Kaust launches new fund for financing green startups: KSA’s King Abdullah University of Science and Technology (Kaust) has launched a SAR 750 mn (c. USD 200 mn) tech fund to finance renewables and sustainability-centered startups as part of a wider new strategy for the university, according to a statement. The new fund will serve as a vehicle for early stage investments in both local and global companies across priority sectors including energy, environmental protection, and health and wellness industries. Kaust’s new strategy is expected to support ongoing biodiversity efforts in the kingdom as well, supporting among other programmes, the Kaust Reefscape Restoration Initiative in partnership with NEOM, which since 2021 has been working on cultivating and restoring hundreds of thousands of coral reefs in the Shushah Island in the Red Sea.

Egyptian real estate firm Golden Coast Company is reportedly looking to raise some EGP 8 bn (c. USD 259.5 mn) through a green sukuk issuance on the Egyptian bourse, Daily News Egypt reported last week, citing sources it says have knowledge of the matter. The company will channel the proceeds from the issuance to finance one of its development projects in Egypt’s Soma Bay. Al-Ahly Pharos will reportedly serve as financial advisor and promoter of the issuance and Al-Derini and Co. will act as legal advisor. Egypt issued MENA’s first sovereign green sukuk bonds earlier this year, selling USD 750 mn in climate-friendly securities in an issuance that was almost 5x oversubscribed.

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  • A helping hand by LONGi for Egypt’s solar panels? Chinese solar panel maker LONGi is considering supplying solar panels to over seven solar plants with different capacities in the Egyptian market. (Al Mal)
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