{"id":551482,"date":"2022-06-21T13:17:52","date_gmt":"2022-06-21T13:17:52","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/21\/this-evening-egypt-signs-usd-7-7-bn-worth-of-mous-with-saudi-to-develop-key-sectors-kellogg-to-split-into-three-companies\/"},"modified":"2022-06-21T13:17:52","modified_gmt":"2022-06-21T13:17:52","slug":"this-evening-egypt-signs-usd-7-7-bn-worth-of-mous-with-saudi-to-develop-key-sectors-kellogg-to-split-into-three-companies","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/21\/this-evening-egypt-signs-usd-7-7-bn-worth-of-mous-with-saudi-to-develop-key-sectors-kellogg-to-split-into-three-companies\/","title":{"rendered":"THIS EVENING: Egypt signs USD 7.7 bn-worth of MoUs with Saudi to develop key sectors + Kellogg to split into three companies"},"content":{"rendered":"<p><strong>As we predicted this morning, it\u2019s a busy news day on the home front<\/strong>, ladies and gentlemen, with investment front and center.<\/p>\n<p><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>We just signed 14 investment agreements with Saudi Arabia worth USD 7.7 bn <\/strong>covering key sectors including renewable energy, logistics, agriculture, and others, Saudi Commerce Minister Majid al-Qasabi said, according to a statement from <a href=\"https:\/\/twitter.com\/MISA\/status\/1539187413272117249\">Saudi\u2019s Investment Ministry<\/a>. Egypt and Saudi signed the agreements to coincide with Saudi Crown Prince Mohammed bin Salman\u2019s visit to Cairo as part of a three-day tour that will next take him to Jordan and Turkey.<\/p>\n<p><strong>The agreements include<\/strong> a USD 3.26 bn agreement to build the Egypt Center for Petroleum and Petroleum Products Storage, between Saudi\u2019s Ajlan & Bros Holding Company and the Egyptian Arab Supply Chain Group Company, according to <a href=\"https:\/\/arab.news\/wwyep\">Arab News<\/a>. Meanwhile, Acwa Power signed an agreement with the Electricity Ministry that will see the Saudi company invest USD 1.5 bn to set up the MENA region\u2019s biggest wind power facility, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0sULtpZeob4Bqp3HYqMDcB2rNVNByarJmaHAuda82E2aNcbn29fTZfzYDpMhprjAml\">cabinet statement<\/a>. Benya Capital also signed an agreement with Saudi\u2019s Al Fanar to set up a USD 200 mn tech-focused joint venture in Saudi Arabia that will focus on data centers, smart cities, and cybersecurity, Benya Chairman Ahmed Mekky told <a href=\"https:\/\/www.asharqbusiness.com\/article\/38811\">Bloomberg Asharq<\/a>.<\/p>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><strong>We have another thoroughly mixed bag this afternoon<\/strong>, but news that Kellogg is planning to split into three companies by sectioning off its snackfoods, cereal, and plant-based food businesses is getting front-page treatment (at varying levels of importance) in the international business press: <a href=\"https:\/\/www.reuters.com\/business\/kellogg-split-into-three-independent-companies-2022-06-21\/\">Reuters<\/a> | <a href=\"https:\/\/www.ft.com\/content\/b4c29328-c912-4eec-be19-e26f07bb0148\">the Financial Times<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/kellogg-to-separate-into-three-businesses-11655810600?mod=hp_lead_pos3\">the Wall Street Journal<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/06\/21\/kellogg-to-split-into-three-independent-companies.html\">CNBC<\/a>.<\/p>\n<hr class=\"grey-line\">\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>The Madbouly cabinet imposed a <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/96efd023-2dc2-44a6-9601-6875bed5bec4\">slate of new regulations<\/a><\/strong><strong> for real estate players<\/strong> yesterday designed to protect consumers and reduce market risk.<\/li>\n<li><strong>EGAS <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a92b9645-ae04-4f9e-8dea-489b8ecef1e4\">signed an MoU<\/a><\/strong><strong> with Chevron to explore ways to transport, import, liquefy, and re-export gas<\/strong> from the Eastern Mediterranean, with the two companies set to work on developing infrastructure to transport gas from offshore fields to Egypt, where it can be liquefied and re-exported.<\/li>\n<li><strong>Madbouly gets his ministers together for a status update on privatization plans:<\/strong> Prime Minister Moustafa Madbouly yesterday brought key cabinet ministers <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/079de990-e2b4-4a27-9151-bf3377526faf\">around a table to follow up<\/a> on President Abdel Fattah El Sisi\u2019s new economic agenda, including plans to sell stakes in state-owned firms to local and international investors.