Egypt is expected to receive international permission for the construction of two nuclear plants for electricity generation in H2-2022
For our top talks today, Egypt is expected to receive international permission for the construction of two nuclear plants for electricity generation in the second half of 2022, Zawya cited Amjad Al-Wakeel, Chairman of Egypt’s Nuclear Power Plant Authority (NPPA). Al-Wakeel said that Egypt has already launched phase 1 of the nuclear facilities in Dabaa [El-Dabaa Nuclear Power Plant] on the Northern Mediterranean coast, involving designs, infrastructure and equipment. He added that NPPA is coordinating with the contractor Rosatom of Russia to obtain international permission for the project. As for the second phase, it is set to be completed within five years and a half, and this includes installation of equipment and preparation for trial operation of the facilities. (Reuters)
- Egypt awarded oil and gas exploration blocks to BP Plc, ENI, Apex International, Energean, and United Energy. Eight blocks were awarded in total, with the companies to invest a minimum of 250 million USD and drill at least 33 exploration wells.
In December 2021, Egyptian General Petroleum Corporation (EGPC) has signed an agreement with the Italian giant energy group Eni for oil exploration and exploitation in the Gulf of Suez and Nile Delta regions worth 1 billion USD. It is worth noting that Eni has taken part in important oil discoveries in the country's Western Desert as well as the operation of gas plants, as the country aims to become a regional energy hub. (Reuters)
- Up to 27,000 importers have since October are registered with the National Single Window for Foreign Trade Facilitation “Nafeza”, a government online platform that covers 95% of imports and exports of the country, Egypt’s finance minister Mohamed Maait revealed.
Maait added that 68,000 foreign companies have registered with the Advanced Cargo Information (ACI) system since October, adding that 65,000 custom clearance certifications have been issued The ACI system, which came into effect as of 1 October 2021, provides public and private trade operators with holistic electronic cargo information prior to the arrival of shipments to the country of importation in order to facilitate processing and clearance. (Arab Finance)
- Egyptian non-petroleum exports have netted record high revenues in 2021, earning 31 billion USD, compared to 25.2 billion USD in 2020. The new record comes due to the high demand for Egyptian products,
including chemical products and fertilizers, construction materials, foodstuffs, engineering and electronic goods, agricultural crops and clothes, in addition to printed materials, paper and packaging and textile, furniture, and medical industries products. According to the statement, the government’s recently adopted program to refund export burdens has significantly contributed to the growth of exports. Prime Minister Mostafa Madouly vowed to continue efforts to increase Egyptian exports across all sectors, since they are one of the most important sources of foreign currency. (Al-Mal)
- Moving to our investments talks, ADVA Developments plans to expand in the real estate market through injecting 2 billion EGP over the coming five years. Ad-Vida will be the company’s first project in Sheikh Zayed City on an area of 5 feddan, and will comprise 30 villas.
The company has obtained all the ministerial approvals and the necessary licenses for the project. The launch of the project will be announced next month, with targeted sales worth 250 million EGP. Additionally, the real estate developer aims to develop a commercial and administrative project in west Cairo and owns a land portfolio in Sixth of October, Sheikh Zayed, and New Cairo. Ad-Vida is scheduled to be delivered by the end of 2024. (Arab Finance)
- Zodiac Development, one of the leading real estate development companies, announced launching its second project in the New Administrative Capital (NAC) as part of its plans to expand investment in Egyptian market.
The company plans to launch a number of new projects in 2022 to support of the state's plans and efforts for urban expansion and inauguration of fourth-generation cities. The company also achieved great success in its first project, Mizar, in the New Capital, and sold out 80% of the project's units within a short period, and the remaining 20% of the project's units will be preserved to be offered by the company on rental system in the coming period. (Arab Finance)
- Turing to our EGX and companies talks, Corplease, the leasing arm CI Capital, has closed a four-tranche EGP 2.4 bn securitized bond issuance, investment bank Misr Capital announced in a statement. The four tranches were rated AA+, AA, AA- and BBB by MERIS.
