Hassan Allam Utilities and Masdar co-sign landmark agreements to develop 4 GW-capacity green hydrogen plants in Egypt by 2030

Newsletter

26 Apr 2022

For our top talks today, let’s begin with our green economy, first, Hassan Allam Utilities and Masdar (Abu Dhabi Future Energy Company) co-sign landmark agreements to develop 4 GW-capacity green hydrogen plants in Egypt by 2030. Amr Allam, Chief Executive Officer of Hassan Allam Holding, said: “Our drive into the green energy and infrastructure space, including solar and wind power generation, was all about contributing to a more sustainable future. Through this partnership with Masdar, we are looking to harness the leading edge of technology to make a difference in Egypt by leveraging the country’s abundant sources of green energy.” The agreements represent both nations’ commitment to the rapid acceleration of renewable power generation and to scale up sustainable and modern technologies to achieve a clean, secure and affordable energy future. (Mubasher)

Second, the Egyptian Minister of International Cooperation, Rania Al-Mashat that the ministry's portfolio includes 30 projects that support the seventh goal of the sustainable development goals: clean and affordable energy, with a value of 4.6 billion USD.
She added that many projects are being implemented within the ministry's current portfolio, where 7 power generation projects with a capacity of 8900 megawatts are being implemented, including 5 renewable energy plants between wind and solar energy. She noted that Egypt is rich in solar energy resources, pointing out that the Benban solar energy project is one of the results of the framework of international cooperation and development financing, where more than 13 companies from the private sector and more than 10,000 employees participated in its implementation, and it is expected to save two million tons of harmful emissions. Each year the equivalent of emissions of 400,000 cars. (Economy Plus)
Al-Dhow Investment Group offered the Cabinet to build a hotel and conference center near the Grand Egyptian Museum.
Al Dhow Group implemented the Hyatt Regency Hotel with a capacity of 250 hotel rooms and suites within the “Al-Ahram Heights” project, at a total cost of more than 2 billion EGP, according to Engineer Basil Sami Saad. “An integrated urban development plan is being prepared in the area as a whole, so that the project becomes integrated and truly complements the hotel investments that have been pumped into it, which exceed the number of 500 rooms,” said the head of Al-Dhow. (Economy Plus)
President Abdel Fattah El-Sisi congratulated French President Emmanuel Macron on winning the presidential elections for a new presidential term, wishing him to continue his career and lead his country to further progress and prosperity.
President Sisi stressed that the Egyptian-French relations were and still are close and growing historical relations, and we look forward to continuing consultations and mutual coordination on a number of regional and international files of common interest. Emmanuel Macron won a new term in the French presidency after receiving 58.2% of the vote in the presidential elections. (Al Mal)
Moreover, President Abdel Fattah El-Sisi received today, in a pleasant meeting at the Ethadeya Palace, both King Abdullah II bin Al Hussein, King of the Hashemite Kingdom of Jordan, and Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces of the United Arab Emirates.
The president welcomed his two brothers, the Jordanian and the Emirati, as dear guests to Egypt, expressing appreciation for the close and historical relations that bring together the three countries on the official and popular levels, as well as the extended civilizational intertwining between them. He affirmed Egypt's aspiration to enhance constructive cooperation between Egypt, Jordan and the UAE, and to launch together towards broad horizons of strategic partnership that establishes extended relations and achieve common interests, and comes in the field of promoting joint Arab action, especially in light of the great challenges that roam the region, as well as economic crises and social developments resulting from multiple regional and international developments. (Al Mal)
Standard & Poor's credit rating affirmed Egypt's rating at “BB” with a stable outlook, a day after “Fitch” confirmed a similar credit rating. On Thursday, Fitch Ratings affirmed Egypt’s rating at “B+” with a stable outlook.
Fitch said Egypt's rating is supported by its recent record in financial and economic reforms, its large economy and its strong growth. The agency pointed out that Egypt's rating is still constrained by weak external liquidity measures, amid heavy reliance on non-residents' investments in the local bond market. On the other hand, Fitch expected the success of Egypt's talks with the International Monetary Fund regarding a new financing program. The agency pointed out that the increase in global food prices and the turmoil in wheat imports from Russia and Ukraine will pressure the trade balance in Egypt, but it is still possible to increase revenues from travel activity in the 2021-2022 fiscal year compared to the previous one, despite the loss of tourists from Russia and Ukraine. (Reuters)
