RENEWABLES-

UAE’s AMEA Power brought its 500 MW wind power plant in Ras Ghareb — called Amunet — online, making it the largest operational wind farm in the continent and bringing the company’s total capacity in Egypt to 1 GW, according to a statement.

The details: The plant will generate 2.5k GWh of electricity annually, powering over 500k homes and cutting 1.4 mn tons of CO2 emissions. The project, which was delivered 2.5 months ahead of schedule, was financed by a consortium including the Japan Bank for International Cooperation, International Finance Corporation, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, and Standard Chartered Bank.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

CONSTRUCTION-

Hassan Allam Construction and UAE’s Metito secured a contract to upgrade and expand the Alexandria West wastewater treatment plant, according to a joint statement (pdf). The project will expand the plant’s capacity to 600k cubic meters per day and upgrade its capabilities from primary to secondary treatment. This will involve installing advanced sludge digestion and biogas generation systems, refurbishing existing facilities, and building new ones.

REMEMBER- The cabinet in May of last year approved additional funding from the European Investment Bank and the EU to expand and develop the plant.

REAL ESTATE-

Efforts to regulate fractional real estate investments are well underway, with proptech platforms Nawy, Madinet Masr’s Safe, and operator of the Farida platform Sakr have requested licenses from the Financial Regulatory Authority (FRA) to set up companies that manage real estate investment funds as well as legal entities that carry out promotion and underwriting services, according to an FRA statement. The platforms have submitted feasibility studies to the FRA and have already begun to adapt their operations to comply with investment fund regulations.

IN CONTEXT- The move is part of wider regulatory efforts to formalize the fractional real estate investment market, which allows multiple investors to collectively own shares of a single property, thus making real estate more accessible and affordable.

ICYMI- We heard back in January that the FRA was studying a new regulatory framework that would govern fractional investments. And Nawy CEO Mostafa El Beltagy told us earlier this year that his company has been working with the authority on legislation to enable fractional real estate investments.

M&A-

Zilla Capital estimated Misr for Entertainment Investments’ fair value at EGP 502 mn ahead of Orascom Investment Holding’s (OIH) potential acquisition of the firm, according to the fair value study (pdf). OIH’s board had approved the company’s plans to acquire Misr for EntertainmentInvestments late last year.

What’s next? OIH’s Shareholders will meet on Tuesday, 1 July to discuss and vote on the acquisition, according to an EGX disclosure (pdf).

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