Fertiglobe exports world's 1st certified green ammonia from Egypt’s plant | Zilla Capital

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26 Nov 2023

Fertiglobe exports world’s 1st certified green ammonia from Egypt’s plant

Fertiglobe exports world’s 1st certified green ammonia from Egypt’s plant. Fertiglobe, the world’s largest seaborne exporter of urea and ammonia, has successfully exported the first shipment of certified renewable ammonia that was produced at the company’s factory in Egypt. The supplied ammonia will be used to create synthetic soda ash, which has almost no emissions and is a vital component of Unilever’s laundry powder, the company said in a statement to the Abu Dhabi Securities Exchange. (Arab Finance)

Egypt greenlights 250 million EUR loan from EBRD for Alexandria Metro.
Egypt has approved a loan worth 250 million EUR from the European Bank for Reconstruction and Development (EBRD) signed on December 27th, 2021, for the development of Alexandria Metro, as per a presidential decree. The House of Representatives approved this decision at its session held on May 23rd, 2022. In 2023, the Egyptian National Authority for Tunnels (NAT) signed a contract worth 1.3 billion EUR with a consortium of Orascom Construction Plc and the French railway infrastructure services provider Colas Rail to execute the infrastructure and systems of Alexandria Metro. (Arab Finance)
Emirati investments in Egypt reach 29 billion USD: UAEIIC’s Secretary General.
UAE’s total investments in Egypt have reached nearly 29 billion USD, Secretary General of UAE International Investors Council (UAEIIC) Jamal Aljarwan stated. Aljarwan noted that the Emirati private sector is considering pumping further investments into the Egyptian market within the coming five years, with the aim of accessing African and European markets. He added that injecting a dollar liquidity ranging between 10 billion USD and 15 billion USD into the Egyptian market could fill in the country’s financing gap, which amounts to 25 billion USD. Additionally, using local currencies in intraregional trade with partners could accelerate easing Egypt’s liquidity squeeze, Aljarwan said. (Asharq Business)
3 local consortia compete for obtaining securities evaluation license in Egypt.
Three consortia of local firms, in cooperation with international institutions, are competing to obtain securities evaluation, classification, and arrangement activity license in Egypt. The FRA has received three requests submitted by I Score consortium, in cooperation with Standard & Poors; Beltone Capital consortium, in cooperation with Crif Ratings; and MGM Financial & Banking Consultants consortium, in cooperation with Infomerics Valuation and Ratings. (Asharq Business)
Egypt, Bahrain to boost cooperation in various fields.
The Egyptian-Bahraini governmental committee announced that both sides agreed on 15 joint cooperation initiatives and 13 memoranda of understanding (MoUs) with the aim of further enhancing cooperation in various fields. Both sides also agreed to strengthen joint efforts to deepen bilateral cooperation and increase trade exchange opportunities. They also discussed the establishment of an Egyptian trade center in Bahrain. (Arab Finance)
Egypt is launching a tender to import 600,000 tons of petroleum products in December.
Egypt has launched a global tender to import around 600,000 tons of petroleum products for delivery in December, comprising approximately 400,000 tons of diesel and around 200,000 tons of gasoline. Egypt annually consumes about 12 million tons of diesel and around 6.7 million tons of gasoline. Any increase in its oil production or refining activity is expected to have a positive impact on reducing the import bill for petroleum products at a time when the country, with a population exceeding 105 million, is grappling with a shortage of foreign currency. (Asharq Business)
Central Bank of Egypt’s gold holdings increase by 6% in October.
The gold holdings of the Central Bank of Egypt (CBE) increased by 6 percent to 249.64 billion EGP (8.08billion EGP) in October from 235.64 billion EGP. The CBE’s total assets rose to 4.729 trillion EGP in October compared to 4.62 trillion EGP in September. Egypt's gold reserves increased to reach an all-time high of 125.92 tons in the third quarter of 2023. The CBE revealed a slight uptick in international reserves, climbing to 35.1 billion USD in October from 34.97 billion USD in September. Egypt’s foreign asset deficit amounted to nearly 25.92 billion USD in August. The country seeks to collect 191 billion USD in annual US dollar revenues by 2026. (Daily News)Egyptian building materials exports jumped by 20% in 2023. Egypt witnessed a significant boost in its exports of building materials, refractories, and metal industries during the period from January to September 2023. The total export value reached 6.2 billion USD, marking a 20 percent increase compared to 5.2 billion USD in the same period in 2022. Within the metal industries sector, there was a growth of 20%, with the export value reaching 3.777 billion USD, surpassing the 3.135 billion USD recorded in 2022. Similarly, the building materials sector experienced a 14% increase, reaching 1.803 billion USD compared to 1.585 billion USD in 2022. (Daily News)
