Egypt: Presidential vote scheduled for Dec 10-12

Newsletter

27 Sep 2023

Egypt: Presidential vote scheduled for Dec 10-12. The authority will receive requests for candidacy between 5-14 October, with the final list of candidates announced on November 9. The presidential elections will then take place on 10-12 December (the vote for Egyptians based overseas will be on 1-3 December). The result will be announced on 18 December if no run-off is required, but in the event that no candidate manages to obtain an absolute majority, the two leading candidates will face a second round of voting on 8-10 January 2024 with the winner announced on 16 January.

President Abdel Fattah El Sisi is yet to officially announce his candidacy though he is widely expected to seek a third term in office,
with a raft of pro-government political parties and syndicates having declared their support in recent days. His term expires in April 2024. El Sisi was first elected in 2014 and won a second four-year term in 2018. Constitutional amendments passed in 2019 extended presidential terms to six years and permitted El Sisi to run for a third term. Victory at the polls in December would see him remain in office until 2030. (Bloomberg)
Seven politicians have so far expressed their intention to mount a bid for the presidency.
The list of potential candidates includes: Former MP and member of the Wafd Party Fouad Badrawi; Chair of the Democratic Peace Party Ahmed El Fadaly; Chair of the Dostour Party Gameela Ismail; Head of the People's Republican Party Hazem Omar; Former MP and former head of the leftist Karama Party Ahmed Tantawi; Head of the Wafd Party Abdel Sanad Yamama; Head of the Egyptian Social Democratic Party Farid Zahran. (Bloomberg)
6 international oil firms compete to win 12 blocks in Egypt.
Six international oil and gas exploration companies are competing for winning oil exploration and exploitation bids for 12 blocks in the Mediterranean Sea and Nile Delta. This comes within the framework of the international bid round launched by the Egyptian Natural Gas Holding Company (EGAS) last year. The bidders include Italy’s Eni, UK’s bp, US-based Chevron, Dutch firm Shell, Energean, and Cheiron Petroleum Corporation. It is worth mentioning that the Egyptian General Petroleum Corporation (EGPC) and South Valley Egyptian Petroleum Holding Company (GANOPE) launched on September 25th the Egyptian International Bid Round 2023 to explore oil in 23 blocks in Egypt. (Asharq Business)
France’s Engie has appetite to invest more in Egypt as rolling blackouts put a greater emphasis on renewables
Egypt is currently grappling with a system of rolling blackouts to manage a lack of electricity supply, which is increasingly becoming a source of concern for both citizens and the government. The blackouts are a pressing issue that highlights the importance of the country’s push for clean energy solutions. (Enterprise)
It’s worth mentioning that Egypt currently constitutes 60% of Engie’s investments in the region.
Engie in partnership with Orascom Construction’s (OC) and Toyota Tsusho signed a land allocation agreement in August with the Electricity Ministry for a 852 sq-km plot in Sohag for a planned 3 GW wind farm. The consortium also recently broke ground on their 500 MW wind project in Ras Ghareb and are currently operating a 262.5 MW wind farm in Ras Ghareb that went live in 2019. Engie have also partnered with Hassan Allam Holding and are among the prequalified 17 consortiums that will bid for renewables-powered desalination projects offered up by the Sovereign Fund of Egypt’s (SFE). (Enterprise)
Egypt’s Kandil Steel secures 25 million USD loan from IFC to back operations.
The International Finance Corporation (IFC) is supporting Egypt-based Kandil Steel's operational and financial situation position with a 25 million USD loan. The partnership will also help reduce the company’s carbon emissions and back private sector jobs. The financing will enable the firm to meet its capital needs and get further raw materials needed for production of high-quality steel. Furthermore, the IFC will offer advisory services to the company, assisting it in developing a decarbonization program as well as enhancing its environmental and social practices. (Al Mal)
Local private equity firm Ezdehar plans to purchase up to four of Alfa Market’s stores in Cairo to expand the presence of Zahran Market.
The firm expects to wrap up the purchase in the coming weeks. Alfa Market was reported in June to be preparing to sell off some of its stores in a bid to repay mounting debts. Ezdehar moved into the retail sphere last year when it acquired a 60% stake in retail supermarket chain Zahran Market through its Mid-Cap Fund II (EMF II). Ezdehar is preparing to launch its planned EGP 1 bn fund targeting distressed medium-sized businesses in 4Q 2023 or 1Q 2024, Barsoum told us. The firm is looking into potential companies to invest in and is still in talks with investors. (Al Mal)
AIIB to back Egypt's private sector with 1 billion USD in financing.
The Asian Infrastructure Investment Bank (AIIB) will provide $1 billion in financing to Egypt to back private sector projects. Banque Misr will receive part of the financing and the rest will be utilized in developing Alexandria metro project. Egypt is also considering the issuance of blue bonds as well as sustainability bonds. (Asharq Business)
Egypt, Switzerland mull establishing joint economic committee.
Egypt and Switzerland are considering the possibility of establishing a joint economic committee, comprising the important strategic partners of both sides. This came during a meeting between GAFI’s CEO Hossam Heiba and the Swiss Minister of State for Economic Affairs Helene Budliger Artieda. During Artieda’s first visit to Egypt, boosting Egyptian-Swiss economic relations was also discussed. It is worth noting that Swiss investments in Egypt amount to about 1.2 billion USD. (Arab Finance)
Egypt’s Redcon Construction competes for 8 projects in Saudi Arabia.
Egypt’s Redcon Construction is bidding for eight projects in the Red Sea and Amaala tourist destinations, developed by the Saudi Red Sea Global (RSG), via the newly established Redcon International. Redcon International was incorporated in partnership with the Saudi-based Al Reyadah Holding Company, targeting operating revenues of 2.5 billion SAR within 2024. The projects subject to bidding include hotel, tourist, and healthcare projects. (Asharq Business)