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INVESTMENT-
#1- Orascom wants to invest another EGP 500 mn on Giza Plateau revamp: Orascom Inves tment Holding (OIH) subsidiary Orascom Pyramids wants to invest a total EGP 1 bn to develop the area around the Giza Pyramids, Chairman Amr Gazarin told Asharq Business ( w atch, runtime: 3: 45). The company has already invested EGP 500 mn to upgrade the area around the Giza Pyramids.
A 50-50 partnership with the state: The government will be entitled to 50% of the company’s revenues and no less than EGP 20 mn per year, Gazarin said, adding that the goal is to double the number of visitors to the area to 5 mn a year.
#2- EGP uncertainty means no new investment from Tabreed anytime soon: Dubai-listed district cooling firm Tabreed sees Egypt as a “promising market” but is “slowing down” plans for additional investment as it waits for a stable outlook on the EGP, Chief Financial Officer Adel Al Wahedi told Asharq Business ( w atch, runtime: 7 :20). Tabreed entered Egypt in February 2022 with a contract to provide cooling services for Marakez’s D5M Mall in New Cairo and in September it landed an EGP 1.6 bn contract for the CapitalMed Badr City medical complex . Al Wahedi did not disclose how this would impact its ongoing projects.
INFRASTRUCTURE-
An update on the Sokhna port redevelopment: The first phase of the development of the Ain Sokhna port will wrap before the end of 2023, Asharq Business reports, citing statements given by Transport Ministry Kamel El Wazir to the press on Thursday. The ministry began the redevelopment of the port in 2021 at a cost of EGP 20 bn. El Wazir’s statements came during a ceremony which saw the ministry hand over the area to the consortium of private-sector companies which will construct a new terminal. Hutchison Ports, Cosco and CMA CGM earlier this year signed an agreement with the government for the terminal, which they will manage and operate for 30 years.
ENERGY-
Green fuel pilot this month: A ship will be supplied with green methanol at East Port Said port on 16 August for the first time, head of the Suez Canal Economic Zone, Walid Gamal El Din, said last week.