"The New Suez Canal" negotiates with "Al Ahli" and "Egypt" for the financing of the dry port of Al Qantara.
The New Suez Canal Company for Dry Port and Logistics Areas is negotiating a USD loan with Al Ahli and Egypt banks to establish the dry port in the city of Al Qantara in Ismailia. The negotiations include the interest rate, repayment period, and scheduled payment installments. It was agreed upon the contribution percentages for the participants in the port, with the share of the Suez Canal Authority and the General Authority for Dry Ports and Logistics being 11%, and the rest for the New Suez Canal Company. (Al Borsa News)
According to Fitch Ratings, the operating environment for Egyptian banks is fraught with challenges.
Ayman Raymond Ramsdell, Head of Ratings for Middle East Banks and Islamic Banking at Fitch Ratings, stated that the operating environment for Egyptian banks remains challenging, including high inflation, pressure on the pound, a significant shortage of foreign currency, conditions affecting non-oil business practices, and geopolitical uncertainty. He added that the downgrade of the ratings of four Egyptian banks by Fitch Ratings came after the downgrade of the country's sovereign rating, reflecting the significant link to the overall economic situation and the credit situation of these banks, given their large exposure to government debt and extensive lending to public sector companies. (Asharq Business)
The Arab Authority for Agricultural Investment is in the process of investing 100 million USD in Egypt.
The Arab Authority for Agricultural Investment aims to inject new investments in Egypt worth 100 million USD over the next three years, according to the Chairman of the Authority's Board, Mohammed Obeid Al-Mazrouei.. He added that the new investments will be directed towards the agricultural crops and livestock sectors, especially sugar, oils, dairy, and grains. (Arab Finance)
Egyptian e-commerce startup WayUp raises seed round of funding.
Egypt’s WayUp Sports, an e-commerce platform specialised in performance-based sports gear, has secured a seed round of funding to help it expand regionally, launching a private brand, and enhance user experience over its application and website. Founded in 2021, WayUp Sports aims to meet the demand for diverse specialised and performance-based sportswear and equipment. (Daily News)
The stock exchange surpasses the 25,300 points level with a rise of 1.38%.
The Egyptian stock exchange started trading on Thursday with a collective rise. The main index, EGX30, increased by 1.38%, reaching a level of 25,374 points. CIB's stock exceeded the level of 77 Egyptian pounds, with Commercial International Bank (CIB), the stock with the highest weight in the index, recording a rise of 2.25%, trading at 77.15 Egyptian pounds. The EGX70 and EGX100 indices, with equal weights, increased by 0.99% and 1.01%, respectively. (Hapi Journal)
On the global front, Oil prices continue to decline after the postponement of the OPEC+ meeting.
Oil prices fell in Thursday's trading following the announcement by the Organization of the Petroleum Exporting Countries (OPEC) to postpone its ministerial meeting to discuss production policy until the end of the current month. As of 09:35 Moscow time, the futures contracts for U.S. crude oil dropped by 1.13% to 76.23 USD per barrel. Brent futures contracts also decreased by 1.26% to 80.93 USD per barrel, according to Bloomberg data. (Hapi Journal)
The Gaza Strip is the "most dangerous place in the world to be a child the head of the United Nations children's agency UNICEF said.
UNICEF Executive Director Catherine Russell told the UN Security Council that more than 5,300 Palestinian children had reportedly been killed since Oct. 7. Columns of black smoke could be seen rising above northern Gaza's war zone from across the fence in Israel as daylight broke over the strip. Israel said the release of hostages, meant to be accompanied by the war's first ceasefire, would be delayed at least until Friday.