ENERGY-

Italy-Egypt subsea link is in the works: UAE-based energy company K&K Group has signed an MoU on the sidelines of COP28 with Italian energy and engineering consultancy firm CESI for the development of a subsea electricity link connecting Egypt to Italy, the companies said in a joint statement picked up by Zawya on Tuesday. The proposed 3 GW link would ship power generated by renewable energy in Egypt to across the Med, accounting for 5% of Italy’s peak electricity demand.

We might have already heard about this project: A 3-GW link between the two counties was proposed by Norwegian renewable energy developer Scatec in February and got cabinet approval in May, which gave the go-ahead for the signing of an MoU with Scatec to study the project. We also heard of another 3-GW Egypt-Italy interconnector that was proposed by Italy in January. Italy has reportedly proposed signing an MoU to begin conducting a feasibility study for the USD 3.5 bn project.

AVIATION-

Sphinx International adds another route: Wizz Air yesterday launched its first flight from Abu Dhabi International Airport to Sphinx International Airport, according to a press release picked up by Mubasher. Flights will operate weekly on Sundays, Mondays, Wednesdays, and Fridays.

TRADE-

New unified customs procedures for ports incoming: The Supreme Council of Ports and Logistics — FKA the Supreme Council of Ports until yesterday — approved the proposed unification of customs procedures and implementation mechanisms for transit trade for all ports to “maximize and support exports,” according to a cabinet statement released yesterday. The meeting also agreed on permanent coordination between the transport and finance ministries to overcome obstacles facing direct and indirect trade.

INVESTMENT-

#1- Engazaat x CHINT Global: Homegrown solar and water firm Engazaat inked a strategic cooperation agreement on the sidelines of COP28 with the Suez Canal Economic Zone (SCZone) and Chinese energy firm CHINT Global to build and run a new industrial park focussing on green energy technology in the SCZone, according to a statement from the SCZone yesterday. Details of the cost of the project are yet to emerge, but the statement added that framework agreement for the 2 mn square meter park should be inked at some point next year.

#2- Engazaat x Jushi: Chinese fiberglass manufacturer Jushi also signed a project agreement at the climate conference with Engazaat to set up solar panels for one of its factories with a capacity of 7 MW, according to a statement from the SCZone yesterday. The cost and timeline of the project were not announced.

ICYMI- Jushi announced on Monday that it’s investing USD 8 mn to expand its factory in China’s special economic zone TEDA.

#3- Engazaat x e-Aswaaq x NBE: Engazaat joined forces with e-Finance’s e-commerce subsidiary e-Aswaaq and the National Bank of Egypt (NBE) to sign an agreement to offer small farmers financing for solar energy and smart irrigation systems, according to a statement from e-Aswaaq yesterday. Under the agreement, farmers will apply for the loan through e-Aswaaq’s digital agriculture platform AgriMisr, which is backed up by the NBE, while Engazaat will supply the solar and irrigation equipment.

COMMODITIES-

Another step to tackle soaring sugar prices: The government is reportedly looking to stop selling sugar to companies set up across the country’s freezones in a bid to stabilize the sugar market and tame soaring prices, Al Borsa wrote, citing an unnamed source.

Remember: The Supply Ministry has been providing the local market with 1.5 tons of sugar a day — 30% more than the normal amount — to be sold at EGP 27 per kilo. The ministry has so far flooded the local market with some 50k tons of sugar as part of the measures it has taken to help fill the supply gap that has pushed prices to EGP 50 per kilo last week and had the Supply Ministry consider introducing price controls. Sugar was selling for EGP 41.5 per kilo yesterday.

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