The Grand Egyptian Museum will be inaugurated “within a few months”

Newsletter

04 Jan 2023

The Grand Egyptian Museum will be inaugurated “within a few months” Secretary-General of the Supreme Council of Antiquities Mostafa Waziri announced. Revenues from the Suez Canal increased 25% y-o-y in 2022 to reach around 8 billion USD, while the number of transiting ships increased by 14% y-o-y to 23.6k vessels. Suez Canal Authority boss Osama Rabie phoned in to Al Hayah Al Youm to discuss the record results, as well as ongoing plans to develop the canal and offer new services. (Al Mal)

Egypt brings online its first trigeneration waste-to-energy facility.
Egypt-based energy industry contractor Korra Energi inaugurated a waste-to-energy plant to repurpose the waste generated by Korra’s power plant and its flare gas projects in the Abu Rawash industrial complex to generate power. The financials of the trigeneration project were not disclosed, but Korra Energi will own and operate the plant under a 10-year build-own-operate-transfer agreement. (Zawya)
Abu Rawash has another waste-to-energy project in the pipeline.
Renergy Group Partners — a joint venture between Egypt’s National Organization of Military Production and Green Tech Egypt — is also planning a waste-to-energy project in Abu Rawash which is expected to convert some 1.2k tons of municipal solid waste per day to 30 MWh of electricity. (Zawya)
Bee’ah Recycling — a subsidiary of Emirati waste management company Bee’ah — added a new solid recovered fuel processing facility to its integrated waste management complex in Sharjah,
producing some 85k tons of green fuel annually. Bee’ah also signed an MoU with US- and UK-based waste-to-energy focused tech company Chinook Sciences and Japanese gas conglomerate Air Water to form a consortium aimed at setting up a waste-to-hydrogen plant in Sharjah. Egypt’s Suez Cement is investing 25 million USD in plans to generate some 20 MW of power from the waste heat recovery facility at its Helwan plant. (Zawya)
Ducab to supply sustainable energy solutions to 70-turbine windfarm in Egypt.
UAE’s Ducab Group is supplying 633 kilometers of medium voltage and earthing cable to a new Egyptian 70-turbine windfarm in a move that cements the strong industrial partnership between the UAE and Egypt. The Gulf of Suez project is set to contribute to Egypt’s commitment to generate 42% of all electricity from renewable energy by 2035 and save about 600,000 tons of CO2 annually. The project is one of the largest developed utility scale wind power plants in Egypt and will contribute 250MW of renewable energy generation to the country’s energy mix from the 70 turbines being installed in an area of 57 Km2. (Mubasher)
SCA, ABS ink MoU to boost environmental sustainability cooperation.
The Suez Canal Authority (SCA) signed a memorandum of understanding (MoU) with the American Bureau of Shipping (ABS) to strengthen bilateral cooperation in environmental sustainability. This comes as part of the authority's efforts to transform the Suez Canal into a green waterway within Egypt’s 2030 strategy. The SCA’s head Osama Rabie revealed that the Suez Canal has already begun its first actual steps towards green transformation by promoting the use of clean energy in operating the pilot stations along the canal, and strengthening the capabilities of the authority’s fleet to combat the oil spill. (Al Mal)
Over 23K ships transit Suez Canal in 2022.
The Chairman of the Suez Canal Authority (SCA), Osama Rabie, said a total of 23,583 ships transited the international waterway in 2022, a year-on-year (YoY) increase of 15%. This resulted in a record return for the canal by the end of 2022 with about 8 billion USD, a rise of 25% over 2021. The positive results were driven by the digging of the new Suez Canal and ongoing efforts to continue the stages of the canal’s development strategy, which reflected on an increase in its total capacity. (Mubasher)
El-Sisi directs to push pace of Suez Canal development strategy.
President Abdel Fattah El-Sisi ordered the government to proceed with the implementation of the development strategy of the Suez Canal. The strategy aims at enhancing the canal’s unique position as a waterway on which the global trade movement depends, and as one of the tributaries supporting the national economy. (Arab finance)
Elsewedy Electric wants to build an industrial park in New 6 October City.
Elsewedy Electric is in talks with the government to build a new industrial zone in New 6 October City and will soon look to draw up contracts for the project, according to a cabinet statement. The three-phase project could attract investments worth 20 billion EGP, create 150k jobs, and add EGP 5 bn to the country’s annual GDP once complete, Elsewedy Electric CEO Ahmed El Sewedy said, without giving a potential timeline for its construction. (Hapi Journal)
Qatari AlKuwari eyes buying Ramses Hilton hotel in Egypt.
Qatari AlKuwari International Group submitted an offer to the Arab International Company for Hotels and Tourism to buy the Ramses Hilton Hotel in Cairo for about 320 million USD. In March 2022, Qatar agreed with the Egyptian government on investments and partnerships worth 5 billion USD during the coming period. The Qatari investments in Egypt amounted to 2.7 billion USD in the late 10 years. (Asharq Business)
Economic hurdles hitting the region on the back of the global financial crisis has taken its toll on the wealth of the Arab region’s richest families.
The Sawiris family, which is the region’s wealthiest with a combined net worth of 11.2 billion USD, saw their wealth shed some 800 million USD from 11 March to 29 December. Lebanon’s Mikati family, which came in second with a combined net worth of 5.6 billion USD, also lost 800 million USD in the same period. The Mansour family in Egypt was able to maintain its wealth of 5.1 billion USD throughout the challenging year, while Algeria’s Issad Rebrab and family tied for third place with the Mansour family. (Forbes Middle East)