Saudi Arabia considers bidding to host 2030 World Cup with Egypt, Greece.

Newsletter

01 Dec 2022

Saudi Arabia considers bidding to host 2030 World Cup with Egypt, Greece. Saudi Arabia is planning to submit a joint bid to host the 2030 World Cup with Egypt and Greece, Saudi Minister of Tourism Ahmed Al-Khateeb stated. Al-Khateeb said that the three countries would inject huge investments into infrastructure projects for the major event. The minister noted that Saudi Arabia was likely to build “state-of-the-art stadiums and fan zones.” It is worth noting that the bid of Saudi Arabia, Egypt, and Greece would compete with joint bids from Argentina, Uruguay, Chile, and Paraguay, as well as from Spain and Portugal. (Asharq Business)

Egypt’s NREA cancels 50 million USD solar power plant establishment in Aswan.
The Egyptian New and Renewable Energy Authority (NREA) decided to cancel a project for the establishment of a 50-megawatt solar power plant in the South of Aswan with 50 million USD in investments. The project was co-financed with the Arab Fund for Economic and Social Development (AFESD) to alleviate financing burdens for NREA. The establishment of the solar power plant has been called off days after Egypt signed a number of investment and financing agreements worth about 10 billion USD for setting up renewable energy projects. (Asharq Business)
Egypt keen on providing necessary financings to import petroleum products
Egyptian Prime Minister Mostafa Madbouly has followed up on the procedures being taken to provide the required financing for importing petroleum products. Madbouly stressed the importance of the ongoing coordination between Ministry of Petroleum and Ministry of Finance to work on the provision of the necessary financing for importing petroleum products to meet the local market’s demand amid the global crisis resulting from the Russian-Ukrainian war. (Hapi Journal)
Saudi Arabia extends term of 5 billion USD deposit at CBE
Saudi Arabia has extended the term of its 5 billion USD deposit at the Central Bank of Egypt (CBE). The kingdom has continued supporting the economic stability in Egypt. Egypt has implemented several structural reforms that contributed to boosting the growth of the private sector as well as achieving more sustainable growth rates. Alongside the Saudi deposit at the CBE, several investments in foreign currencies have been pumped into the Egyptian market and are projected to help in opening new financing channels with regional and international organizations. (Hapi Journal)
CBE halts 8% subsidized loans provision to private industries
The Central Bank of Egypt (CBE) will stop granting subsidized loans at an interest rate of 8% for the industrial, agricultural, and contracting fields of the private sector. Regarding the terms of the already granted facilities, the used credits shall be settled gradually, with the possibility of continuing to use the available balances within the framework of authorized short-term facilities at current market rates.
EgyptERA, AFSEC ink MoU to bolster African cooperation
Egyptian Electric Utility and Consumer Protection Regulatory Agency (EgyptERA) has signed a memorandum of understanding (MoU) with the African Electrotechnical Standardization Commission (AFSEC) within the framework of enhancing cooperation with relevant regulatory institutions in Africa. The MoU targets exchanging expertise between the two parties, developing the standards of equipment and Electrotechnical systems, and bolstering online training programs, in addition to reinforcing cooperation with relevant organizations. (Arab Finance)
Egypt issues 100 EGP commemorative coin to mark COP27
The Public Treasury and Coinage Authority issued an EGP 100 commemorative coin on the occasion of the 2022 United Nations Climate Change Conference (COP27). The authority does not hesitate to mint commemorative coins that mark historical events and key national projects to show the whole world Egypt’s unprecedented achievements across various fields. (Hapi Journal)
Honeywell, Environ to build Egypt’s 1st chemical recycling facility
Honeywell has signed a memorandum of understanding (MoU) with Egypt’s Environ Adapt for Recycling Industries to upgrade the plastic recycling process in Egypt, according to an emailed press release on November 28th. As per the signed MoU, both companies will jointly work on the development of the first chemical recycling facility in Egypt. The facility will be equipped with Honeywell’s state-of-the-art technology and will be able to convert plastic waste into valuable recycled polymer feedstock (RFP). (Al Mal)
BMW has made Global Auto Group its new importer and agent in Egypt
Global is a joint venture between Kuwait’s Ali Alghanim & Sons Automotive, Saudi Arabia’s Mohamed Yousuf Naghi Motors, and local firms Organi Group and Al Safi Group. Global has also acquired Bavarian Auto Group (BAG), the former importer of both brands. The acquisition sees BMW Group hand Global Auto the exclusive rights to import and assemble BMW and Mini cars in the local market. The JV has acquired BAG’s existing network of service centers and showrooms, as well as its BMW assembly plant. The facility is home to three production lines with an annual production capacity of 10k vehicles. (Hapi Journal)
Silicon Valley VC fund 500 Global is working on opening an office in Egypt, which will also be its first foothold in Africa
The fund has appointed Amal Enan to oversee its Egypt operations. Enan was previously Global Ventures’ managing director and is currently the American University in Cairo’s chief investment officer. 500 Global has also partnered with the CIT Ministry’s ITIDA to launch three programs that will support around 200 startups and 60 accelerator managers over the next three years. The VC will launch a bootcamp for seed-stage companies, a scale-up program for pre-series A companies, and a bootcamp for accelerator managers. (Wamda)