British Petroleum, Eni, General Electric and ThyssenKrupp have submitted offers to establish hydrogen plants in Egypt
For our top talks today, first, British Petroleum (BP), Eni, General Electric and ThyssenKrupp have submitted offers to establish hydrogen plants in Egypt. The bids are worth a collective 2 billion USD and concern facilities that would produce both green and blue forms of hydrogen. Some bids were accompanied by financing offers from European banks, including the German development bank KfW, the European Investment Bank and the International Finance Corporation. It is worth noting that Eni is working with state gas company Egas to produce feasibility studies for manufacturing blue and green hydrogen. (Arab Finance)
- Second, Suez Canal will raise transit fees by 6% for all types of ships starting February 2022.
Cruise ships and LNG ships will be excluded from this increase as their tolls will remain the same as what they were at during 2021. The transit fees fixation for cruise vessels transiting the Canal is mainly due to the fact that this type of vessels was the most affected by the COVID-19 pandemic crisis compared to the rest of the other vessels. The tourism and travel sector has suffered major losses worldwide, including cruise ships and sea yachts, and is expected to complete its recovery by 2022. In October, the authority slashed discounts it had been giving LNG carriers to 15% from 25%. (Suez Canal Authority (SCA))
- Equally important, those working in the electronics industry in Egypt are betting that the government will play an effective role in this file during the next stage,
by providing a package of incentives and facilities to localize a real industry in the local market, which has begun to loom since the launch of “ITIDA” in 2016 with the “Egypt Makes Electronics” initiative. They called on the state to raise customs duties on electronics imports as protective measures for the local product, and raise its competitive value in the face of its foreign counterpart. It is worthy to mention that the field of electronics manufacturing and design in Egypt is an attractive field for investment, due to its geographic location, which can be a gateway to the world in this field, in addition to the state's current tendency to enhance infrastructure projects significantly and improve Internet speeds, noting that there is a strong demand for electronics. (Al-Mal)
- Turning to our top talk abroad, China's imports of crude oil in October fell to their lowest levels since September 2018,
as major state-owned refiners refrained from buying due to high prices, while independent refiners were constrained by limited import quotas. Official data showed that China, the world's largest importer of crude oil, received 37.8 million tons of oil last month, which is equivalent to 8.9 million barrels per day. This figure is lower than 9.99 million barrels per day in September and 10.02 million barrels per day in the same period last year. Elsewhere, China's economic planning agency said the country raised its daily coal production to a new year-on-year high of 11.88 million tons after concerted efforts to ease supply shortages as winter approaches, and that production may rise further. (Reuters)
- And for our EGX & companies talks, China- Egypt TEDA Suez Economic and Trade Cooperation Zone, owned by the Chinese government, signed an agreement with Catalyst Leasing,
the financial arm of Catalyst Partners, in order to provide financial leasing and factoring services for TEDA economic zone. The new deal resulted in the conclusion and implementation of financial leasing contracts amounting to about 17 million USD, most of which were to finance the purchase of production lines, machinery, and industrial equipment for a Chinese company in the economic zone, which is managed by TEDA. New contracts are expected to be concluded before the end of the current fiscal year 2021/2022, at about 10 million USD. (Arab Finance)
- Likewise, Ibn Sina Pharma announced that AIM, the company's investment arm, has established Ramp Logistics Services to meet the growing demand for third party logistics services.
The new company will establish a huge warehouse, with an expansion plan of 440 million EGP, and Ibn Sina Pharma will transfer the activity of providing logistics services to others to the new company by 99%. Ibn Sina pointed out that Ramp owns logistic areas in two locations, and as part of its expansion plan, Rump signed a contract with the Kuwaiti Egyptian Orchid Real Estate Investment Company to inaugurate a warehouse in the 10th of Ramadan, on an area of 31,000 square meters. (Al-Mal)
- Also, Ezz Steel responded to news reports about its intention to acquire a stake in one of the existing Iron and steel companies.
In a bourse disclosure on Sunday, the steel manufacturer said that it seeks to be the largest steel manufacturer in Egypt and the Arab world and compete regionally and internationally amid the growing global steel production. Ezz Steel has managed to be the largest steel manufacturer in Egypt as it generated more than 1 billion USD in sales during the first nine months of 2021. The company has adopted a strategy focused on growth through investing in new projects and new existing companies. The company is close to completing a new project to increase its output of liquid steel. (Al-Mal)
- Furthermore, Ezan Real Estate Development Company, one of the subsidiaries of EGYGAP Holding, announced the launch of one of its businesses in the Egyptian real estate market, “The Median Residences,” with an investment cost of 2.2 billion EGP.
EGYGAP owns a comprehensive portfolio of distinguished residential projects, such as the "Granda" and "Family City" projects, as well as commercial projects such as "The Mountain" and "The Edge". As for educational projects, they include Egyptian schools and the Canadian International University. (Al-Mal)
- Moreover, Hassan Allam Holding Company announced its participation in the TransMEA 2021 International Conference and Exhibition for Intelligent Transportation and Logistics from November 7-10.
The company stated that it will present the latest projects it is currently undertaking and highlight the change that these projects are making in the transport sector in Egypt, by providing services to transport passengers and goods, during the four-day conference and exhibition, with an expected audience of more than 80,000 visitors and 80 exhibitors from 13 countries. (Al-Mal)
- And finally, for our COVID-19 watch, Egypt has received its largest batch of Moderna vaccines with a total of 3.5 million doses through the Gavi / Covax program.
A week before, Egypt received around 784,000 doses, its first batch of Moderna, from Canada. In October, Egypt secured a total of 8 million doses Pfizer and Moderna vaccines from the US. By the end of the month, Egypt has received 8.5 million Pfizer jabs through the program. The ministry has administered 38 million vaccines since it began its rollout in January. It has received a total of 72 million doses, giving it a supply of 34 million spare doses. The ministry is expecting to up its supply by an additional 26 million doses of Pfizer, Moderna, Sinovac, Johnson & Johnson and AstraZeneca vaccines. (Egypt Ministry of Health & Population)
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