Finance Minister Mohamed Maait said that Egypt is looking forward to continuing the support of the International Monetary Fund to cross the repercussions of the current global crisis.
“The economic reform program that we implemented with the Fund helped us a lot in flexible handling of internal and external shocks, and made us more able to face economic challenges and mitigate them.” Maait said after his meeting with Kristalina Georgieva, Managing Director of the International Monetary Fund, on the sidelines of the Spring Meetings of the IMF and the Bank. internationals. (Economy Plus)
In addition, the Ministry of Finance decided not to take into account paper invoices in deducting or refunding the “value-added tax” as of the beginning of next July, and to consider electronic invoices only, according to the ministry’s statement issued yesterday, Monday.
And the Minister of Finance, Dr. Mohamed Maait, issued a decision to amend some provisions of the executive regulations of the value-added tax law, based on what was presented by Reda Abdel Qader, head of the tax authority. The electronic invoice system is one of the pillars of the national project to modernize and mechanize the tax management system, which aims to facilitate for financiers, include the informal economy in the formal economy, achieve tax justice, and obtain the right of the state. (Economy Plus)
Ali Al-Maselhi, Minister of Supply and Internal Trade, confirmed that he directed the supply directorates in the governorates, in cooperation with the Supply Investigations, to confiscate any vehicle that transports wheat from one governorate to another without a permit.
Al-Moselhi indicated in a statement today that whoever collects and trades wheat outside the legally authorized marketing of wheat will expose himself to legal accountability in accordance with Ministerial Resolution No. 51 of 2022 regulating the supply of local wheat this year. (Al Mal)
Accountant Ahmed Mahdi Suleiman, advisor to the Minister of Supply for the Control and Distribution Sector Affairs, decided to notify the supply mills (public sector - private sector) operating in the governorates system towards returning the shares spent in advance to bakeries to work with them as of next May 1,
to what they were before the start of applying the 10% discount rate of the spent bakeries’ share. The directorates have notified the mills with deduction according to the average actual sales of bread during March 2022, provided that the disbursement is in accordance with the system in force before the deduction. A post indicated that the decision to reduce the quotas of municipal bakeries at the level of the Republic in order to comply with the reduction in the proportion of flour and so that the mills can maintain the sufficiency of flour balances and according to the instructions, the bakery that receives 10 sacks of flour per day will be deducted one sack of flour from it, while the municipal bakeries that receive From 15 to 20 sacks, two sacks will be deducted, from 20 to 30 sacks, 3 sacks, and more than 30 sacks, 4 sacks will be deducted. (Al Mal)
Moving to our EGX and companies talks, the National Company for Glass and Crystal, affiliated to Abu Dhabi Islamic Bank - Egypt, has decided to take over bids for the El Garhy Iron and Steel Group.
The results of the competition showed the response of 13.3 million shares in Al-Watania for Glass and Crystal to the offer of Al-Wahda Industrial Development Company, affiliated to Al-Garhy Group, at a price of 2.25 EGP per share, and a total value of approximately 30 million EGP, according to money accounts. While the volume of shares responding to the competing offer of Qandil Company amounted to about 126.1 thousand shares only at a price of 2.40 EGP per share, and a total value of approximately 302 thousand EGP. (Business Asharq)
And finally, Foreigners record sales in the stock exchange worth 305 million pounds within a week after acquiring 16.8% of trading.
The Arabs preferred to buy at a value of 157.7 million pounds, after excluding deals. Stock indices varied during the last week's trading, amid sales to foreign investors. The main “egx30” index declined by 1.23% to 10,548 points, while the “egx70” index of small and medium stocks rose 3.1% to 1831 points, and the broader “egx100” index rose by 2.39% to 2767 points. The market capitalization of listed companies' shares lost about 1.6 billion EGP during the week's trading, down by 0.23% to 688.9 billion EGP. Egyptians' transactions accounted for 71.7% of the total transactions, while foreigners accounted for 16.8%, and Arabs accounted for 11.4%, after excluding deals. Egyptians' transactions represented 72.3% of the trading value of listed shares since the beginning of the year, while foreigners recorded 18%, and Arabs 9.7%. (EGX)