President Abdel Fattah El-Sisi has directed the government to reinforce the national plan to boost renewable energy and maximize its value

Newsletter

09 Aug 2022

President Abdel Fattah El-Sisi has directed the government to reinforce the national plan to boost renewable energy and maximize its value. This plan aims to diversify energy resources required for the development process, including green hydrogen. Moreover, El-Sisi urged the addition of green hydrogen to the integrated energy system in partnership with the private sector and major global expertise in the field, while working on the localization of manufacturing electrolysis equipment. This will help Egypt to keep up with the global development concerning climate change and the transition to green energy. (Arab Finance)

US-based Apache Corporation is intending to pump further investments into its concessions in Egypt’s Western Desert.
The investments will target enhancing the productivity of old wells as well as boosting the exploration activities and making new discoveries. Apache aims to expand its operations in Egypt and increase its output, as well as develop the joint business system with Khalda Petroleum and Qarun Petroleum Company as per the signed memorandum of understanding (MoU) during EGYPS 2022. (Arab Finance)
The union of shareholding workers at Eastern Company (EAST) sold an 34.939 million EGP stake in the company.
The transaction was executed on 3.546 million shares at an average price of 9.854 EGP per share. Eastern Company is an Egypt-based company, which is engaged in manufacturing tobacco products. (EGX)
Talaat Moustafa Holding Group achieved real estate sales worth 11.3 billion EGP during the first half of this year, compared to 21 billion EGP during the same period last year.
The increase in the comparative period from 2021 is mainly due to the sales resulting from the opening of the sale in the City of Lights project on June 8, 2021. Gross profit rose to 2,331.824 billion EGP during the period January-June 2022, compared to 1,848.759 billion EGP in the comparable period. In terms of independent businesses, the group achieved a net profit of 173.687 million EGP during the first half of this year, compared to 110,289 million EGP in the comparable half last year. Earnings per share were 0.08 EGP, compared to 0.03 EGP in the corresponding period last year. (Hapi Journal)
The Arab Alloys and Antioxidants Company announced the establishment of the largest industrial complex for ferroalloys in the economic zone of the Suez Canal on an area of 40 thousand meters in the southern region of Ain Sukhna, with investments of one billion EGP.
The project implementation period is 5 years, including all operating stages, noting that the implementation of the first and second phases will be completed after a year and a half from now. The project aims to bridge the import gap of the product at a cost of more than one billion dollars, while the proportion of local manufacturing will exceed 85% of the product. (Hapi Journal)
The Saudi Wafrah Company for Industry and Development announced the signing of a contract with Jia Food Solutions to manufacture and supply automated production lines for the processing and packaging of frozen and cooked meat, at a value of 3.98 million EUR.
Jia Company will manufacture and supply highly automated and automated production lines at the highest levels for the manufacture and packaging of frozen and cooked meat for Wafrah Company for Industry and Development as part of its integrated program for upgrading and growth in its multiple factories. (Al Mal)
OneOrder signs a 125 million EGP agreement with Contact Financial Holding.
This 125m EGP working facility has been signed with Contact Factor, a subsidary of the Egyptian non-banking financial services company Contact Financial Holding. This fund, being part of Contact’s plan to expand across various sectors, will be used by OneOrder to expand their offering and geographic reach. (WAYA)
Dubai’s car sharing platform Udrive expands to Saudi Arabia.
Their first launch in KSA will be in its capital Riyadh, after which it will “roll out fleets in Jeddah and other KSA cities in 2023, boosting its fleet to 1,500 cars in a year”. This expansion comes in line with Saudi Arabia experiencing an increase in the number of tourists and residents looking for affordable mobility services, as well as further supporting Saudi’s Vision 2030 for greener mobility. It is worth mentioning that KSA’s car rental market is valued at approximately 1 billion USD and expected to reach 1.18 billion USD by 2026. (WAYA)
Instagram expands NFT support to 100 countries.
Three months after Instagram rolled out support for Ethereum, Polygon, Solana, and Flow to a small group of U.S. NFT aficionados in a test launch, the Meta platform has now expanded this support to 100 countries in Africa, Asia-Pacific, the Middle East and the Americas. The company also announced that it accepts integration from Coinbase and Dapper wallets, in addition to Rainbow, MetaMask, and Trust Wallet.
Instagram’s NFT functionality will allow users to connect their digital wallet, and automatically tag both a creator and a collector for attribution.
They can also share their NFTs in their main Instagram Feed, Stories or Messages. A shimmer effect will distinguish a user’s NFT from a regular photo, accompanied by the NFT description. This follows Zuckerberg announcement earlier this year that users will be able to bring their 3D NFTs to Instagram Stories using Spark AR, which is the company’s software AR platform. Today, the company has revealed that it’s starting to allow people to display and share their digital collectibles as AR stickers in Instagram Stories. (WAYA)