Okur Energy plans 4 billion USD investment for hydrogen production in Egypt
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Okur Energy plans 4 billion USD investment for hydrogen production in Egypt. India’s Okur Energy is set to invest 4 billion USD in green hydrogen production in Egypt’s Suez Canal Economic Zone. The project, under preliminary contracts, aligns with Egypt’s national strategy for carbon neutrality and energy sector emissions reduction. The investment is part of Egypt’s goal to attract a total of 81.6 billion USD in foreign direct investment for green hydrogen projects by 2035. (Arab Finance)
- Egypt's first half merchandise exports drop 17% to 16 billion USD.
Egypt's non-oil exports fell 17% to 16 billion USD in H1 2023 due to raw material shortages and global crisis effects. The country aims to gather an extra billion dollars through asset sales to boost dollar liquidity. The need for new external financing remains to meet foreign currency demands and unfulfilled funding promises. (Arab Finance)
- Kharafi National secures 1.65 billion EGP loan for expansion in Egyptian market.
Kharafi National, a Kuwait-based subsidiary of Saudi's Al Kharafi Group, has obtained a shariah-compliant loan of 1.65 billion EGP from local lenders through ADI Capital, as announced in a recent press release. The funds will support the contractor's working capital in the Egyptian market. (Enterprise)
- Egypt's trade balance deficit sees 4.3% rise in May.
In May 2023, Egypt's trade deficit rose by 4.3% to 3.74 billion USD compared to the same month the previous year, with exports dropping by 20.9%, including reduced gas, oil, and petroleum product exports. Import value decreased by 9.4%, driven by lower petroleum and steel material imports, while imports of pharmaceuticals and certain goods increased. (Arab Finance)
- First company setup via Investment Authority's digital platform.
Egypt's Prime Minister Mostafa Madbouly observed the first-ever electronic company establishment via the Investment Authority's digital platform. The Damietta Company for green ammonia production became the inaugural firm established electronically through the platform, offering simplified processes and transparency. The move aims to enhance Egypt's competitiveness, improve business ease, and advance the investment environment. (Hapi)
- Inauguration of Midea's washing machine manufacturing plant in Egypt's sczone.
China's Midea Group opens a 25 million USD washing machine factory in Egypt's TEDA industrial zone, set to export 1.5 million units annually. The Suez Canal Economic Zone (SCZone) attracts Chinese investments, including a 105 million USD home appliance factory, amid successful outreach in China and Hong Kong. (Enterprise)
- Launch of construction technology accelerator by Flat6Labs in Egypt.
Flat6Labs introduces Makers, a construction technology accelerator in partnership with SIAC and Dar Al-Handasah, offering selected startups up to 100 thousand USD per venture along with mentorship and networking. Graduating from a pre-accelerator earlier this year, startups like Reblox and Aion Innovations are already making strides. The program, focused on collaboration, labor solutions, and safety-tech, begins on August 28 and will expand across MENA after launching in Egypt. (Enterprise)
- CY Plus, a German company, initiates plans for sodium cyanide production plant in Egypt.
Germany's CY Plus intends to establish a sodium cyanide production plant in Egypt, essential for gold extraction. The company's president, Stefan Wolbers, and Egypt's Minister of Petroleum and Mineral Resources, Eng. Tarek El Molla, plan to assess project feasibility, site location, technology, local market needs, and potential for export. The move aligns with Egypt's expanding gold mining sector and aims to reduce foreign exchange expenditures on imports while adhering to green mining standards. (Economy Plus)
- Travco aims to increase hotel capacity to 20,000 rooms.
Egypt's Travco Group plans an 18% increase in its hotel capacity to reach 20,000 rooms over the next two years to align with the growing tourism sector. With around 65 hotels spread across various tourist destinations, including the Red Sea, Luxor, Aswan, and the North Coast, Travco contributes up to 15% of Egypt's GDP and is a vital foreign exchange source, alongside the Suez Canal, remittances, and exports. (Asharq)
- Juhayna's 39% half-year revenue surge attributed to selling price of products.
Juhayna, a leading Egyptian food company, reported a 39% growth in revenue, reaching EGP 7.2 billion in the period ending on June 30, 2023. The company's Q2 revenue stood at EGP 3.7 billion, marking a 35% growth. Increased selling prices, higher sales of dairy and juice products, and improved market purchasing power contributed to the growth. (Arab Finance)
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