ENERGY-

Suez’s USD 1.8 bn coal and diesel production complex should be complete by mid-2025, according to an unnamed government official speaking to Al Arabiya. The Suez Oil Company’s plant — which is being implemented by Oil Ministry-linked firms Enppi and Petrojet — will produce high-value petroleum products like butane and diesel, with its completion coming nearly three years after the project first broke ground in late 2021.

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A boon for the country’s import bill: The facility aims to boost Egypt’s production of diesel, gasoline, and other fuels essential for the local market, reducing our reliance on imports. The new complex’s mazut processing unit is expected to produce enough diesel to directly reduce Egypt’s monthly import costs by nearly 20%, according to the outlet.

RENEWABLES-

AMEA Power to launch its USD 800 mn Ras Ghareb wind farm in March 2025, AlMal reports citing an unnamed source from the Electricity Ministry. The wind farm will launch with an initial capacity of 250 MW, before cranking up to its full capacity of 500 MW by the end of July. The project is built under a build-own-operate (BOO) contract — the Egyptian Electricity Transmission Company will buy the farm’s production under a 20-year power purchase agreement.

INFRASTRUCTURE-

Hassan Allam to expand footprint in KSA: Hassan Allam Holding plans to sign USD 500 mn worth of contracts for infrastructure projects in Saudi Arabia, CEO Hassan Allam told Asharq Business. The infrastructure development-focused contracts are ready to be signed with Saudi government entities. The new contracts are in addition to USD 1 bn worth of Hassan Allam projects currently being carried out in the kingdom, Allam added.

More expansions in Egypt: Hassan Allam is also looking to step into the agricultural sector with a project expected to be announced before the end of the year. “We are currently establishing a company for land reclamation and export, and contracting on a large piece of land, part of which will be dedicated to strategic crops,” Allam said.

COMMODITIES-

#1- Ezz Steel slashes prices once again: Steel giant Ezz Steel has cut prices of local rebar by EGP 2.5k per ton, bringing down its factory prices to EGP 38.2k per ton — inclusive of 14% VAT — marking the company’s third price cut since February.

#2- Sugar export ban extended again: The government has extended its ban on sugar exports for an additional six months, exempting only surplus quantities beyond local market needs, according to a decision published in the Official Gazette. This marks the fourth extension of the ban since December.

FINTECH-

Qsalary to offer on-demand salary payments: Saudi HRTech startup Qsalary is awaiting a license from the CBE to start offering salary transfer services and provide employees with the option to receive salary payments on demand, Project Manager Mariam Darwish told Al Borsa. This service will allow employees to access up to 50% of their salary at any time during the month, charging a fixed service fee as its revenue stream.

PAYMENTS-

Gas bill payments made easy: Egyptian electronic payment platform Sahl has partnered with Egyptian Natural Gas Holding Company and El Maasara Gas Metro Company to allow users to recharge their prepaid gas cards through the Sahl app, according to a statement (pdf).

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