THIS EVENING: China Energy could soon sign a framework agreement for USD 7 bn green hydrogen project

Good afternoon, friends, and happy hump day. We have another slow day so far here in Omm El Donia — although what started out as slow yesterday turned into a relatively brisk news cycle.

THE BIG STORY TODAY

China Energy moving forward with green hydrogen project: China Energy is expected to sign a framework agreement “soon” with the Suez Canal Economic Zone (SCZone) and the Sovereign Fund of Egypt for a USD 7 bn green hydrogen facility in Ain Sokhna, according to an SCZone statement. The company had previously signed an MoU with the government to conduct feasibility studies on establishing green hydrogen and ammonia plants, and said in March that it could work on a USD 5.1 bn green hydrogen plant.

THE BIG STORY ABROAD

The largest incursion into Russian territory since the outbreak of its war against Ukraine has been gaining traction this afternoon across the international press. The fighting in Russia’s Belgorod region began yesterday, with Russian authorities blaming Ukraine, while Ukraine has denied responsibility and claimed the attacks were led by Russian paramilitary forces called the Liberty of Russia Legion and the Russian Volunteer Corps (RVC), a Ukraine-based Russian militia looking to overthrow Putin. RVC allegedly entered the Belgorod region in Russia in an attack that has caught the Kremlin off guard. The story is getting front-page attention on the New York Times, the Wall Street Journal, Bloomberg, Reuters, CNBC, and BBC.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• AstraZeneca to boost investment and up production: British pharma giant AstraZeneca plans to invest over USD 100 mn in the Egyptian market over “the coming years” and increase its production capacity by 50%.
• Fresh funds for Dawi: Primary care company Dawi Clinics is getting an EGP 250 mn investment led by Al Ahly Capital Holding (the National Bank of Egypt’s local investment arm) and with participation from existing investor the Egyptian American Enterprise Fund (EAEF).
• A new Ezdehar fund to support struggling firms: Private equity firm Ezdehar Management will launch a EGP 1 bn local-currency fund targeting struggling medium-sized businesses in 3Q 2023.

☀️ TOMORROW’S WEATHER- More sunshine is in store for us tomorrow, with a daytime high of 35°C that’s expected to drop to a fresh 22°C, according to our favorite weather app.