Banque Misr, Banque du Caire, National Bank of Egypt, CIB, AAIB, Attijariwafa Egypt, Ahli United Bank, ADCB and Al Ahli Bank of Kuwait all got a piece of the issuance. Misr Capital was the lead manager, coordinator, and financial advisor. Misr Capital and Banque du Caire acted as promoters and arrangers for the issuance. (Al-Mal)
- Contact Financial Holding (CNFN) has launched a fully-digital car insurance product via its contactcars.com platform, as well as its subsidiaries Sarwa Insurance and Contact Insurance Brokerage, according to an emailed press release on January 3rd, 2022.
The car insurance product has been developed and approved by the Financial Regulatory Authority (FRA) amid the ongoing Covid-19 pandemic that accelerated the need for digitizing the insurance industry. We believe the insurance market in Egypt has been witnessing transformation due to the growing number of insurance products that are being sold digitally amid the ongoing Covid-19 pandemic. (Arab Finance)
- Egypt Aluminum (Egyptalum) (EGAL) has kept its supplying prices to factories and retailers unchanged for January 2022. The price of local aluminum excluding taxes ranges between 52,000 EGP and 64,000 EGP.
The company has maintained its supplying prices despite the increase in global prices by an average of 30 USD per ton, recording 2,680 USD, instead of 2,650 USD in December 2021. It is worth noting that Egypt Aluminum reported it achieved a net profit after tax of 304.718 million EGP for the first quarter (Q1) of fiscal year (FY) 2021/2022, against a net loss of 150.97 million EGP in Q1 FY 2020/2021. (EGX)
- The National Bank of Egypt (NBE) has increased its stake in country's largest private bank, Commercial International Bank (CIB). NBE’s stake increased to 9.13% instead of 8.27% by the end of September 2021. We think that the NBE will hold still his stake in CIB and won’t raise it again soon.
NBE is Egypt’s oldest commercial bank that provides corporate and investment banking services. It caters to SMEs and capital markets, as well as funds key economic sectors, including energy, electricity, gas, telecommunications, air transport and tourism. (EGX)
- The National Bank of Egypt (NBE) announced the availability of a new service, enabling people to open new accounts through the bank's website, where the service bears the name "Open your account from where you are".
The new service comes from the bank’s belief in the importance of achieving the highest level of services provided to its new customers in an advanced manner that meets their needs, and provides the easiest ways to obtain these services while providing the highest rates of security. (Arab Finance)
- Abu Dhabi Islamic Bank-Egypt (ADIB-Egypt) launched “Xcite” account for youth as part of its campaign at a number of high-profile universities in Cairo.
The newly launched account is completely free and does not require a guardian, giving more independence to the young bankers who are able to shop and make online purchases with their new Titanium debit card. Xcite opens the door for the next generation to experience how banking can help them make the most of their money and for the first time gives them the freedom to take control of their finances.
- PFA for consulting has acquired a 8.01% stake in Electro Cable Egypt (ECE) (ELEC) in a transaction valued at 122.55 million EGP. This came after PFA purchased 285 million shares in Electro Cable at an average price of 0.34 EGP per share.
On the other hand, Wadi Consulting has cut its stake in Electro Cable to 9.22% from 17.2% after selling 285 million shares at an average price of 0.43 EGP per share, according to a separate filing. Electro Cable is an Egypt-based public shareholding company that operates in the electric components manufacturing sector. The company manufactures and distributes power and telecommunication cables and wires in Egypt and abroad. Its product portfolio includes low, medium and high-tension power cables, isolated cables, and telephone communication cables. (EGX)
- Schneider Electric NEAL headquartered in Cairo has received the Gold Award for the Best Smart Design under the LEED (Leadership in Energy and Environmental Design) v4 Interior Design and Construction: Commercial Interiors rating system, becoming the first in the Middle East and Africa (MENA) to the get the award.
Additionally, obtaining the LEED certificate provides positive benefits including a framework for green buildings that are healthy, highly efficient, and cost-effective. With global presence in over 100 countries, Schneider Electric is leading the Digital Transformation of Energy Management and Automation in Homes, Buildings, Data Centers, Infrastructure, and Industries (Arab Finance)
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