PRIVATIZATION-

Big airport privatization news could be imminent: Prime Minister Mostafa Madbouly is gearing up to announce “positive news” regarding the airport privatization plan developed with the International Finance Corporation (IFC), Madbouly said during a meeting with IFC Africa head Sérgio Pimenta, according to cabinet statement.

Pimenta echoed Madbouly’s sentiments during the meeting, saying that important progress has been made in the ongoing consultations with the Egyptian government regarding the airports privatization plan, and that agreements have been reached on most fronts.

Remember: Cabinet spokesperson Mohamed El Homsani last week namechecked airports among the sectors where we will see stakes in state-owned entities offered up by the end of the fiscal year, along with banking, airports, pharma, plastics, glass, and petrochemicals.

RENEWABLES-

Infinity Power, UAE’s Masdar, and Hassan Allam Utilities will soon launch a tender for a contractor to carry out their combined 1.2 GW solar projects planned for the Dahkla Oasis and Benban plant in Upper Egypt, Infinity General Manager Hesham El Gamal told Hapi Journal. The consortium plans to settle on a contractor soon ahead of breaking ground on the project next month, with the project expected to start feeding the national grid within 12-18 months, he added.

We also now have a price tag for the project, with the project expected to cost upwards of USD 1 bn to carry out, El Gamal said.

Remember:The cabinet last week greenlit two power purchase agreements with the Egyptian Electricity Transmission Company for the two projects, split between a project at the giant Benban plant with a capacity of 300 MW and a battery storage capacity of 60 MWh, in addition to a second solar project in the Dahkla Oasis with a capacity of 900 MW and 660 MWh of battery storage.

INVESTMENT-

The site of the former Imbaba Airport will undergo further residential development, with the upgrading of 3.1k residential units across 158 buildings and revitalizing a 38-feddan park, according to a cabinet statement. Plans include offering two investment land parcels, one of 20 feddans and another of 28 feddans, for mixed-use developments such as commercial, administrative, residential, hotel, and recreational projects. The site also features 222 commercial units and proposals for transforming the park into a major recreational project.

LEGISLATION-

Bill to tighten restrictions on entry into importers registry gets passed: The Senate has voted in favor of a bill that aims to tighten restrictions on those aiming to join the importers registry, stipulating that those aiming to join the register should have a capital of at least EGP 500k, and for limited liability companies to have a paid up capital of at least EGP 2 mn. The stated purpose of the bill is to protect local industries and stabilize prices in the local market.

What’s next? The amendments will be referred to the House.

FOOD

A delegation from the Saudi Food and Drug Authority is in Egypt to inspect Egyptian food production facilities ahead of whitelisting them and allowing their products to enter the Saudi market, according to a statement from Egypt’s National Food Safety Authority. The technical delegation is visiting 15 food facilities during its mission to Cairo that started yesterday. “The visit is the first in a series of successive technical visits that the authority intends to conduct to a number of Egyptian establishments, which will support competitiveness and increase Egyptian exports,” authority head Tarek El Hobi said.

FINTECH-

Paytabs, Azimut collaborate to facilitate online payment gateways: E-payments provider Paytabs has announced a strategic partnership with asset manager Azimut, in an agreement that will see the two firms work to “extend the convenience of online payment gateways to the

investment sector,” according to a statement (pdf). The partnership has already received approval from the Central Bank of Egypt for debit and prepaid card acceptance in trading on the EGX, and will help facilitate payment solutions for clients to “to fund their accounts seamlessly and enhance their investment journey,” the statement read.

EXPANSION-

Saudi Arabia’s Bagatyan Gold and Jewelry is mulling entering the Egyptian gold market, CEO Fahad Bagatyan said, according to a press release. The company is exploring partnerships with local investors, focusing on the 24-karat bullion segment.

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