Qatar is eyeing a 1 billion USD green hydrogen and ammonia project
Qatar is eyeing a 1 billion USD green hydrogen and ammonia project. The Qatar Investment Authority (QIA) is conducting studies to establish a renewables project in the Suez Canal Economic Zone with investments exceeding 1 billion USD. Qatar is planning to raise LNG output capacity by 60% by 2030, allowing it to export 126 million tons of gas a year. “I think we will be one of the largest, if not the largest, LNG trader in the world,” energy minister and Qatar Energy CEO Saad Al Kaabi said. (Al Borsa & Bloomberg)
- President Abdel Fattah El Sisi will be among the attendees at the regional summit, which will be the first since the start of the covid-19 pandemic two years ago
This year’s gathering takes place amid a diplomatic spat between Algeria and Morocco which has resulted in Morocco’s King Mohamed VI declining an invitation to attend and arguments break out among diplomats in a pre-summit meeting. Among the other notable absences: Saudi Crown Prince Mohamed bin Salman, who is reportedly not attending for medical reasons, UAE President Mohamed bin Zayed, Kuwait's Emir Nawaf Al Ahmad Al Sabah and Jordan’s King Abdullah II. (Hapi Journal)
- The IMF’s Middle East and Central Asia boss has praised the Central Bank of Egypt’s (CBE) policy moves last week
Saying that the shift to a flexible exchange rate will protect the economy against external shocks and calling the decision to raise interest rates a step in the right direction. The EGP moved fractionally lower against the greenback yesterday, edging down a very slight 0.2% to 24.1875, according to central bank figures. The currency has now fallen 22.4% since the central bank’s decision to move to a flexible exchange rate on Thursday, and is down 53.3% since the CBE first devalued the currency on 21 March. (Reuters)
- Suez Cement expects to suffer around 800 million EGP in FX losses on the back of the devaluation
CEO Mohamed Hegazy said. The company, like others in the sector, is reliant on imported coal to power its factories, and also imports many of its components and spare parts. Hegazy’s statements came a day after Ezz Steel warned it could lose 2.2 billion EGP due to the weaker EGP. Meanwhile, authorities will begin releasing today some of the food manufacturing inputs that have been piling up at ports because of restrictions on import finance, the Supply Ministry stated. The ministry said all inputs would be released from ports by the end of this week to allow factories to resume production. (Bloomberg Asharq)
- Egypt aims to boost LNG exports to 8M tons in 2022: El-Molla
The minister pointed out that Egypt’s revenues from natural gas, oil derivatives, and petrochemicals would reach 19 billion USD in 2022. He also expected the country’s revenues from natural gas to hit about 12 billion USD this year. The country’s exports of LNG amounted to 6.5 million tons in 2021, he added, noting that exports decline in the summer and grow in the winter. Natural gas liquefaction plants operate with full capacity in the winter, he said, mentioning possibilities to make use of them in the summer to boost Egypt’s competence in liquefying natural gas to increase exports. (Hapi Journal)
- Abu Dhabi’s Mubadala to open regional office in Egypt
Abu Dhabi-based Mubadala Investment Company is planning to open a regional office in Egypt under its ambitious strategy, the company’s CEO Musabbeh Al Kaabi revealed on November 1st on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). The Emirati company is interested in pumping further investments in Egypt, particularly in liquefied natural gas (LNG) and renewable energy projects. (Arab Finance)
- Mitsubishi Power, Damietta LNG pen long-term service agreement
Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries Ltd (MHI), signed a long-term service agreement with Damietta LNG to bolster the reliability, efficiency, and availability of power supply. The signed agreement targets the protection of liquefied natural gas (LNG) at the Damietta plant. As per the terms of the agreement, Mitsubishi Power will be responsible for the repairs and services, and parts provision for five Mitsubishi Power H-25 gas turbines installed at the facility, located in New Damietta Port in the northern region of Egypt. (Arab Finance)
- Egypt considers cooperation with Singapore in ports management, logistics services
Egypt is committed to reinforcing mutual cooperation and exchanging expertise in ports management and the development of a customs system with Singapore. The north African country aims to benefit from the Singaporean side after the Asian country become a global hub for logistic services. This comes in in line with the government’s efforts in executing the national project for the development and digitalization of the customs system in a way that help reducing the average time of customs clearance. (Arab Finance)
- Egypt subsidizes electricity for citizens with 40 billion EGP
The Egyptian government is subsidizing electricity for citizens with over 40 billion EGP to mitigate the impacts of global crises in the meantime. The government is committed to supporting citizens amid higher prices and the hike in interest rates, noting that it does the same to subsidize bread and petroleum products, as well as the social protection packages being applied now. This comes as per the directives of President Abdel Fattah El-Sisi to alleviate burdens on the Egyptian citizen. (Arab Finance)
- FABMISR, Bank Audi Egypt successfully merge business
FABMISR has completed its integration with Bank Audi Egypt by successfully moving all banking relationships and services under the umbrella of FABMISR. Customers of both banks can now conduct their banking transactions and services via FABMISR branches and digital platforms, formerly belonged to Bank Audi Egypt and FAB Egypt. This successful integration builds on the size of the new entity and its local presence, as well as eases the access of all banking services to customers through a strategically located and integrated branch network. (Hapi Journal)
- SCGC, Intro Power ink 350 million EGP agreement for green electricity
Suez Cement Group of Companies (SCGC), a subsidiary of HeidelbergCement, has signed a 350 million EGP power purchase agreement with Intro Power and Utilities to produce green electricity. As per the signed long-term agreement, a photovoltaic solar power station will be established within the premises of SCGC’s Suez Plant. The signing comes in line with Egypt’s strategy to expand in the use of clean energy. (Arab Finance)
Stay up to date
More Newsletter to Check
SUBSCRIBE TO NEWSLETTER
Subscribe to download our daily economics and business roundup
×
![]()