Hello all you wonderful people, and happy end of the workweek. We have a brisk issue for you today, with all the latest on Scatec and EgyptAlum’s newly signed PPA, the pros and cons of maternity leave policies, and the unlikely benefits of stressing out.

THE BIG STORY TODAY

#1- Scatec inks PPA with EgyptAlum for solar and battery storage project: Scatec has inked a 25-year power purchase agreement (PPA) with EgyptAlum for a 1.1 GW solar plant and 200 MWh battery energy storage system (BESS), according to a statement from the Norwegian renewables firm. The project, which is expected to cost some USD 1.1 bn, is part of the state-owned aluminum producer’s plan to ramp up production, comply with global sustainability and manufacturing standards, and lower its carbon footprint ahead of the imposition of the EU’s Carbon Border Adjustment Mechanism (CBAM) in 2026.

We saw this coming: The House in January greenlit the Finance Ministry’s guaranteeing of EgyptAlum’s financial commitments with Scatec under the newly signed power purchasing agreement.

#2- Elsewedy Electric’s bottom line rose 72.6% y-o-y to EGP 17.5 bn in 2024, according the company’s latest earningsrelease(pdf). Revenues for the year also increased by 52.4% y-o-y to EGP 231.98 bn, driven in particular by strong performance in the company’s wires and cables segment and turnkey segments. On a quarterly basis, net income after minority interest grew 105.8% y-o-y to EGP 4.2 bn in 4Q 2024, while the company’s topline rose 54.8% y-o-y to EGP 67.2 bn in the same period.

THE BIG STORY ABROAD

It’s a slow day in the int’l press this afternoon, with no one story dominating global headlines. Russia has said that it will not accept a temporary ceasefire in its war with Ukraine, with a top aide of Russian President Vladimir Putin saying that the US’ recently proposed 30-day ceasefire plan provides “nothing other than a temporary respite for the Ukrainian military.” Meanwhile, over on the US’ Capitol Hill, top Democrats have said that they will block a Republican plan to avert a government shutdown ahead of Friday’s deadline. And finally, a new Reuters/Ipsos poll has found that 53% of Americans believe that increasing tariffs will do more harm than good, with 57% agreeing that Trump’s moves to shake up the economy are too erratic.

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

  • Bonyan will be on the road to market its upcoming IPO to local institutional investors after Eid, before expanding to Gulf buyers in Saudi Arabia, the UAE and Oman.
  • Saudi spending on international transfers dwarfed Egypt in 2024, with the Kingdom’s total spending on international transfers leading the region with USD 465 mn, while Egyptian football clubs came in fourth place clocking in just USD 7.4 mn.
  • Global Finance gave CIB CEO Hisham Ezz Al Arab (LinkedIn) its “highest individual honour,” awarding the head of the country’s largest private sector bank its Lifetime Achievement Award.

☀️ TOMORROW’S WEATHER- Temperatures in the capital are heating up with highs of 32°C and a chilly low of 16°C, according to our favorite weather app.

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