THIS EVENING: SCZone inks agreement with China’s Befar group for a USD 2 bn green chemical complex + Cabinet signs off on solar projects

Good afternoon friends, and HAPPY THURSDAY. We have some exciting news from our SCZone along with more renewable energy news as we welcome COP28.

THE BIG STORY TODAY

A new USD 2 bn green complex in SCZone: The Suez Canal Economic Zone (SCZone) has signed a letter of intent today with China’s Befar Group to establish a green chemical complex in East Port Said, according to an SCZone statement. The USD 2 bn complex will be powered by renewable energy, with the first phase to cost USD 500 mn.

ALSO- Cabinet green lights two solar projects: The Madbouly Cabinet signed off on a contract for Norway’s Scatec to set up a 1 GW solar power plant with battery energy storage system, according to a statement. The ministers also agreed to allow China’s State Grid to begin feasibility studies on a 10 GW solar project.

THE BIG STORY ABROAD

It’s a mixed bag in the international press today. The recent talks between Israel and Hamas, brokered by Egypt and Qatar culminated in a last minute agreement for a one-day extension of the temporary ceasefire after Hamas sent in a list of hostages to be released today, reports Reuters.

IN THE BUSINESS PRESS- The Eurozone’s annual inflation sunk to 2.4% from last month’s 2.9%, surprising the economists polled by Reuters. They had expected it to be at 2.7%. But it is good news, nonetheless, as it comes as a relief to customers hoping interest rates will soon be cut. (CNBC | Financial Times)

Finally, the polarizing Henry Kissinger passing away at age 100 is still making headlines (Washington Post | Associated Press).

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

• United Bank stake sale could be announced this year: The United Bank is expected to pull back the curtain on its sale agreement in mid-December as it currently awaits mandatory tender offers (MTO) from the bidders, a source at the state-owned lender told Enterprise. Most of the potential buyers have completed due diligence on the bank.
• The end of a decade-old legal battle: The Egyptian Supreme Administrative Court (SAC) rejected a 2011 legal challenge against LSE-listed gold miner Centamin’s Sukari mine concession.
• CI Capital’s net income climbed 54% y-o-y to reach EGP 747 mn in 9M 2023, driven by a strong growth across its investment bank and NBFS platforms.

🌥️ TOMORROW’S WEATHER- Anticipate cloudy skies as the mercury rises to a high of 25°C during the day and drops to a colder 15°C in the evening, our favorite weather app tells us.