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Good afternoon folks, and happy Tuesday. Despite the slow news day, the presses here at EnterpriseAM are still churning — sit back, relax, and read on.
THE BIG STORY TODAY-
Egypt is looking to raise the industrial sector’s contribution to the country’s total GDP to 20-30% from its current 14%, Prime Minister Moustafa Madbouly said. He also highlighted the government’s plan to up the local component ratio in the industrial sector to 70-80%, up from no more than 40% at the moment.
CORRECTION- We mistakenly referred to Souhoola as CI Capital’s consumer finance firm in today’s issue of EnterpriseAM Egypt — the firm operates under Banque Misr. The story has been amended on our website.
THE BIG STORY ABROAD-
Intel is set to receive USD 7.9 bn in US government grants for its chip manufacturing, with at least USD 1 bn of the funds to be received before December’s end, Reuters reports, citing anonymous government sources. The funds — which will support USD 90 bn worth of the struggling chipmaker’s manufacturing projects in the states of Arizona, New Mexico, Ohio, and Oregon — is the largest amount awarded under the country’s USD 52.7 bn domestic semiconductor production program, also known as the CHIPS Act. “That means American-designed chips being manufactured and packaged by American workers in the United States by an American company for the first time in a very long time,” US commerce secretary Gina Raimondo said.
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** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- Big reforms to the tax and customs systems are in the works: The government is mulling a permanent exemption for factories from property taxes and either raising the residential tax exemption cap or doing away with it altogether for first homes.The measures are part of a broader plan to revamp the property tax law and resolve ongoing disputes.
- There’s another USD multi bn ammonia plant in the works, with Polish renewables player Hynfra announcing plans to set up a USD 10.6 bn green ammonia facility in Egypt with production capacity of 1 mn tons per year.
- UK-based Watercycle Technologies closes Series A round ahead of MENA expansion: UK-based climate-tech startup Watercycle Technologies raised USD 5.6 mn in a series A round led by a syndicate of VC firm Par Equity and the Greater Manchester Combined Authority, business accelerator Aer Ventures, and the University of Manchester Innovation Factory.
☀️ TOMORROW’S WEATHER- The chilly temperatures remain constant, with tomorrow’s mercury reaching a high of 20°C and a chilly low of 13°C in the capital, according to our favorite weather app.
