Egypt Edition 
UAE Edition 
Saudi Edition 
MENA <> India Corridor 
Logistics (MENA) 
Climate (MENA) 
Share
RENEWABLES-
ACWA Power’s Kom Ombo solar plant is nearing completion: The 200-MW solar plant being built in Upper Egypt is now 82% complete and is expected to be completed by April 2024 at an investment cost of USD 168 mn, according to a cabinet statement yesterday.
DEBT-
#1- A quarter of local banks’ loan portfolios will have to go to MSMEs this year:The central bank has extended the measure requiring banks to make micro, small, and medium enterprises’ (MSMEs) share of their loan portfolios no less than 25% for another year, until 31 December, according to a statement (pdf). The central bank first announced the requirement in 2021 as part of its financial inclusion strategy, which includes SME support as one of its key pillars.
#2-GB Auto is getting an EGP 1.2 bn facility: GB Corp’s automotive assembly anddistribution unit GB Auto has inked an EGP 1.2 bn long-term financing agreement with a banking consortium led by Banque Misr that includes HSBC Egypt and aiBank, according to a statement (pdf). The funding will help the company fund a car assembly factory in Sadat City. The facility will cover 60% of the estimated cost of the project, which amounts to around EGP 1.9 bn.
MANUFACTURING-
China’s Guangdong Vanward New Electric break ground on a USD 12 mn factory for home appliances and heat exchangers in the TEDA industrial zone in Ain Sokhna on Thursday, according to an SCZone statement. The factory seeks to produce 500K water heaters and 2 mn spare parts annually. Construction is slated to wrap up within 9 months.
Expect more Chinese investments soon: The SCZone is planning another roadshow in China in May to drum up investments from the country, SCZone chief Walid Gamal El Din said during a speech at the factory.
AUTOMOTIVE-
InDrive teams up with Cargas to convert cars to natural gas: State-own gas company Cargas has inked a cooperation protocol with ride-hailing app InDrive to encourage its drivers to turn their combustion engine vehicles into vehicles that run on natural gas, according to an Oil Ministry readout.