<\/li>\n<\/ul>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>It\u2019s interest rate week:<\/strong> The Central Bank of Egypt will meet on Thursday to discuss interest rates. A majority of analysts and economists we surveyed expect policymakers to leave rates unchanged, according to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6e0ac5ea-b877-4a5d-83df-de7dfd5a94c9\">our customary poll<\/a>. A separate poll from <a href=\"https:\/\/www.reuters.com\/world\/africa\/egypts-central-bank-expected-raise-rates-inflation-weighs-2022-06-21\/\">Reuters<\/a> suggests the CBE could enact a 50 bps rate hike in the face of persistent inflationary pressures.<\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/ent.news\/2022\/6\/Press-Release-The-Big-5-Construct-Egypt-exhibition-returns-in-June-with-the-participation-of-the-Egyptian-Armed-Forces-Engineering-Authority.pdf\">Big 5 Construct Egypt (pdf)<\/a><\/strong><strong> construction industry exhibition<\/strong> runs from 25-27 June at the Egypt International Exhibition Center (EIEC) in Cairo.<\/p>\n<p><strong>Amcham AGM later this month:<\/strong> Our friends over at Amcham will hold their annual general meeting on Monday 27 June at the St. Regis Cairo Hotel. Finance Minister Mohamed Maait will address the gathering.<\/p>\n<p><strong>A call for women entrepreneurs: <\/strong>Visa, in collaboration with CIB and USAID, launched the <a href=\"https:\/\/ent.news\/2022\/6\/Shes-Next-Egypt-ENG-finalCIB-19.06.2022.pdf\">She\u2019s Next initiative (pdf)<\/a> in Egypt, giving women-led businesses the chance to snag one of five USD 10k grants, as well as one year of coaching from IFundWomen with access to networking and mentoring. <a href=\"https:\/\/ifundwomen.qualtrics.com\/jfe\/form\/SV_abmwefzfhD1RQkS\">Applications<\/a> close on 20 July.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>Expect a daytime high of 38\u00b0C tomorrow before the mercury falls to a more manageable 21\u00b0C at night, our favorite weather app tells us.<\/p>\n<p><strong>***<br \/> WE\u2019RE LOOKING FOR SMART, TALENTED PEOPLE to help us build some very cool new things.<\/strong> Today, we run two daily publications, five weekly industry verticals, and a monthly newsletter designed to make our readers feel just a bit smarter.<\/p>\n<p><strong>We have tons more in the pipeline \u2014 come help us build new publications.<\/strong> We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: <strong>To create value for our growing community of >199k readers by telling stories that matter.<\/strong><\/p>\n<p><strong>We\u2019re looking for editors who want to run publications and teams, editors to help reporters craft stories and talented reporters<\/strong>. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you\u2019re an equities analyst tired of the rat race, we\u2019re a great place to come work.<\/p>\n<p><strong>Apply directly to <\/strong><strong><a href=\"mailto:jobs@enterprisemea.com\">jobs@enterprisemea.com<\/a><\/strong><strong> and mention Patrick in your subject line. <\/strong><\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/2022\/04\/28\/come-work-us-hiring-reporters-editors-new-existing-products\/\">Or hit this link for more information.<\/a><\/strong> It\u2019s worth it \u2014 trust us.<br \/> <strong>***<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As we predicted this morning, it\u2019s a busy news day on the home front, ladies and gentlemen, with investment front and center. THE BIG STORY TODAY We just signed 14 investment agreements with Saudi Arabia worth USD 7.7 bn covering key sectors including renewable energy, logistics, agriculture, and others, Saudi Commerce Minister Majid al-Qasabi said, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7213],"tags":[1042,633,125,150,219,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-551482","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-acwa-power","tag-enterprisepm","tag-investment-watch","tag-renewable-energy","tag-saudi-arabia","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"e66f037a-e81c-4ad1-ae17-dffa1226617d","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[551480],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS EVENING: Egypt signs USD 7.7 bn-worth of MoUs with Saudi to develop key sectors + Kellogg to split into three companies - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/21\/this-evening-egypt-signs-usd-7-7-bn-worth-of-mous-with-saudi-to-develop-key-sectors-kellogg-to-split-into-three-companies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: Egypt signs USD 7.7 bn-worth of MoUs with Saudi to develop key sectors + Kellogg to split into three companies\" \/>\n<meta property=\"og:description\" content=\"As we predicted this morning, it\u2019s a busy news day on the home front, ladies and gentlemen, with investment front and center. 