INFRASTRUCTURE-

Orascom Construction + Metito to partner on Abu Dhabi desalination plant: Orascom Construction and Metito — in collaboration with the UAE’s state energy companies Adnoc and Taqa — will develop, own, and operate a USD 2.4 bn seawater treatment and water transportation project in Abu Dhabi, according to a joint statement (pdf). OC is leading the consortium working on the plant, which will process more than 500k cubic meters of seawater per day.

**Read the full story in this morning’s edition of Enterprise Climate.

BANKING-

#1- Standard Chartered Egypt is still in the works: Standard Chartered plans to open up shop in Egypt next year, CEO Bill Winters told Asharq Business yesterday. “We have strong relationships in Egypt and they are taking some painful steps to reform the economy and we will support them,” Winters said, speaking on the sidelines of Bloomberg’s Qatar Economic Forum. The bank received a preliminary license from the Central Bank of Egypt more than a year ago, with bank officials at the time saying it planned to open its first branch by September 2022.

#2- The Export-Import Bank of Korea is set to launch a regional office in Cairo in a bid to expand operations in Egypt and Africa, according to a statement from the International Cooperation Ministry.

MANUFACTURING-

Arab Alloys put its SCZone industrial complex on hold amid FX volatility: MMC Holdingsubsidiary Arab Alloys is delaying its ferroalloys industrial complex in the Suez Canal Economic Zone (SCZone) as it looks to secure new bank financing in USD, Al Mal quoted Arab Alloys Chairman Medhat Nafei as saying. The initial EGP1 bncost estimate for the project was based on a USD-EGP rate of 18.00 and so has roughly doubled in the wake of the local currency’s recent depreciation, Nafei reportedly said. Arab Alloys has also struggled to secure FX to import equipment from India and is still negotiating with the Electricity Ministry on energy supply for the project, he added. Nafei didn’t give a revised timeline for the complex, the first two phases of which were slated for completion by 2024.

FINANCE-

CFI kicks off Egypt operations: Jordanian trading platform CFI Financial Group launched in Egypt yesterday, the company said. The company has inaugurated branches in Cairo and Alexandria and aims to expand even further throughout the year, Managing Director Hisham Mansour said, according to Al Borsa. The company currently operates in a number of countries, including the UK, Lebanon, the UAE, and Jordan.

DEFENSE-

Egypt is in the market for 12 Chinese fighter jets: Egypt is reportedly in talks with China’s Chengdu Aircraft Industry Group to purchase a dozen J-10C fighter jets, the South China Morning Post reported, citing a report from Tactical Report. A delegation from the Armed Forces is expected to meet company representatives this week on the sidelines of an international maritime exhibition in Malaysia. Saudi Arabia is also in negotiations to acquire Chinese drones and air defense systems, signaling that the region is diversifying its arms suppliers away from the US and Russia.

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