RENEWABLES-

#1- DFC to fund Actis’ Gabal El Zeit acquisition? The US government’s US International DevelopmentFinance Corporation (DFC) is considering financing UK-based private equity giant Actis’ planned acquisition of the Gabal El Zeit wind farm, Al Borsa reports, citing DFC data. This comes only a few weeks after the European Bank for Reconstruction and Development said it was reviewing a proposed USD 140 mn loan for Actis to finance its acquisition of the 580-MW wind farm.

Remember: Actis reportedly wrapped up due diligence on the wind farm in February and the IMF thinks stake sales of the Gabal El Zeit and Zafarana wind farms will be finalized before the end of June.

#2- Egypt + Indonesia talk green energy: The Suez Canal Economic Zone welcomed a delegation from Indonesia’s Trade Ministry to discuss potential cooperation in several areas including green energy, according to an SCZone statement. The talks focused on the economic zone’s capabilities, including its four industrial zones and six seaports, and Egypt’s infrastructure development plan. The Indonesian delegation expressed interest in collaboration, especially in ports and green energy.

SMEs-

USD 25 mn extended to Banque du Caire to help Saudi SMEs export to Egypt: Banque du Caire will receive a line of financing worth USD 25 mn from the International Islamic Trade Finance Corporation and the Saudi Export-Import Bank to help Saudi SMEs expand their presence in Egypt and encourage non-oil exports to Egypt, according to a statement.

INVESTMENT-

An EGP 150 mn frozen food factory: Local F&B firm The HUB for Food Industries is looking to set up a EGP 150 mn factory for frozen fruits and vegetables by 4Q 2024, the firm’s chairman Mohamed Abdelsabour told Al Borsa. The factory will have an initial production capacity of 15k tons, all of which will be exported, Abdelsabour said.

REAL ESTATE-

UAE developer Horizon Egypt eyes the North Coast to set up tourism complex: Emirati real estate developer Horizon Egypt Developments is reportedly looking to buy 180 acres land on the North Coast to build an integrated tourism complex, writes Shorouk News, citing sources it said are in the know. The sources added that there are other property developers looking to get the land to set up similar projects.

FOOD-

KSA’s Baazeem Trading has signed a three-year exclusive distribution contract with Egypt-based food manufacturer Kellogg Tolaram Noodles valued at SAR 20 mn per year, according to a Tadawul disclosure. Baazeem anticipates annual sales growth of SAR 20 mn.

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