Egyptian Sovereign Wealth Fund agrees to aquire 10% of ACWA Power wind energy project in Gulf of Suez Upon completion

Newsletter

16 Nov 2022

Egyptian Sovereign Wealth Fund agrees to aquire 10% of ACWA Power wind energy project in Gulf of Suez Upon completion. Egypt’s sovereign wealth fund has agreed with Saudi Arabia’s ACWA Power to acquire 10% of the 1 gigawatt (GW) Wind-power project in Egypt’s Gulf of Suez upon completion, according to well-informed sources. They have indicated that all details have been agreed upon and the purchase agreement is expected to be signed in the upcoming period. Egypt’s sovereign wealth fund did not yet comment formally on the deal. The investment cost of the project is $ 1.5 billion, where 70% to 75% of it will be debt financed. ACWA Power is preparing to start implementing the project, in which the Egyptian company Hassan Allam is participating by a 25% stake in the coming period, and is awaiting the acquisition of the project’s land in the Gulf of Suez as it approaches the completion of the necessary financing negotiations for the project. The participation of the sovereign fund into the wind power plant project in the Gulf of Suez comes after the Oman Investment Authority signed a memorandum of understanding last Tuesday to be an investor in the same project. (Bloomberg Alsharq)

Schneider Electric announced the first phase of the pre-opening of the Control Center of South Sinai in Sharm El-Sheikh on the sidelines of COP27.
The control center has been built and equipped by Schneider Electric to serve all South Sinai cities. The Distribution Control Center in Sharm El-Sheikh is the first to be developed using Schneider Electric’s solutions outside Greater Cairo. Commenting on the project, Minister of Electricity Mohamed Shaker said that this project comes as part of the ministry’s plan to set up 47 distribution control centers across the electricity distribution network in phases across the country. The company has already completed the first phase of the Distribution Control Center in Sharm El Sheikh and is now working on the final execution phases of the four operational distribution control centers in New Cairo, Nasr City, Dokki, and 6th of October at a total cost of EGP 4.6 billion. (Arab Finance)
UNCTAD awards Egypt’s GAFI Excellence in Promoting Sustainable Investment in Agribusiness.
The Egyptian General Authority for Investment and Free Zones (GAFI) has been won its first United Nations Investment Promotion Award of Excellence in Promoting Sustainable Investment in Agribusiness in 2022. During his participation in the investment and development meeting of the United Nations Conference on Trade and Development (UNCTAD) in Geneva, CEO of GAFI Mohamed Abdel Wahab received the award. The award is a new achievement for GAFI that praises the authority’s role towards investors and in creating real investment opportunities to face challenges, Abdel Wahab said. Moreover, he highlighted that the award this year focuses on reinforcing sustainable investment in agribusiness related to sustainable development goals and food security. (Arab Finance)
The Arab Actuarial Conference 2023 is scheduled to kick off in Cairo during 9-11 May 2023, for the first time in the MENA region.
The three-day event will be held at the Four Seasons Hotel under the theme “The World from an Actuarial Eye” for practicing actuaries, actuarial firms, businesses, and government departments relying on actuarial services in the Arab region. Bahrain-based savings and pensions tech provider Fintech Robos will be organising the conference with the support of financial regulators, actuarial societies, insurance and reinsurance federations, as well as key insurers in the market. (Mubasher)
Egypt’s international cooperation portfolio for climate change mitigation, adaptation hits $11bn.
The Egypt’s ongoing development cooperation portfolio with international institutions to achieve the goals of climate change mitigation and adaptation is worth $11 billion, Minister of International Cooperation Rania Al-Mashat revealed in a session during the Water Day on November 17th in conjunction with COP27. During the session, the minister discussed the country’s joint efforts with the International Fund for Agricultural Development (IFAD) to develop rural areas and empower farmers. Moreover, she mentioned some of the implemented projects in partnership with the World Food Program to support young farmers in Upper Egypt by developing a smart sustainable agricultural system. (Al Mal News)
Egypt mulls further sustainability cooperation with General Electric in the fields of sustainability, emissions reduction, and the production of hydrogen
In a meeting between Minister of Petroleum Tarek El-Molla and General Electric’s delegation, they discussed cooperation in light of the memorandum of understating (MoU) signed between the American company, SeaSplit Technologies and Egyptian Natural Gas Holding Company (EGAS) to initiate a decarbonization project in the Suez Gulf. Regarding this project, El-Molla asserted the importance of accelerating its implementation process. He also stressed the necessity of localizing technologies to reduce emissions and produce hydrogen in Egypt. (Arab Finance)
Now to EGX and Company News, Arabian Food Industries Company (Domty) (DOMT) posted a 716.8% year-on-year (YoY) jump in consolidated profit attributable to the parent company during the first nine months of 2022.
The company’s consolidated profit excluding minority interest surged to EGP 162.683 million in the nine months to September 30th from EGP 19.917 million in the same period a year earlier. Sales soared to EGP 3.592 billion in January-September from EGP 2.273 billion in the comparative period of 2021. Furthermore, the standalone net profit after tax hiked to EGP 158.313 million in the period from January 1st to September 30th from EGP 9.212 million in the same period last year. (Arab Finance)
GB Auto (AUTO) posted a 27.4% year-on-year (YoY) increase in consolidated profit attributable to the parent company during the first nine months of 2022
The company’s consolidated profit excluding minority interest dropped to EGP 124.067 million in the nine months to September 30th from EGP 149.39 million in the same period a year earlier. Operating revenue grew to EGP 1.628 billion in January-September from EGP 1.191 billion in the year-ago period. Furthermore, the standalone net after tax decreased to EGP 87.709 million in the period from January to September from EGP 112.836 million in the same period last year.
Fawry for Banking Technology and Electronic Payment (FWRY) recorded a 16.95% year-on-year (YoY) decline in consolidated profit attributable to the parent company during the first nine months of 2022.
The company’s consolidated profit excluding minority interest dropped to EGP 124.067 million in the nine months to September 30th from EGP 149.39 million in the same period a year earlier. Operating revenue grew to EGP 1.628 billion in January-September from EGP 1.191 billion in the year-ago period. Furthermore, the standalone net after tax decreased to EGP 87.709 million in the period from January to September from EGP 112.836 million in the same period last year. (Mubasher)
Emaar Misr for Development (EMFD) recorded a 74.07% year-on-year (YoY) hike in consolidated profit after minority interest during the first nine months of 2022.
The company’s consolidated profit attributable to the parent company surged to EGP 4.89 billion in the nine months to September 30th from EGP 2.814 billion in the same period a year earlier. Revenue soared to EGP 11.711 billion in January-September from EGP 7.621 billion in the year-ago period. Furthermore, the standalone net profit after tax surged to EGP 4.9 billion in the period from January to September from EGP 2.814 billion in the same period last year. (Mubasher)