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Read Full Issue Missed this morning’s edition of EnterpriseAM? Here are the top stories in a nutshell.
- Alexandria may soon be home to a green AI data center built purely to export compute. Income Egypt for Infrastructure & Investment and Sustainable Infra Capital (SIC), a Dubai-based platform backed by Saudi and South Korean capital, are developing Project Atlas, a campus in New Borg El Arab whose 180-MW first phase targets European AI demand. Phase 1 will cost around USD 2.15 bn, and the consortium is targeting financial close by end-2027, with a first phase ready for service in 4Q 2028;
- Shokeir Wind Energy reached financial close on its 900 MW plant near Ras Shokeir in the Gulf of Suez, and once it’s running, it’ll be Engie’s largest onshore wind farm anywhere. Lenders have committed around USD 588 mn of non-recourse debt. The Finance Ministry is guaranteeing the state’s side of the 25-year power purchase agreement signed in March, under which the state grid operator buys every unit the farm produces;
- Nick Oberheiden, US President Donald Trump’s nominee for ambassador to Cairo, called Egypt the US’ “largest export market in Africa” at his confirmation hearing before the Senate Foreign Relations Committee on Tuesday, adding that more than 2.1k US companies operate in the country. He also committed to “continue implementing the President’s Comprehensive Peace Plan for Gaza”;
- The Financial Regulatory Authority is keeping the door shut on new consumer finance and microfinance lenders for another year, extending its freeze on new license applications through the traditional route to 11 October 2027. The ban also covers NGOs seeking to run microfinance programs. A separate, renewable freeze on fintech-based consumer finance licenses remains in place until 25 February 2027.
