INFRASTRUCTURE-

#1-UK to back Egypt’s sustainable infrastructure projects: The New Urban Communities Authority has signed an MoU with the UK to form a task force that will support Egypt’s efforts to build sustainable infrastructure and cities, according to a statement from the UK Department for Business and Trade. The task force, which will meet twice a year, will be responsible for bringing together government bodies and industry representatives to “exchange technical knowledge, training, expertise and best practice in the prioritization, financing and management of infrastructure projects,” the statement read.

#2-Gov’t to offer Shaq El Tebaan dry port to private sector: The Public Authority for Land and Dry Ports will launch a tender for companies hoping to manage and operate the Shaq El Tebaan dry port during the first half of the year, Al Borsa wrote, citing unnamed sources. The port, located in Shaq El Tebaan — the largest marble and granite industrial cluster in the country — will be used as the country’s base for marble exports and is expected to bring in some USD 100 mn in investments.

** We take a closer look at what the government is doing to boost Egypt’s marble and granite industry in an Inside Industry published last year.

TAXATION-

Egypt, UAE double down on canceling double taxation: Egypt and the UAE’s finance ministries signed a supplementary agreement to avoid double taxation between the two countries and clamp down on income tax evasion, according to a statement. While it remains unclear what the supplementary agreement entails and what has changed from the original agreement, the statement says it “aims to boost joining investments in both countries.”The original agreement was signed in November 2019 and ratified by President Abdel Fattah El Sisi in June 2021.

RENEWABLES-

Acwa Power begins research on its USD 4 bn green hydrogen + ammonia project: Renewables giant Acwa Power has begun conducting feasibility studies to develop its large-scale, two-phase green hydrogen and ammonia project in the Suez Canal Economic Zone (SCZone), Vice Chairman and Managing Director of Acwa Power Saudi Arabia Raad Al Saady told Asharq Al Awsat on Friday. Acwa Power is working with a number of local entities, including the Sovereign Fund of Egypt and the SCZone, on the project, which is part of the company’s wider plans to become a major exporter of the green fuel to the Middle East and Europe, he added.

BANKING-

Digital remittance transfers just got easier: Visa has signed an MoU with the Egyptian Banks Company (EBC) to introduce new features in a bid to facilitate remittance transfers by Egyptian expats, Visa said in a press release (pdf). The features allow expats to carry out wire transfers to local bank accounts using Visa-linked accounts abroad and allowing transfers using the phone number or username either through digital payment platform InstaPay or through Instant Payments Network (IPN).

M&A-

Amethis gets a piece of BBI: Africa-focused investment fund manager Amethis has acquired an undisclosed minority stake in data management consultancy BBI via its MENA Fund II, according to a joint press release (pdf). The move would help BBI expand its geographical coverage and offer more services, the statement read. BBI currently operates in Egypt, Algeria, UAE and KSA.

Advisors: Arc Capital acted as Amethis’ financial advisor and Matouk Bassiouny & Hennawy was legal counsel. BBI tapped Tanami Financial Advisory as its financial advisor for the transaction and Dawoud & Dawoud Law Firm as legal counsel.

Tags: