Egypt inks 7 MoUs for green hydrogen projects with global, local consortia

Newsletter

08 Dec 2022

Egypt inks 7 MoUs for green hydrogen projects with global, local consortia. Egyptian Ministry of Electricity, embodied in New and Renewable Energy Authority (NREA) and Egyptian Electricity Transmission Co (EETC), signed seven memoranda of understanding (MoUs) for initiating studies related to the green hydrogen projects. The MoUs were signed with the Sovereign fund of Egypt (TSFE), the General Authority for Suez Canal Economic Zone (SCZONE), and consortia comprised global and local companies. (Hapi Journal)

President Abdel Fattah El Sisi is in Riyadh later this week to attend the China-Arab summit that will coincide with Chinese President Xi Jinping’s visit to the kingdom
Some 12-14 Arab leaders are expected to attend the summit on Friday. The cabinet’s Information and Decision Support Center (IDSC) will kick off the first session of its new intellectual forum on Thursday, 8 December. The weekly forum will see experts including government officials, academics, representatives of multilateral institutions, MPs, and national dialogue members meet to discuss key policy questions and make recommendations on them to the prime minister. (Al Mal)
Egypt’s foreign reserves continued to edge up in November, rising to 33.5 billion USD from 33.4 billion USD a month earlier
Reserves have risen by almost 400 million USD since August, a reversal after falling 20% earlier in the year on the back of the war in Ukraine and tightening financial conditions globally. The annual urban inflation is expected reaching around 18.75% in November from 16.20% in October, which would be the highest level in almost five years. Also, it is expected that the core inflation will reach around 21.60% in November — its highest since November 2017 — up from 19% the month prior. The EGP has tumbled 24.8% since 27 October, when the central bank said it was moving to a flexible exchange rate, opening the door to a new wave of imported inflation. (Al Mal & Enterprise)
The Egyptian Government is trying to intervene to solve poultry market snar
The government could intervene to protect the poultry industry from soaring feed prices, Prime Minister Moustafa Madbouly said. Madbouly did not provide details on what action could be taken to help bring prices of feed under control, yet stressed that the government “would not allow the persistence of such conditions. … We will not allow instability in poultry production,” he said. A feed shortage on the back of import restrictions has sent prices of poultry and eggs skyrocketing, with the government trying to address the shortage by releasing thousands of tons of poultry feed from ports since mid-October. (Hapi Journal)
Egypt to issue 500 million USD sustainability bonds in H1 2023: Maait
Egypt is planning to issue sustainability bonds worth 500 million USD in the first half (H1) of 2023, Minister of Finance Mohamed Maait said. The government is currently in talks with the banks that would promote the issuance, Maait said. It is worth noting that proceeds from sustainability bonds are used to finance projects with environmental or social impact. Moreover, Egypt targets raising about 1.5 billion USD to 2.5 billion USD from the first sovereign sukuk issuance. (Asahrq Business & Reuters)
Saudi Morni plans to invest 10 million USD in Egypt until 2030
Saudi-based Morni is planning to invest 10 million USD in Egypt until 2030 after concluding a new buy-side mandate with Exits.me earlier this month. As per the buy-side mandate, Exits.me will become Morni’s exclusive advisor. Additionally, Exits.me will help Morni expand its strategy and growth objectives. Through its expansion strategy, Morni seeks to mitigate mergers and acquisitions across several markets in the region in the vehicle roadside assistance and automotive services market. (Arab Finance)
Saudi Arabia, China to seal 29.3 billion USD deals during Saudi-Chinese summit
Saudi Arabia and China are set to sign initial agreements at a total value of more than 110 billion SAR (29.26 billion USD) this week on the sidelines of the Saudi-Chinese summit. The Saudi-Chinese summit will take place in Saudi Arabia during a two-day visit by the Chinese President starting Wednesday, December 7th. (Reuters)
Dior eyes commencing operations in Egypt during Q4 2024
France-based high-end luxury fashion company Dior is seeking to start operations in the Egyptian market during the fourth quarter (Q4) of 2024. The French company would enter Egypt through opening a number of retail outlets to sell the products of its brand. Dior is willing to invest in Egypt by manufacturing some of its products in Egypt to create added value and exchange expertise, while benefiting from the current relative advantages in the local market. (AL Mal & Enterprise)
Morocco sealed a historic win against Spain to become the first Arab team ever to qualify for the World Cup quarter-finals
After playing out a tense 0-0 draw with the Spaniards, the Atlas Lions triumphed in an easy shoot out that saw Spain miss all three of their penalties and Morocco’s star full-back Achraf Hakimi seal victory with a cheeky Panenka. Morocco will have a tougher time getting past Portugal in the next round, who thrashed Switzerland 6-1. All the pre-game talk centered on Fernando Santos’ decision to drop Ronaldo, who saw his inexperienced replacement, the 21-year-old Goncalo Ramos, bag the first hat trick of the competition as the Portuguese swatted aside a lackluster Switzerland. (Hapi Journal)
There is plenty of appetite from the private sector for climate-focused projects
To the extent that limited partner appetite is now seeing private equity firms set up specific vehicles and funds to focus on the green energy transition. LPs including sovereign wealth and pension funds are convinced of the financial returns — and they want to invest in climate opportunities because their mandates now demand it, he said. They want to do good while doing well. The private sector wants a piece of the adaptation pie: Private investors are already getting in on mitigation — dominated largely by investment in green energy projects with a view to reducing carbon emissions. (Arab Finance)
The House of Representatives yesterday voted to pass amendments to the 2005 Competition Act following two days of debate
The amendments — which got initial signoff from the chamber on Monday — grant the Egyptian Competition Authority (ECA) the power to block M&As that it thinks could harm market competition and promote monopolistic practices.The amendments force businesses looking to do mergers or acquisitions to seek ECA approval and give the regulator a veto over transactions that it deems anti-competitive. The existing law confines the ECA to only raising red flags about a transaction, typically after a sale is concluded. (Arab Finance)