ENERGY-

#1- Fertiglobe gives the final rubber stamp to green ammonia offtake agreement with Germany’s H2Global: UAE-based renewables player Fertiglobe has inked an EUR 397 mn contract with H2Global subsidiary HINT.CO to supply green ammonia from its facilities in Egypt to the European Union, according to statements by both parties (here and here). The move comes over a month after Fertiglobe was selected as the winning bidder in H2Global’s pilot auction.

Remember: The agreement will see Fertiglobe supply H2Global with up to 19.5k tons of green ammonia annually beginning in 2027, with total deliveries expected to rise to a cumulative 397k tons by 2033. Fertiglobe will source the green hydrogen it needs to produce green ammonia from Egypt Green Hydrogen — a plant jointly set up by Fertiglobe, Orascom Construction, Scatec, the Sovereign Fund of Egypt, and the Egyptian Electricity Transmission Company.

#2- Striking black gold: Khalda Petroleum announced a new oil discovery in the Western Desert’s West Fewebs-1 area, according to a statement from the Oil Ministry.

Good timing: The discovery coincides with Egyptian Natural Gas Holding Company’s announcement that it is inviting bids for 12 new oil and gas exploration blocks in the Mediterranean and Nile Delta.

AUTOMOTIVE-

Mystery luxury car manufacturer from China mulls Egypt factory: The Industry Ministry is in talks with an unnamed Chinese luxury car manufacturer over locally producing its cars, an unnamed government source told AlMal. The first phase of operation will see the Chinese company produce 5k cars to serve the local market and to be exported.

It’s still in the early stages: The company is still deciding between Egypt and Morocco for launching its production line or factory for one of their models.

EDUCATION-

More Japanese schools in the works: The government has plans to expand the network of Japanese schools in the country to 1.7k by the end of the fiscal year 2026-2027, according to a Planning and International Cooperation Ministry statement. There are also plans to set up 62 Japanese technological and vocational schools by then.

Japanese schools are no stranger to the local market, with the Education Ministry rolling out Egyptian-Japanese schools across the country over the past few years as part of a partnership between the two countries. We dove deeper into the topic in a Blackboard published in 2022.

AVIATION-

Winter flight incentives get the preliminary green light: The Egyptian Tourism Authority’s board approved the main guidelines for the winter flight incentive program, which is expected to run from November 2024 to the end of April 2025. The program will go to the ministry’s Tourism and Antiquities Support Fund’s board for discussion next.

MANUFACTURING-

Black+Decker could set up shop in Egypt: American power tool manufacturer Black+Decker is in talks with the General Authority for Investment and Free Zones (GAFI) to set up a factory in Egypt, according to a statement from the authority. The factory, which would be the company’s first in the Middle East and Africa, would produce electric equipment and tools for the local market and export.

CAPITAL MARKETS-

Naeem Brokerage gets FRA approval to trade carbon certificates: Naeem Brokerage has secured a license to trade carbon certificates on Egypt’s newly launched voluntary carbon market from the Financial Regulatory Authority, Al Borsa reports, citing the company’s managing director Osama Gamal.

Remember: Egypt earlier this month launched its voluntary carbon trading market — the first in Africa. The market allows companies to issue and trade voluntary carbon certificates in Egypt and Africa, which can be bought by other companies wanting to offset their emissions.

Tags: