TELECOMS-

Telecom Egypt and Vodafone Egypt signed EGP 30 bn worth of commercial agreements to enhance infrastructure services and accelerate the rollout of 5G technologies, according to a CIT Ministry statement. The partnership — signed by both companies’ CEOs and witnessed by CIT Minister Amr Talaat — includes extending Telecom Egypt’s messaging services agreement with Vodafone Egypt until 2031 to support its expansion, a four-year fiber optics connection agreement for Vodafone’s mobile sites, and new agreements for virtual fixed and internet services.

Remember: The National Telecom Regulatory Authority last month inked USD 450 mn worthof agreements granting 5G service licenses to Vodafone Egypt, Orange Egypt, and e& Egypt.

MANUFACTURING-

#1- Nile Recycling to build USD 20 mn plastic recycling facility in Ain Sokhna: Egypt’s Nile Recycling has signed an agreement with Main Development Company to establish a polyethylene terephthalate (PET) plastic recycling facility in the Sokhna Industrial Zone with an initial investment of USD 20 mn, according to a Suez Canal Economic Zone statement.

The details: The project will recycle PET bottles into food-grade recycled PET plastic, with a targeted capacity of 22k tons per year once the facility starts production in 1H 2025. The recycled plastic will be used for packaging and food containers, with plans to export abroad. The project is also expected to reduce carbon emissions by 40k tons annually.

#2- Egypt and Malaysia to expand economic cooperation: Investment Minister Hassan El Khatib and Malaysian Prime Minister Anwar Ibrahim agreed to activate the Egyptian-Malaysian Joint Committee in early 2025, focusing on investments in manufacturing, semiconductors, energy, and digital transformation, according to a ministry statement. The aim is for Malaysian companies to use their expansion in Egypt as a gateway into African markets.

BANKING-

CBE approves 15-year olds opening accounts without parental consent: The Central Bank of Egypt announced that banks can now open accounts for young people aged 15 to 21 without parental consent, reducing the minimum age from 16 to 15, Shorouk News reports.

Banking products will be tailored for minors: Products for this age group will be tailored to align with their legal capacity and risk levels. The decision builds on a 2021 update permitting accounts for those 16 and older.

ENERGY-

2G Energy wants to set up green hydrogen, biogas projects: Germany’s 2G Energy is in talks with five Egyptian companies to set up green hydrogen, biogas, and combined heat and power (CHP) projects locally, project engineer Jonas Stormann told told Al Arabiya, without disclosing the expected investment ticket of these projects. The company is looking to expand into other African and Arab nations, with an eye on Saudi Arabia — on the back of the country’s booming renewable energy and green hydrogen industries.

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