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The UAE’s Al Nowais has officially been allocated land for its USD 4 bn, 2,650 MW coal power station in Oyoun Mousa, Electricity Minister Mohamed Shaker tells Al Borsa. Al Nowais will receive the land on a right-to-use basis and sell electricity to the state at a price that is currently under negotiation, Shaker says. […]
Author Archives: enterpriseam admin
Posted inEnergy
Enara to invest USD 1 bn in African countries with Chinese alliance
Enara Capital will be partnering up with a Chinese consortium to invest USD 1 bn in renewable energy projects in Africa over the next three years, CEO Sherif El Gabaly said. The projects will be funded under the World Bank’s financing framework for renewable energy projects in the region, under which Egypt has received c. […]
Posted inEnergy
Egypt signs WB’s zero routine flaring initiative
Egypt announced on Thursday it will sign on the “Zero Routine Flaring by 2030” initiative, the European Bank for Reconstruction and Development (EBRD) announced over the weekend. The initiative, introduced by the World Bank in 2015, “brings together governments, oil companies and development institutions who recognise that flaring is unsustainable from a resource-management and environmental […]
Posted inEnergy
Lekela Power to reach financial close for Gulf of Suez wind farm in 2018
Lekela Power for New and Renewable Energy is expecting to reach financial close for its USD 400 mn, 250 MW wind farm in the Gulf of Suez sometime next year, Actis Partner Sherif El Kholy tells Al Borsa. Actis, an emerging markets equity player, owns 60% of Lekela. The project will mostly be funded through […]
Posted inInfrastructure
Suez Canal to keep tolls for passing ships stable 2018
The Suez Canal Authority (SCA) will leave unchanged tolls stable for ships passing through the canal in 2018, SCA head Mohab Mamish told reporters on Thursday, Al Masry Al Youm reports.
Posted inInfrastructure
Gov’t to re-issue tender for Ras Sudr airport “soon”
The government has decided to re-issue a tender “soon” to develop an airport and tourism resort in Ras Sudr, Civil Aviation Minister Sherif Fathy tells Al Mal. The initial tender reportedly failed because the government had demanded a USD 10k fee from investors looking to purchase the booklet of conditions for the tender, sources told […]
Posted inBasic Materials + Commodities
Government should monitor market for price increases after extending tariffs on steel rebar imports
The government’s decision to extend tariffs on steel rebar from China, Turkey, and Ukraine for five years should be accompanied with monitoring the domestic market to ensure producers do not gouge prices, a member of the Federation of Egyptian Industries says. The tariffs will reduce competition from foreign exporters and could drive producers to raise […]
Posted inBasic Materials + Commodities
USD 9 mn agreement signed to import Indonesian coffee
El Hamdi Trading Group signed a USD 9 mn agreement with an Indonesian company to import coffee and other foodstuffs, Chairman Khalid Hamdi told AMAY. The products will be re-exported to other markets such as Libya and Morocco.
Posted inBasic Materials + Commodities
Al Ategahat to provide Supply Ministry with 100k tonnes of Sunflower oil
The Supply Ministry has reached a preliminary agreement with Sudan’s Al-Ategahat Al-Mtadeda Co. to purchase 100k tonnes of sunflower oil, the company’s Egypt Director Nasr Hamid, tells Al Borsa. Al Ategahat had signed an agreement with The Food Industries Holding Company in October to supply 45k tonnes of meat over two years.
Posted inManufacturing
GLC to establish EGP 200 mn plastics and packaging factory
GLC Paints is looking to establish a EGP 200 mn plastics and packaging factory in 10 Ramadan City, CEO Mohamed Al Hout told Al Borsa. The 15k sqm factory will be financed by the company itself and is part of a strategy to tap into new export markets, including Ghana, Cote d’Ivoire, Kenya, and Morocco […]