AUTOMOTIVE-

#1- Shift EV eyes larger 50k annual capacity factory: Local EV startup Shift EV is exploring opening a new factory in several stages that would eventually be able convert 50k petrol-powered cars to EVs a year to keep up with a “massive increase in demand,” the startup’s CEO and co-founder Aly El Tayeb told Enterprise. Shift EV’s current factory in Sixth of October City is on track to convert 1k vehicles in 2024, with plans to bring its capacity up to 5k vehicles a year, El Tayeb added.

Expansion abroad is also in the cards: The home-grown startup is also considering setting up shop abroad, with an eye on Southern Europe and the GCC, El Tayeb told us. “We’re going to continue to manufacture our kits, especially batteries, in Egypt and export them,” El Tayeb added.

Big news ahead: Shift EV is gearing up for a big product launch in April or May of this year that will allow it to convert more types of commercial vehicles in, El Tayeb said.

#2- GB Corp subsidiary mulls Jordan expansion: GB Corp subsidiary InternationalGroup of Automotive Trading is looking into setting up a passenger car trade and distribution company in Jordan, the company said in a statement (pdf) yesterday.

ENERGY-

#1- El Gouna doubles down on solar power: Orascom Development’s El Gouna hasinked an EGP 200 mn power purchase agreement with SolarizEgypt for the second phase of the town’s solar power plant, according to local media reports (here and here). Phase two, which will double the plant’s total capacity to 14.4 MW, is expected to come online by 4Q 2024. The first phase of the plant currently generates around 16% of the coastal town’s electricity needs, El Gouna’s CEO Mohamed Amer said.

#2- Two Egyptian consortiums are vying for gas distribution licenses in KSA: Aconsortium of Petrojet and Elsewedy Electric and another between Natgas and Petrogas have made it to the Saudi Energy Ministry’s list of companies qualified to bid for dry gas and liquified petroleum gas (LPG) distribution licenses, according to a statement from the ministry.

In detail: The Natgas-Petrogas consortium was qualified to bid for a license to establish andoperate LPG filling and storage facilities in addition to a license for wholesale LPG distribution to consumers. While the Petrojet-Elsewedy Electric alliance was only qualified to make bids to establish and operate LPG filling and storage facilities.

** Want to find out more? Yesterday’s issue of EnterpriseAM Saudi Arabia has the full story.

#3- IPR Energy has USD 110 mn of investments lined up for 2024: IPR EnergyGroup has earmarked USD 110 mn for investments during the current year, IPR Founder and Chairman Mahmoud Dabbous told Asharq Business in an interview (watch, runtime: 4:27).

The company’s current portfolio includes fields in the Western Desert, Nile Delta, Suez Gulf, and south of the New Valley.

#4- Gov’t signs MoU with NPC for green hydrogen production: The Oil Ministry has signed a memorandum of understanding with Al Nasr Petroleum Company (NPC) to assess the possibility of establishing a green hydrogen production unit in Suez, according to a statement from the ministry.

#5- EPROM, Technip sign MoU for cooperation on energy projects: Egyptian Projects Operation and Maintenance (EPROM) and French firm Technip Energies have signed an MoU that will see the two companies exchange expertise and cooperate on “opening new global markets,” according to an Oil Ministry statement.

DEBT-

#1- Emirates NBD Signs EGP 400 mn Loan Agreement with ADIFinance: Emirates NBD Egypt has signed a medium-term EGP 400 mn financing agreement with ADIFinance — Abu Dhabi Islamic Bank’s leasing unit — as the latter looks to amplify its support for non-banking financial institutions, Emirates NBD joint statement (pdf).
#2- EBank is getting USD 25 mn from the EBRD to support SMEs: The Export Development Bank of Egypt (EBank) is receiving a USD 25 mn loan from the European Bank for Reconstruction and Development (EBRD) to support SMEs, EBank said in an EGX disclosure (pdf). The loan will “focus on small exporters in Egypt, will play an important role in supporting the country’s economy, increase the influx of much-needed foreign currency and further encourage investment,” the EBRD said in a statement.

REGULATION-

New unified body for managing confiscated assets underway:President AbdelFattah El Sisi has ratified a law to set up a unified body for overseeing the management of seized and confiscated assets — e.g., possessions linked to criminal activity — replacing a number of separate state departments that were tasked with the job, according to a statement from the Finance Ministry.

WASTE MANAGEMENT-

The government broke ground on the Tenth of Ramadan waste managementcomplex yesterday, which will serve Cairo and Qalyubia, according to a statement from the Environment Ministry. The project received USD 14 mn funding from the World Bank.

EARNINGS-

NBE reports near 120% increase in net income in September: The National Bank of Egypt’s net income rose by just under 120% y-o-y to EGP 50 bn in 9M 2023, up from EGP 23 bn during the previous year, according to the bank’s financials (pdf). The lender also reported an 82% increase in net interest income to EGP 126 bn during the nine-month period.

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