Good afternoon, ladies and gentlemen, and happy Sunday. We’re somehow already in the back half of January — is it just us, or is 2024 moving faster than expected?

THE BIG STORIES TODAY

#1- EBRD eyes investing USD 75 mn in HAU Energy: Hassan Allam Utilities (HAU) Energy BV, a subsidiary of HAU, could see a USD 75 mn equity investment from the European Bank for Reconstruction and Development (EBRD) for renewable energy projects in Egypt, including its 1.1 GW wind farm in the Gulf of Suez currently under development, with the total project cost valued at USD 300 mn, according to a project summary document posted on EBRD’s website. The lender is set to approve the investment next month. The project will offset some 2.8 mn tons of CO2 annually.

About the project: A consortium including Hassan Allam Utilities and Saudi’s Acwa Power signed a 25-year land usufruct agreement with the New and Renewable Energy Authority (NREA) for the wind farm earlier this month. The project is set to reach financial close by 4Q 2024, begin commercial operations by the end of 2026, and will be the largest on-shore wind farm in the Middle East.

#2- Raya Auto and China’s XPeng team up to locally assemble EVs: Raya Holding’s subsidiary Raya Auto has signed an exclusive agency agreement with Chinese electric vehicle manufacturer XPeng to import and sell three of its EV models in the Egyptian market this year, Raya Holding Chairman Medhat Khalii said in a press conference today, Al Borsa reports. The EGP 500 mn agreement will also see Raya Auto locally assemble XPeng cars within three years, Khalil added.

THE BIG STORY ABROAD

No single story is leading the conversation in the international press but Israel’s plan to move frozen tax funds meant for the Palestinian Authority (PA) to Norway is getting ink. The Israeli cabinet decided the European nation would hold the tax money that Israel collects from Palestinians — which, under the Oslo Accords, it is then supposed to transfer to the PA in the West Bank, according to Reuters. Israel has been withholding these funds, claiming that the decision is designed to prevent the funds from reaching Hamas.

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

  • Another round of IMF talks is underway: Representatives from the IMF are in town to discuss the two long-stalled reviews of Egypt’s loan program.
  • Egypt’s largest bank has lowered its FX withdrawal limits: The National Bank of Egypt (NBE) has lowered credit card limits (pdf) on foreign exchange transactions executed at home and abroad.
  • TE Gears up to launch 5G pilot: Telecom Egypt aims to start rolling out fifth-generation (5G) network services by the end of the year, CEO Mohamed Nasr told reporters, adding that trial operations will start within the coming three months.

enterprise

*** It’s Inside Industry day —your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue:Manufacturers in Egypt — which are reliant on imports for raw materials, machinery, and other production needs — are working with the government to create guidelines for how to account for rising costs as they continue to source FX at a higher price than the official rate.

? CIRCLE YOUR CALENDAR-

The Oscar nominations for all 23 categories are to be announced on Tuesday, 23 January at 3:30 pm. As for the actual academy ceremony, it’ll take place on Monday, 11 March at 2:22pm. You can watch the ceremony on OSN, OSN+ and Dubai One.

?️ TOMORROW’S WEATHER- Look for another partly cloudy day tomorrow reaching a high of 21°C and a low of 14°C in the capital, according to our favorite weather app.

Tags: