Two big economic conferences will drive the news agenda for the business community this week
Two big economic conferences will drive the news agenda for the business community this week. First, The Madbouly government’s highly-anticipated economic conference kicks off on Sunday and runs through Tuesday. The gathering will see government officials, experts, and economists come together with the aim of creating a roadmap for the country’s economic future. The conference has three main tracks: Macroeconomic policies; empowering the private sector and improving the business environment; and formulating a future roadmap for priority sectors. A technical committee is already looking into some 300 economic proposals for policies and measures to increase the flexibility and competitiveness of the Egyptian economy. They’re being filtered and passed on to the relevant authorities. (Al Mal)
- Second, Egypt and the UAE will host a two-day gathering marking 50 years of bilateral ties
The conference takes place Wednesday-Friday (26-28 October) and is being produced in association with the two governments. Day one is an economic forum featuring ministers, senior officials and business leaders from the two countries, while the following day will feature a cultural forum. (Al Mal).
- The Suez Canal Economic Zone (SCZone) will launch a promotional campaign next week to drum up interest in investing there
SCZone head Walid Gamal El Din said. The pre-COP campaign will launch domestically next Sunday, 23 October, before the international campaign kicks off on Monday, 24 October. (Economy Plus).
- The energy crisis in Europe could crush industry on the continent. how big the chance to capture part of the global supply chain could be for us here in Egypt?
Fertilizer makers who use natural gas as feedstock, with producers in Hungary, Croatia, Poland and Romania feeling the squeeze. There are 35 million people with manufacturing jobs in Europe. Imagine the economic impact of moving just 10% of that here in Egypt. (Financial times).
- Gov’t will offer land on the cheap to spur industrial investment: While we’re on the topic of boosting FDI and exports
The Madbouly government is working on a package of incentives that includes offering industrial investors land at a more affordable price and with lower down payments especially for projects in Upper Egypt and Port Said. Authorities are also looking at how to make it easier to snag an industrial license and offer more support to export-led businesses. Expect announcements on the incentives at next week’s conference. (Hapi Journal).
- Fuel prices to rise this month
We’re expecting the government to hike fuel prices for the seventh consecutive quarter when the fuel pricing committee meets this month. Fuel prices have risen by as much as 28% over the past 18 months in response to heightened international oil prices, which surged earlier this year on the back of Russia’s invasion of Ukraine. (Zilla Capital)
- El-Sisi inaugurates Hassan Allam’s Black Sand Plant in Burullus
Hassan Allam Holding announced that President Abdel Fattah El-Sisi inaugurated the Black Sand Plant in Burullus. The Black Sand Minerals Complex includes a primary concentration plant and a mineral separation plant. The complex is set to produce a variety of products, including zircon, magnetite, ilmenite, rutile, garnet, and monazite. The project, which is among the largest-scale black sand plants worldwide, was completed in 12 months. (Arab Finance).
- Egypt to host 2nd edition of Saudi Green Initiative Forum
Saudi Crown Prince Mohammed bin Salman announced the second edition of the Middle East Green Initiative (MGI) Summit and the Saudi Green Initiative (SGI) Forum will be held in Egypt’s Sharm El-Sheikh in November. MGI Summit will take place on November 7th and the SGI Forum will be held from November 11th to 12th. Bin Salman thanked President Abdel Fattah El-Sisi and the Egyptian government for hosting the two events in Egypt in tandem with the 2022 United Nations Climate Change Conference (COP27). It is worth noting that the Saudi Green Initiative aims to plant 10 billion trees across the kingdom in the coming decades and cut 278 million of carbon emissions annually by 2023. (Al-Arabiya News).
- Saudi-Egyptian electricity grid likely to start trial run in May 2025
The trial run of the Saudi-Egyptian electricity interconnection project is expected to start by the end of May 2025. The project will be officially operational in two stages; the first will be in June 2025 with a capacity of 1,500 megawatts (MW), and the second will be in November with a capacity of 1,500 MW. Egypt secured its share in the project’s financing with an amount of $600 million from a group of financing entities and Arab funds, adding that Egypt does not need any additional financing for the project. (Asharq Business).
- Egypt considers offering 500 million USD green bonds in FY 2022/2023
Egypt is preparing to offer green bonds with a value of around $500 million during the current fiscal year ending in June 2023, Minister of Finance Mohamed Maait stated. The decision will depend on the improvement of the global market over the said period, Maait noted. On October 12th, Maait revealed that the Egyptian government is preparing for issuing Yuan-denominated bonds. It is worth noting that Egypt will host the 2022 United Nations Climate Change Conference (COP27) between 6 and 18 November. In September 2020, Egypt offered the first sovereign green bonds in the region with a value of 750 million USD. (Asharq Business).
- Deloitte establishes new firm in Egypt
The new firm will handle certain audit and tax clients, engagements, and team members transferred from Saleh, Barsoum, and Abdel Aziz (SBA). Deloitte ended its affiliation with SBA after a mutual agreement enabling both companies to pursue their strategies in Egypt. The new Deloitte’s Egyptian unit will be a part of Deloitte Middle East. (Arab Finance).
- Jumia Egypt inks leasing agreement with Hassan Allam’s investment arm
Hassan Allam Logistics Parks, a portfolio company of Hassan Allam Utilities, signed a leasing agreement with Jumia Egypt. The agreement provides for a long-term lease of over 26,000 square meters (sqm) of one of Hassan Allam Utilities’ logistics parks. (Arab Finance).
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