Powering the future: Seed-Suez nearing green hydrogen transformation, forging framework agreement with energy China

Newsletter

24 May 2023

Powering the future: Seed-Suez nearing green hydrogen transformation, forging framework agreement with energy China. The Suez Canal Economic Zone is set to finalize a framework agreement with Energy China, signaling progress in their green hydrogen memorandum of understanding (MoU). The agreement aims to establish a green hydrogen industrial complex with investments worth 7 billion USD, producing significant amounts of green ammonia and hydrogen annually. The conversion process is expected to accelerate within the next two months, enabling the project to move forward. (Economy Plus)

AstraZeneca makes power move: 100 million USD investment puts Egypt in the spotlight.
Hatem El Wardany, Chairman of AstraZeneca, has revealed the company's bold vision for the Egyptian market. A staggering investment of over 100 million USD is set to fuel their expansion in the coming years, with a remarkable 50% increase in production capacity on the horizon. AstraZeneca already manufactures a significant portion of its products locally, ranging from cardiovascular to neurological medicines, and aims to further elevate this percentage to approximately 80% within the next three years. With their state-of-the-art factory in Sixth of October City boasting an impressive capacity of 900 million tablets annually, AstraZeneca is poised to make a lasting impact on Egypt's healthcare landscape. (Arab Finance)
Ezdehar sets its sights on Egyptian mid-sized firms: launches a game-changing 1 billion EGP fund to revive and empower.
Ezdehar Management, a private equity firm, is launching a new 1 billion EGP fund in Egypt to support struggling medium-sized businesses. The fund aims to invest in five to seven companies this year, targeting stakes of 20-25% in sectors such as F&B, healthcare, insurance, education, and manufacturing. Ezdehar is in talks with local banks, financial institutions, and Avanz Capital Management for potential investments. The fund seeks to provide assistance to companies grappling with economic pressures caused by currency devaluation and inflation. (Al Mal)
Dawi clinics secures a whopping 250 million EGP investment from Al Ahly Capital and EAEF.
In an exciting development, primary care provider Dawi Clinics has attracted a substantial 250 million EGP investment. Al Ahly Capital Holding, the local investment arm of the National Bank of Egypt, takes the lead alongside the Egyptian American Enterprise Fund (EAEF), an existing investor. This significant injection of capital will serve as a catalyst for Dawi Clinics' ambitious expansion plans throughout the country. With the goal of enhancing healthcare accessibility, Dawi Clinics is set to make a lasting impact on the nation's healthcare landscape. (Enterprise)
Egypt's bold move to bolster pharma industry and quell medical shortage worries.
Egypt's Madbouly government is taking proactive steps to prevent medical shortages. They will allocate 100 million USD per month to support pharma factories and an additional 150 million USD per month for hospitals. Efforts are underway to release stuck medical supplies and raw materials with the help of the central bank. While Egypt produces 88% of its pharmaceutical needs locally, imports are necessary for raw materials. (Enterprise)
Egypt and Oman forge talks on joint investment fund.
Egypt and Oman are in discussions to create a joint investment fund, aiming to participate in Egypt's state offering program and invest in various projects across the country. While the exact value of the fund remains undisclosed, Hossam Heiba, the head of the General Authority for Freezones and Investment (GAFI), revealed the ongoing efforts. The concept was initially proposed by Planning Minister Hala El Said nearly four years ago, indicating that the Sovereign Fund of Egypt (SFE) was exploring possibilities with the Oman Investment Fund to establish a collaborative investment platform. (Enterprise)
Egypt's ambitious drive for 42% renewable energy by 2030.
Egypt has set ambitious goals for its renewable energy sector, aiming to achieve 42% of electricity production from renewable sources by 2030 and increase it to 60% by 2040. Minister Mohamed Shaker emphasized the continuous development of networks and successful resolution of previous deficits. Egypt has also established electrical interconnections with neighboring countries like Jordan, Libya, and Sudan, and is actively working on expanding power stations and utilizing new and renewable energy sources. (Arab Finance)
Medbank introduces triple variable rate certificate, offering competitive returns for individuals.
Medbank launches a triple variable rate certificate, offering retail banking customers an attractive monthly rate of 18.25% and a quarter-on-quarter rate of 18.5%. The certificate aims to appeal to both new and existing customers, providing them with the opportunity to invest and earn flexible returns. With simplified procedures and a minimum investment amount of 1,000 EGP, customers can easily purchase the certificate at Medbank branches. (Arab Finance)
ValU and Apartment join forces, empowering real estate ownership with flexible installment services.
ValU, a buy-now, pay-later platform, has formed a partnership with Apartment, a technology platform specializing in real estate co-ownership. Through this collaboration, customers of Apartment can benefit from ValU's flexible payment solutions and gain access to Apartment's property management and maintenance services. Apartment's real estate units are divided into equal shares, granting customers partial ownership and 41 nights of stay per year. ValU offers convenient financing options for Apartment's services, allowing customers to repay over flexible periods ranging from 6 to 60 months. (Economy Plus)
Madinet Misr's sales skyrocket by 12.8% to 1.8 billion EGP in Q1.
Madinet Misr, a leading real estate company, achieved impressive results in the first quarter of the year. Contract sales rose by 12.8% to reach 1.792 billion EGP, and net profit increased by 153.1% to 304.4 million EGP, with a higher net profit margin of 30%. Revenues also saw significant growth, rising by 24.1% to 1.015 billion EGP. The overall profit of Madinet Misr during this period increased by 113.6% to 579.9 million EGP. These strong results demonstrate the company's ability to deliver exceptional performance year after year. (Hapi)