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The agreements cover key sectors including energy, tech, food, and pharma and were signed during a meeting of Egyptian and\u2026","rel":"","context":"In &quot;Investment Watch&quot;","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/268.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":588557,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/13\/riyadh-beijing-cement-ties-with-usd-10-bn-in-mutual-investment\/","url_meta":{"origin":551482,"position":1},"title":"Riyadh, Beijing cement ties with USD 10 bn in mutual investment","author":"enterpriseam admin","date":"13 June 2023","format":false,"excerpt":"The 30+ agreements span renewables, tech, agriculture, and more","rel":"","context":"In &quot;AROUND THE WORLD&quot;","block_context":{"text":"AROUND THE WORLD","link":"https:\/\/enterpriseam.com\/egypt\/category\/around-the-world\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/649.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590465,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/19\/saudi-arabia-turkey-strengthen-ties-with-fresh-economic-agreements\/","url_meta":{"origin":551482,"position":2},"title":"Saudi Arabia, Turkey strengthen ties with fresh economic agreements","author":"enterpriseam admin","date":"19 July 2023","format":false,"excerpt":"Erdogan is visiting KSA, Qatar and the UAE this week to secure new investment","rel":"","context":"In &quot;AROUND THE WORLD&quot;","block_context":{"text":"AROUND THE WORLD","link":"https:\/\/enterpriseam.com\/egypt\/category\/around-the-world\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/789.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548377,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/07\/saudi-wealth-fund-sets-up-company-to-invest-in-egypt\/","url_meta":{"origin":551482,"position":3},"title":"Saudi wealth fund sets up company to invest in Egypt","author":"enterpriseam admin","date":"7 August 2022","format":false,"excerpt":"Introducing the SEIC: Saudi Arabia\u2019s sovereign wealth fund has set up a company to manage its investments in Egypt as it prepares to deploy bns of USD in the country in the coming months, it said in a statement on Thursday. The Saudi Egyptian Investment Company (SEIC) will act as\u2026","rel":"","context":"In &quot;Investment Watch&quot;","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/157.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547488,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/23\/alhokair-subsidiary-to-build-usd-450-mn-solar-plant-in-egypt\/","url_meta":{"origin":551482,"position":4},"title":"Alhokair subsidiary to build USD 450 mn solar plant in Egypt","author":"enterpriseam admin","date":"23 June 2022","format":false,"excerpt":"Alhokair Group subsidiary FAS Energy is planning to invest some USD 450 mn (SAR 1.7 bn) to construct a 500 MW solar plant in Egypt in partnership with the Electricity Ministry and the Egyptian Electricity Transmission Company (EETC), FAS Energy CEO Sabri Asfour told Enterprise. The firm is in final\u2026","rel":"","context":"In &quot;Investment Watch&quot;","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/284.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547556,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/27\/a-30-stake-in-the-new-hotels-company-will-be-up-for-grabs-the-saudis-have-their-eyes-on-the-stake-in-egyptalum\/","url_meta":{"origin":551482,"position":5},"title":"A 30% stake in the new hotels company will be up for grabs + the Saudis have their eyes on the stake in Egyptalum","author":"enterpriseam admin","date":"27 June 2022","format":false,"excerpt":"PIF has its eyes on our tourism and aluminum sectors: The Saudi sovereign wealth fund could be snagging a \u201csignificant\u201d stake in the new hotels company made up of several merged state hotels, Hapi Journal quotes Public Enterprises Minister Hisham Tawfik as saying. 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