The Electricity Ministry is in talks with six Saudi firms over more than USD 3 bn worth of renewable energy projects

Newsletter

03 Nov 2022

The Electricity Ministry is in talks with six Saudi firms over more than USD 3 bn worth of renewable energy projects. Electricity Minister Mohamed Shaker is currently in Riyadh holding meetings with companies including Al Fanar, FAS Energy and ACWA Power, with which he signed an agreement on a 10-GW wind farm earlier this week, the sources said. Shaker is also reportedly meeting with Saudi financing institutions to help drum up financing for the projects. (Bloomberg Asharq)

Egypt targets 10 billion USD in gas exports this year: El Molla
Egyptian Petroleum Minister Tarek El Molla stated that Egypt's exports of natural and liquefied gas jumped 406% in the 2021-2022 fiscal year, which ended last June, to reach 6.7 billion USD. The discovery of the Zohr field in 2015 contributed to opening the appetite of investors to work in the Egyptian gas sector and increasing the number of discovered wells, which led Egypt to completely stop importing gas at the end of September 2019, and even switched to an exporter. Egypt is working to transform into a major energy hub in the region by liquefying gas and re-exporting it. The country's current total production is between 6.5 and 7 billion cubic feet of natural gas per day. (Bloomberg Asharq)
Abu Dhabi National Oil Company (ADNOC) is aiming to pump large investments in the Egyptian oil and natural gas sector
The Emirati company is planning to extend its footprint in the field of oil and natural gas exploration and production through entering partnerships with major global petroleum companies that operate in Egypt, Al Jaber added. Egyptian Minister Tarek El-Molla welcomed ADNOC’s plan to boost investments in Egypt, particularly in the fields of exploration, production, distribution, and marketing of petroleum products. This announcement was made on the sidelines of the minister’s participation in the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC). (Mubasher)
Egyptian Government to seal 15 billion USD financing deals for 9 projects during COP27
The Egyptian government is getting ready to sign a number of low-cost sustainable green financing for nine projects with around 15 billion USD in investments on the sidelines of the 2022 United Nations Climate Change Conference (COP27). The nine projects will mainly focus on food security, in addition to energy and irrigation and water resources fields. These financings come within the framework of the Nexus on Water, Food, and Energy (NWFE) program. (Al Ahram)
Ministry of Planning and Economic Development and Ministry of Trade and Industry signed a cooperation protocol with e-Finance to launch, manage, and operate a digital industrial platform.
The platform will help facilitate different services and procedures for investors in the industrial field. Through the signed protocol, the two ministries and e-Finance aim to offer better services for investors and manufacturers that speed up the process of completing the required procedures via a digital system. The signing comes in line with the planning ministry’s goals to achieve economic and social development across all sectors and the trade and industry ministry's plan to enhance services offered to the industrial sector. (Arab Finance)
French Technip Energies aims to solidify cooperation with Egypt’s oil sector including the expansion of Middle East Oil Refinery’s (Midor) refinery in Alexandria
Pieton praised the fruitful cooperation with the oil sector in carrying out major projects. These projects include the expansion of Middle East Oil Refinery’s (Midor) refinery in Alexandria and Assiut National Oil Processing Company’s (ANOPC) complex for diesel production in Assiut. Moreover, the minister highlighted that these projects come in line with the oil sector’s strategy to boost the refining capacity, upgrade the efficiency of existing refineries, and add new manufacturing processes to turn low-value products into high-value ones. (Arab Finance)
Mahmoud Mohieldin has been unanimously re-elected as executive director for Arab States and member of the board at the International Monetary Fund (IMF)
Mohieldin represents a group of Arab states, namely Egypt, the UAE, Bahrain, Kuwait, Oman, Qatar, Jordan, Iraq, Lebanon, and Yemen, along with the Maldives. Commenting on his re-election, Mohieldin thanked President Abdel Fattah El-Sisi for supporting him in his role as well as for backing the government and the Central Bank of Egypt, according to Ahram Gate. Accordingly, Mohieldin will represent Egypt and Arab countries for a new term at the IMF’s board. (Mubasher)
Camel Flour Mills (CFM) acquires a majority stake in Five Stars Group (FSG). FSG specializes in the production of high-end flour brands.
CFM’s combined milling platform will produce a total capacity of over 4,500 mt/day. Five Stars brings integrated and fully automated storage, milling, mixing, and packaging operations to its facility in Suez and its automated port-integrated grain loading and unloading facilities. CFM’s combined milling platform will produce a total capacity of over 4,500 mt/day. Five Stars brings integrated and fully automated storage, milling, mixing, and packaging operations to its facility in Suez and its automated port-integrated grain loading and unloading facilities. (Waya Media)
Saudi ACWA Power has signed a memorandum of understanding (MoU) with the Egyptian New and Renewable Energy Authority (NREA) and Egyptian Electricity Transmission Co (EETC) to build a 10-gigawatt wind farm in Egypt
The required lands for the project will be provided for conducting technical studies to pave the way for talks over the final contracts. The signing ceremony took place in Riyadh in the presence of the Saudi Minister of Energy Abdulaziz bin Salman and Minister of Electricity Mohamed Shaker. The two ministries mulled over aspects of cooperation in the field of renewable energy and clean hydrogen. (Mubasher)
Concrete Plus Engineering and Construction bought an additional stake in Ezz Steel (ESRS) for EGP 421,450
The transaction was executed on 25,000 shares at an average value of EGP 16.858 per share. Ezz Steel is an Egypt-based manufacturer and trader of steel and related products. Together with its subsidiaries, the company is engaged in the manufacture, trade, and distribution of iron and steel products of all kinds and associated services. (Arab Finance)
Utopia for Real Estate and Tourism Investment (UTOP) posted a 122% year-on-year (YoY) increase in net profit during the first nine months of 2022
The company’s net profit after tax rose to EGP 5.582 million in January-September from EGP 2.514 million a year earlier. Revenues grew to EGP 8.804 million in nine months to September 30th from EGP 7.955 million the year before. Established in 1999 and listed in 2009, Utopia is a public company that operates within the real estate sector focusing on diversified real estate activities. (Arab Finance)