. The deal is at its final stages and regulatory procedures are expected to be completed soon. In July, Agthia Group announced its acquisition of 60% of Egypt’s Auf Group valued at 2.92 billion EGP. Founded in 2021, Auf Group owns around 200 branches in Egypt in 16 governorates, with plans to add another 30 branches in 2023. (Asharq Business)
- Orascom Construction-led consortium inks MoU to build 3GW wind farm in Egypt
A consortium of Orascom Construction Plc (ORAS), France’s ENGIE, and Japan’s Toyota Tsusho Corporation signed a memorandum of understanding (MoU) with the Egyptian Electricity Transmission Company (EETC) and the New and Renewable Energy Authority (NREA) to build, own, and operate (BOO) a 3-gigawatt (GW) wind farm in Egypt. Under the protocol, Orascom Construction will have an equity stake in the project. The company will also undertake the construction of the wind farm. (Al Mal)
- OIA to co-invest in ACWA Power’s 1.1-GW wind farm project in Egypt
ACWA Power Company signed a memorandum of understanding (MoU) with Oman Investment Authority (OIA), under which OIA would invest in the Saudi company’s 1.1-gigawatt Suez Wind Energy project in Egypt. As per the MoU, OIA will consider the possibility of owning up to 10% of the 1.5 billion USD project. Egypt-based Hassan Allam Holdings holds a 25% stake in the project, while ACWA Power holds the remaining equity. The project is expected to become the largest single contracted wind farm in the Middle East after completion in 2026. (Arab Finance)
- EBRD, GEF, lend Taqa Arabia 5.5 million USD for solar plant
The European Bank for Reconstruction and Development (EBRD) will extend a USD 5.5 mn loan — comprised of USD 4.95 mn from the EBRD and a USD 550k concessional loan from the Global Environment Facility (GEF) — to Taqa Arabia subsidiary Taqa PV for Solar Energy to build and operate a 7 MW solar plant in Minya, Egypt. The loan comes as part of the EBRD’s lending program to green private-to-private renewable energy projects. (Arab Finance)
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