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Good afternoon folks, and happy Tuesday. With all eyes fixed on the new Trump administration, we have all the latest on the domestic and int’l fronts.
THE BIG STORY TODAY
#1- More details on AOI’s upcoming solar panel factory: State-owned Arab Organization for Industrialization’s (AOI) joint solar panel manufacturing project with Sweden’s Sunshine Pro will have an estimated investment cost of USD 200-300 mn, Executive Director of AOI’s Arab Renewable Energy Company Ghada El Gendy told AlMal.
The factory is set to be operational in July of this year and have a production capacity of 1 GW of panels by July 2026, El Gendy said. The factory’s entire production will be earmarked for export to European markets. The ownership division was not specified.
Remember: The two companies inked an agreement last month to build the plant — dubbed the Arab-Swedish Energy Factory (ASEF).
#2- Local fintech startup MoneyHash raised USD 5.2 mn in a pre-Series A funding round, according to a press release. Fintech-focused VC Flourish Ventures led the round, which also saw participation from Saudi Arabia’s Vision Ventures, Arab Bank’s Xelerate, Emurgo Kepple Ventures, and existing investors UAE’s COTU Ventures and Saudi’s RZM Investment.
Where will the money go? The startup will use the fresh funds to accelerate market penetration in the MEA region and for global expansion into other emerging markets where payment infrastructure remains underdeveloped, CEO Nader Abdelrazik told EnterpriseAM.
THE BIG STORY ABROAD
American bankers are welcoming US president Donald Trump’s initial policy positions as his second term kicks off, with JPMorgan’s Mary Erdoes noting that “a lot of this is exactly what you would do to have a very pro-business environment.” CEOs attending the World Economic Forum Annual Meeting in Davos, Switzerland noted that they expected the rollback of Biden-era regulations to boost business activity and sharpen the US economy’s competitive advantage, pointing to the impact that a lighter-touch Trump administration could have on how the international Basel III financial solvency standards — which seek to prevent another financial crisis — are applied. (Financial Times | Reuters)
Among Trump’s first moves in office has been lifting sanctions on violent Israeli settlers in the West Bank — a move that came as dozens of Israeli settlers torched a Palestinian village in protest of the ceasefire between Israel and Hamas. Trump has also restored sanctions against the International Criminal Court for issuing arrest warrants for Israeli PM Benjamin Netanyahu and former Israeli defence minister Yoav Gallant. (Financial Times)
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** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- The country’s first SPAC to hit the EGX is gearing up for a mega capital hike via private placement, with Impact investor Catalyst Partners’ special purpose acquisition company Catalyst Partners Middle East having requested approval for the move from the bourse.
- FRA raises capital requirements for ins. companies: The Financial Regulatory Authority (FRA) has issued a decision setting new increased minimum capital requirements for companies operating in the ins. sector, in line with the Unified Ins. Law ratified last year.
- Goldman offers six takeaways on where our economy stands: Goldman Sachs wrapped its investor trip to Egypt at the end of last week with six “key takeaways” on the path they think the Egyptian economy is currently headed on.
☀️ TOMORROW’S WEATHER- Temperatures are taking a slight dip in the capital tomorrow, with the mercury set to rise to 22°C in the morning and 13°C at night, according to our favorite weather app.
