Shard Capital, Alqahtani Holding ink framework agreement for USD 7 bn petrochemical complex

Good afternoon folks, it’s the last day of the Egypt Energy Show and the energy news is still flowing.

THE BIG STORY TODAY

Shard Capital and Alqahtani Holding inked a framework agreement for a USD 7 bn New Alamein petrochemical complex with the investment and oil ministries, the Oil Ministry said in a statement. The British and the Saudi company will both develop the private-sector ked project that is backed by British, Emirati, and Saudi investors, Shard’s legal advisor Zaki Hashem said in a separate statement(pdf).

Remember: The project has been in the works for a while now, with the state’s Egyptian Petrochemicals Holding Company inking an agreement with a British consortium that included Shard Capital to develop the complex back in 2020 — which was valued at USD 8.5 bn back then.

THE BIG STORY ABROAD

Ukraine, Russia, and — as always seems to be the case — Donald Trump are leading the world’s digital front pages this afternoon, with Ukrainian President Volodymyr Zelensky pushing back on Trump’s claim that it was his country that started the nearly three-year-old war. Zelensky called for “more truth” — a tall order it seems in 2025 — and opposed Trump’s push to force Ukraine to accept severe concessions in any peace agreement inked with Russia.

Much of the world’s press is leading with how Trump’s shift in policy represents an upending of decades-old Russia policy, with the newly minted president’s actions not just in stark contrast to his predecessor, but every president and major ally in modern history. The significance in the change of policy for the EU, Nato, and the US’ position in the world is still yet to be seen, experts are keen to remind us — and we’re only one month into his 38-month presidency. (New York Times | Reuters | Financial Times | Guardian | Sky News | NBC)

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• Emergency Arab League summit pushed back to 4 March: Egypt will host the emergency Arab League summit to unify the Arab stance against the calls for the ethnic cleansing of Gazans on 4 March.
• Dubai-based classifieds giant Dubizzle Group took over homegrown online car marketplace Hatla2ee. The move will see Dubizzle fold Hatla2ee’s platform into its operations in Egypt, expanding its footprint in the country’s fast-growing automotive market and digital classifieds scene.
• Gov’t works to finalize a raft of customs facilitations: The Madbouly government is currently preparing a list of facilitations on customs duties, as part of larger efforts to streamline Egypt’s customs system and facilitate local manufacturing efforts.

☀️ TOMORROW’S WEATHER- Temperatures are taking a dip tomorrow in Cairo with a high of 19°C and a low of 11°C by nightfall, according to our favorite weather app.