INFRASTRUCTURE-

A 10-GW solar project could be in the works:China Electric Power Equipment and Technology has signed an MoU with the Madbouly government to begin studies to develop a 10-GW solar project, according to acabinetstatement. The project is expected to reduce carbon emissions by 14 mn tons when completed and will save some USD 1 bn in gas-powered energy costs per year. The Chinese power company is mulling investing USD 10 bn in the build-own-operate solar project in Upper Egypt and will sell the electricity produced on to the Egyptian Electricity Transmission Company, according to unnamed senior Electricity Ministry officials cited by Al Mal.

Abu Dhabi Ports has inked the final contract to develop and operate a container terminal at Safaga Port, according to acabinet statement. Under the USD 200 mn, 30-year concession agreement, the Safaga 2 terminal is expected to kick off operations in 2Q 2025, handling some 5 mn tons of dry bulk, 1 mn tons of liquid bulk, 450k TEUs of containerized cargo, and 50k car-equivalent units (CEUs) of roll-on, roll-off cargo, the Emirati port developer said when it signed the initial agreement in March.

CABINET WATCH-

The cabinet greenlit several projects and decisions on Wednesday, including the establishment of a new free zone at Damietta Furniture City and a USD 379.6 mn container terminal project at Ain Sokhna port, according to a cabinet statement. Cabinet also gave the go-ahead to the Transport Ministry to start contracting procedures for a green hydrogen project in Gargoub Port.

DEBT-

The Central Bank of Egypt (CBE) has sold USD 850 mn of USD-denominated one-year treasury bills at an average yield of 5.149% in an auction on Sunday to refinance existing debt, according to CBE figures.

KfW gives our energy sector an EUR 76 mn lift: German development bank KfW will provide the Electricity Ministry with EUR 76 mn in soft financing and grants under agreements it inked with the International Cooperation Ministry on Sunday, a statement from the ministry said. The funds include EUR 53 mn for the development of a smart grid project in Abu Qir, EUR 15 mn for hydroelectric stations at the Aswan High Dam, and EUR 8 mn for energy efficiency projects, according to the State Information Service.

INVESTMENT-

Giza Systems plans to funnel 70% of its 2024 investments into the Saudi market, which would account for USD 140 mn out of the USD 200 mn slated for the year, the company’s CEO Osama Sorour told Asharq Business. The company will also expand into Oman and Kuwait in 2024, Sorour added.

SMART POLICY-

Digital design and development services are in the pipeline for export support: In a potential indication that the Export Development Fund may be starting to focus more on services — and not just goods — the fund’s board agreed in principle to add digital design and development services to its export subsidy payout program, according to a Trade Ministry statement.

STARTUPS-

Beltone unit CFYE to support underprivileged entrepreneurs with EGP 60 mn financing and training program: Beltone Financial Holding’s recently acquired microfinance subsidiary Cash and Challenge Fund for Youth Employment (CFYE) — a Dutch youth employment fund focused on Sub-Saharan Africa and the Middle East — are set to launch an EGP 60 mn financing and training program for entrepreneurs, according to a statement (pdf) from Beltone. The Underprivileged Entrepreneurs Reach Project will see Cash provide entrepreneurs with incremental loans, training programs to help them run and promote their businesses, and financial support.

SPORTS-

ADQ to sponsor Pyramids FC: Abu Dhabi’s sovereign wealth fund ADQ will be the official partner of Egypt’s Pyramids FC under a multi-year sponsorship agreement signed last week, according to a statement from the fund.

Tags: