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FINTECH-
MNT-Halan enters the UAE market with Halan Advance launch: Egyptian fintech leader MNT-Halan has expanded into the UAE with the rollout of its early salary access service, Halan Advance, targeting the Emirates’ over 3.7 mn underbanked expatriate community, the fintech unicorn said in a statement (pdf). MNT-Halan has a target of building its customer base in the country to 250k by the end of next year.
What they said: “The GCC is a powerful hub for financial innovation, and launching in the UAE marks a significant step in our regional expansion,” MNT-Halan CEO Mounir Nakhla said.
RENEWABLES-
#1- Hassan Allam and ACWA’s Gulf of Suez wind farm secures OPEC Fund backing: The OPEC Fund for International Development has approved a USD 40 mn loan for local energy and infrastructure leader Hassan Allam Utilities and Saudi renewables giant ACWA Power’s 1.1 GW wind farm in the Gulf of Suez — poised to be the largest wind power project of its kind in the Middle East, a statement from the fund reads. The financing adds to USD 510 mn already raised, including USD 200 mn from the EBRD and USD 170 mn from the AfDB, for the USD 1.1 bn project.
This isn’t the only renewables project in Egypt with OPEC backing: The OPEC Fund is also backing a ACWA’s 200 MW solar project in Kom Ombo, which set to be the largest privately owned solar plant in the country and power 130k households when operational.
#2- Somabay and Taqa Arabia open Egypt’s largest renewables-powered water desalination plant: Our friends at Somaby and Taqa Arabia inaugurated the first 3.7 bn cbm phase of a solar-powered water desalination plant that will provide safe and clean water for the resort on the Red Sea, according to an EGX disclosure (pdf). A contract for a second 3.7k cbm phase of the project has been signed, with the addition set to be completed by May 2025.
#3- FMO is a mulling a further USD 30 mn investment into AMEA Power’s Abydos solar project: Dutch development bank has proposed a USD 30 mn loan to support the development, construction, operation, and maintenance of a 150 MW battery energy storage system at AMEA Power’s 560 MW Abydos solar plant in Kom Ombo, according to a disclosure from the development bank. The proposed investment follows a USD 36 investment from the lender for the solar plant that was approved in 2022.
EXPANSION-
Monoprix to launch in Egypt in 2025: French retail chain Monoprix is entering the Egyptian market through a partnership with Circle K franchise operator TMT for Food and Beverages, with plans to open 15-20 stores annually starting 2025, the French company said in a statement (pdf).
