China Energy Engineering Corporation to start a green hydrogen and ammonia production project at the industrial park of Ain Sokhna
China Energy Engineering Corporation to start a green hydrogen and ammonia production project at the industrial park of Ain Sokhna China Energy Engineering Corporation (Energy China) intends to invest approximately $7 billion in the establishment of a green hydrogen and ammonia production project at the industrial park of Ain Sokhna in the Suez Canal Economic Zone (SCZONE). This initiative aims to generate an annual output of 1.2 million tons of green ammonia and 210,000 tons of green hydrogen. The CEO of SCZONE, Waleid Gamal El-Dein, disclosed during a meeting with representatives from the Chinese company in Beijing that the memorandum of understanding (MoU) signed between Energy China and SCZONE regarding the green hydrogen project will soon be activated as a framework agreement. (Business Insider)
- Egypt, Guinea mull signing double taxation avoidance agreement
During a meeting between Egyptian Minister of Finance Mohamed Maait and Guinea’s Minister of Economy, Finance, and Planning Moussa Cissé, discussions took place regarding the potential signing of a double taxation avoidance agreement between Egypt and Guinea. Furthermore, both countries are exploring the idea of implementing customs facilitation regulations and starting incentives for tourism promotion. Additionally, both countries are currently exchanging expertise and providing technical support in the areas of public finance management as well as the digitization of tax and customs systems. (Arab Finance)
- Egypt targets 42% of power generation from renewables by 2030
Egypt aims to increase its reliance on renewable energy, with a target of covering 42% of the country's total electricity needs through renewables by 2030. Minister of Electricity and Renewable Energy Mohamed Shaker stated that the goal is to further raise the renewable energy capacity share to 60% by 2040. The country has already executed electricity interconnection projects with neighboring countries such as Jordan, Libya, and Sudan. Egypt is currently focused on developing power plants and expanding their production capacities. However, exporting electricity will require 5 to 7 years to establish the necessary infrastructure, and any official announcement regarding this move is expected to occur after at least one year. These efforts underline Egypt's commitment to transitioning towards a more sustainable energy sector. (Arab Finance)
- The Central Bank of Egypt (CBE) has announced the launch of several initiatives aimed at promoting sustainable project financing by Arab banks.
The initiatives were disclosed on May 21st during the Arab Financial Inclusion Day, organized under the auspices of the Arab Monetary Fund, with the objective of enhancing financial services across Arab nations and supporting comprehensive and sustainable economic growth. The initiatives introduced by the CBE encompass multiple aspects. These include granting permission to banks to operate beyond their branch networks, particularly in remote areas, facilitating account opening for citizens without fees or minimum limits, promoting the usage of e-wallets among customers, and implementing financial literacy programs. Additionally, the CBE has issued guidelines to safeguard customer rights and established regulations and systems for digital services, including mobile banking and digital payment tools. These efforts aim to expand access to and utilization of financial services, aligning with the sustainable development goals (SDGs). (Arab Finance)
- The demand for purchasing Gold Investment Fund documents in Egypt is witnessing a notable increase.
Egypt's Gold Investment Fund is witnessing increased demand as subscriptions to the fund continue to be received through both electronic channels and in-person visits to the fund's headquarters. Investors have the option to participate without being listed on the stock exchange, while others require the coding process and the opening of a 009 account for investing in fund documents. Ehab Rashad, a money market expert, noted a noticeable interest among clients since the start of the subscription process. The subscription can be done online or by visiting the fund's headquarters. Rashad added that professional investors typically do not subscribe immediately, but the demand is expected to increase closer to the subscription deadline. The value of the investment document is approximately LE10, with a minimum purchase requirement of 10 documents. The redemption cost is 4.9% unless three years have passed since the purchase. (Al Ahram)
- 1.7M surgeries performed as part of presidential initiative to end waiting list
In a statement released on Wednesday, the Ministry of Health and Population disclosed that a total of 1.7 million surgeries have been performed as part of the presidential initiative in Egypt, which aims to eliminate waiting lists. The initiative was launched in July 2018. Dr. Hossam Abdel Ghaffar, the spokesman for the Health Ministry, outlined that the surgeries encompass a wide range of medical procedures such as cardiac catheterization, open heart operations, eye surgeries, neurological surgeries, orthopedic surgeries, and oncology surgeries. (Egypt Today)
- Egypt criticized Ethiopia for branding their dispute over a Nile dam being built by Addis Ababa as an Arab-African conflict.
