ENERGY-

The Oil Ministry is in talks with suppliers to postpone LNG shipments from 4Q 2024 to 1Q 2025, a government source told EnterpriseAM. The shipments are part of the 20 cargoes of LNG that the government bought for USD 907 mn to cover domestic needs between October and December. The news was first picked up by Al Arabiya.

The rationale: The ministry’s decision comes on the back of limited regasification capacity and sufficient domestic supply of natural gas, a government source told EnterpriseAM.

We’re about to start leasing another floating storage regasification unit: Egypt will begin leasing a floating storage regasification unit at the start of 2025, our source said, without providing any further details.

REAL ESTATE-

Mountain View expands into Saudi market with SAR 1.2 bn investment: Egyptian real estate developer Mountain View has entered the Saudi market with a SAR 1.2 bn investment that will see the developer construct 500 housing units in the kingdom, Argaam reports.

We saw this coming: Back in September, Mountain View announced that it would be introducing its first project — developed in partnership with local developers Maya Real Estate Development and Investment and Al Saedan Real Estate — to the kingdom by November.

EVs-

#1- Infinity and Recharged offer home EV charging solutions: Our friends at renewables company Infinity Capital have inked a strategic partnership with EV charging product manufacturer Recharged to establish a JV that will manufacture and sell home EV chargers, according to a press release (pdf). The venture aims to produce an affordable and reliable home charging solution appropriate for the mass market, with the broader aim of supporting Egypt’s shift toward sustainable transportation.

#2- Ghabbour Foundation and IFE launch workshops to boost Egypt’s EV industry: GB Corp’s Ghabbour Foundation for Development and Germany’s Investing for Employment (IFE) have launched advanced workshops for electric vehicle maintenance funded by a EUR 1 mn IFE grant, according to a statement (pdf). The project will train and employ ten trainers that will then go on to reach a targeted 700 workshop participants. We first heard about the project when IFE greenlit the grant in March of last year

What they said: “This ambitious training program aims to bridge the gap between technical education outputs and labor market requirements by offering intensive practical training using the latest technologies and equipment,” Ghabbour Foundation Secretary-General George Sedky said in the statement. “We aim to qualify youth and professionals with the necessary tools and training programs to develop a more skilled workforce. This initiative aligns with the Egyptian government’s efforts to enhance local manufacturing and establish a localized electric vehicle industry.”

RENEWABLES-

Another solar cells factory could be in the works soon: The Madbouly government is working towards the signing of a memorandum of understanding with an unnamed Emirati solar energy firm along with a Chinese partner to establish a factory for the production of solar cells, according to an Industry Ministry statement.

Remember: Solar cells are among 12 products the government is working to localize the manufacture of, after having been selected by the ministries of housing and industry to help Egyptian industry adjust to meet the EU’s approaching Carbon Border Adjustment Mechanism (CBAM) standards. The list also includes electric motors, generators, valves, pumps, water filtration devices, electric tools, electrical control and power distribution panels, and elevators.

FINTECH-

eNovate partners with Mastercard to launch CaaS in Egypt: State-owned fintech player E-finance’s subsidiary eNovate — formerly eCards — has partnered with Mastercard to introduce Card-as-a-Service (CaaS) in Egypt, according to a statement seen by EnterpriseAM.

Sound smart: CaaS is a turnkey solution that enables banks, NBFIs, fintechs, and pretty much any other company or entity to create, issue, and manage payment cards themselves. By looking to a third-party provider — in this case, Mastercard — businesses can do away with having to build the underlying infrastructure themselves and can outsource the complexity of card issuance, transaction processing, compliance, and security — cutting down on both heavy investment costs and the time needed to get these products to market.

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