Schneider Electric, Paragon cooperate to promote real estate sustainability in Egypt

Newsletter

07 Dec 2023

Schneider Electric, Paragon cooperate to promote real estate sustainability in Egypt. The MoU covers providing smart sustainable building solutions to Paragon Developments’ administrative buildings; Paragon 2 and Paragon 3. This is along with using Schneider Electric’s EcoStruxure platform, which manages the key smart building’s infrastructure and presents a model for the latest sustainable smart buildings. (Hapi Journal)

Infinity, Masdar to implement 11 billion USD wind farm in Egypt in Q1 2025.
Infinity Power, in partnership with the UAE’s Masdar, will start the execution of the largest wind power farm project in the first quarter (Q1) of 2025 with investments of 11 billion USD. The project is expected to be operated in 2027, pointing out that they are currently studying environmental matters that could take one year before operation. (Al Arabiya Business)
SFE hires consulting firm to advise on wind farm sales.
The Sovereign Fund of Egypt (SFE) has appointed Belgium-headquartered engineering and consultancy firm Tractebel to act as a consultant for the sale of stakes in the state-owned 580-MW Gabal El Zeit and 545-MW Zafarana wind farms. (Asharq Business)
Danish shipping giant Maersk signed a framework agreement with the government for a 51% stake in the Zafarana farm.
The company has reportedly entered the final stages of negotiations over the stake’s value, with the transaction potentially closing by the end of this year. Maersk is reportedly looking to use the power to produce green methanol for use in ships. (Hapi Journal)
Beltone Financial eyes acquiring stake in SODIC’s subsidiary.
Beltone will conduct due diligence on SODIC for Securitization after obtaining the Financial Regulatory Authority’s (FRA) required approval. Once approved, Beltone will announce whether it will acquire the stake directly or indirectly via one of its subsidiaries. (Al Mal)
Italy-Egypt subsea link is in the works.
UAE-based energy company K&K Group has signed an MoU on the sidelines of COP28 with Italian energy and engineering consultancy firm CESI for the development of a subsea electricity link connecting Egypt to Italy. The proposed 3 GW link would ship power generated by renewable energy in Egypt to across the Med, accounting for 5% of Italy’s peak electricity demand. (Zawya)
Food and beverage brand Lychee has received an undisclosed amount of funding in a series A round led by Beltone Venture Capital, a subsidiary of Beltone Holding.
Twenty-Eight Capital and Index Sports Fund — a private equity fund focused on the sports sector in MENA — also participated in the round. The new round of funding will facilitate Lychee’s expansion plan, which entails expansion to the Saudi Arabian market, followed by the rest of the GCC. (Hapi Journal)
Egypt raises fuel subsidies by 9% for FY2023/24.
The Egyptian government has raised the targeted fuel subsidies for the current fiscal year (FY) 2023/2024 by 9% to 130 billion EGP. This increase is attributed to the devaluation of the Egyptian pound against the US dollar, which led to high import costs for monthly petroleum imports. It is worth noting that the country was previously targeting 119.4 billion USD in fuel subsidies for the current FY. (Asharq Business)
Government increases sugar supply to private distribution firms.
Sugar production companies affiliated with the Ministry of Supply and Internal Trade have increased the amount of sugar offered to private distribution firms and outlets to be sold at 27 EGP per kilo. The minister noted that the ministry distribute sugar daily to the market chains and consumer cooperative participating in the initiative at a rate of 30% higher the normal levels. (Al Mal)
On the global front, Moody’s has issued a negative outlook for the global banking sector in 2024,
citing slower growth, rising default risk, and weaker financial performance. Growth will slow down as interest rates stay high “even as major central banks begin to cut rates.” This will limit business prospects and therefore limit loan growth across banks’ portfolios, which will prevent them from reaping the benefits of higher rates. “Elevated rates for the most part will lead to higher funding costs and greater asset risks among existing borrowers.” (Hapi Journal)
Despite Gaza death toll soaring, U.S. unlikely to rethink weapons supplies to Israel.
Facing a soaring death toll from Israel's renewed offensive in southern Gaza, the Biden administration is trying to pressure its ally to minimize civilian deaths while stopping well short of the kind of measures that might force it to listen, such as threatening to restrict military aid. Top U.S. officials have urged Israel publicly to conduct a more surgical offensive in the south to avoid the heavy civilian casualties inflicted by its attacks in the north. (Reuters)