The Egyptian Foreign Ministry has rejected Ethiopia's claims that Cairo and Khartoum had previously agreed with Addis Ababa on the details of the Grand Ethiopian Renaissance Dam (GERD) filling. Ethiopia's assertion of an Arab-African dispute, following an Arab summit resolution supporting Egypt and Sudan, was deemed an attempt to create divisions. The ministry highlighted Egypt's historical support for African liberation movements and its current provision of technical assistance to African nations. It also emphasized that the location of the African Union headquarters in Addis Ababa does not grant Ethiopia the right to speak on behalf of all African nations. Egypt is concerned that the GERD could harm its water share, impacting its agricultural sector and food balance. Both Egypt and Sudan aim for a legally-binding agreement with Ethiopia, but recent negotiations collapsed in 2021. (The National)
- EFG Hermes Holding Reports Strong Q1 2023 Results achieving a 129% increase in Revenues and 157% increase in Net Profit.
EFG Hermes Holding, a leading financial institution in Egypt and Frontier and Emerging Markets (FEM), has announced its Q1 2023 results. The Group achieved a significant year-on-year revenue increase of 129%, reaching EGP 4.5 billion. This growth was primarily fueled by strong performance in treasury operations and solid results from the Investment Bank and aiBANK divisions. Despite inflationary pressures and the devaluation of the Egyptian pound impacting operating expenses, the Group's operating profit rose by 99% to EGP 1.5 billion, while net profit before tax grew by 108% to EGP 1.4 billion. Net profit after tax and minority interest also experienced significant growth, climbing by 157% to EGP 885 million. The Group's Investment Banking division saw a three-fold increase in revenue, and the NBFI platform's valU and factoring activities contributed to overall revenue gains. aiBANK reported a 65% increase in revenues and a net profit after tax of EGP 171 million. EFG Hermes Holdings' CEO, Karim Awad, expressed satisfaction with the strong performance, citing the resilience and dynamism of the business model. (Bloomberg Alsharq)
- Oman Investment Authority Explores Investment Opportunities in Egypt to Boost Trade and Economic Relations
The Oman Investment Authority, the sovereign wealth fund of Oman, is considering investments in Egypt following a high-level delegation visit headed by Sultan Haitham bin Tariq. The visit aims to enhance trade exchange and investments between the two countries. Trade between Egypt and Oman reached $1.1 billion in 2022, representing a significant increase of 64.6% compared to the previous year. The Omani Investment Authority is particularly interested in wind energy projects and plans to inject $5 billion of investments in Egypt over the next three years, with $1 billion dedicated to wind energy projects this year. The agency is also exploring partnerships with the Sovereign Fund of Egypt in various sectors, including logistics, services, mining, technology, and healthcare. The move aligns with the agency's strategy to diversify its investments beyond Oman and tap into Egypt's potential. (Al Ahram)
- Mohamed Maait, Egypt's Minister of Finance, expressed that Egypt is taking solid steps to accelerate the process of importing cars for Egyptians living abroad who participated in the initiative.
The Minister assured that bank transfers might take time, but there is no need to worry. The crucial factor is the transfer date, not the date it reaches the Ministry of Finance's account. Those who initiated the transfer process before May 14 can benefit from the facilitated regulations. The ministry is dedicated to repaying the deposits of Egyptians abroad who participated in the car import initiative according to the scheduled exchange rate. Applicants can withdraw the transferred amounts and exit the initiative after one year by submitting a request through the electronic platform. The reduced customs tax applies retroactively by up to 70% for beneficiaries in non-trade agreement countries. The Customs Authority has doubled the staff to expedite import approvals, with thousands already completed. The import approval is valid for 5 years, and non-original owners can import cars less than 3 years old at customs clearance. (Hapi Journal)
- Egyptians for Investment and Urban Development Signs MoU to Purchase Commercial and Administrative Building Owned by Concrete Clothing Company
The Egyptians for Investment and Urban Development Company has signed a memorandum of understanding with Concret Clothing Company to purchase a building (commercial, administrative) owned by the latter, in accordance with the agreements between the two parties. It is worth mentioning that Al-Arfa Investment and Consulting Company owns 91.6% of Concret Clothing Company (Hapi Journal)
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