{"id":558115,"date":"2021-09-27T13:57:49","date_gmt":"2021-09-27T13:57:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/27\/tonight-sisi-inaugurates-worlds-largest-wastewater-plant-flat6labs-raises-usd-7-mn-in-second-close-of-anava\/"},"modified":"2021-09-27T13:57:49","modified_gmt":"2021-09-27T13:57:49","slug":"tonight-sisi-inaugurates-worlds-largest-wastewater-plant-flat6labs-raises-usd-7-mn-in-second-close-of-anava","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/27\/tonight-sisi-inaugurates-worlds-largest-wastewater-plant-flat6labs-raises-usd-7-mn-in-second-close-of-anava\/","title":{"rendered":"TONIGHT: Sisi inaugurates world\u2019s largest wastewater plant + Flat6labs raises USD 7 mn in second close of Anava"},"content":{"rendered":"

The EGX30 is down 1.4% today<\/strong> as global energy shortages and supply chain disruption dominate the conversation in the local business press and market watchers sound the alarm. Foreigners were naturally net sellers, while regional investors were net buyers.<\/p>\n

We can only be thankful for other local headlines<\/strong> that were a ray of sunshine compared to what\u2019s happening abroad.<\/p>\n

THE BIG STORIES TODAY-<\/strong><\/p>\n

<\/a> #1- President Abdel Fattah El Sisi <\/strong>inaugurated<\/a><\/strong> what <\/strong>Guinness World Records<\/a><\/strong> says is <\/strong>the world\u2019s largest wastewater plant.<\/strong> Bahr El Baqar wastewater treatment plant, built by our friends at Orascom Construction and Arab Contractors, will treat around 5.6 mn cbm\/d of water, which then will be used to irrigate agricultural land in Sinai. The plant will contribute to the reclamation of 400k acres as part of the national project to develop Sinai and to make the most use of the state\u2019s water resources.<\/p>\n

^^We\u2019ll have more on the story in this week\u2019s Hardhat Project Profile. <\/strong><\/p>\n

#2- Flat6Labs announced the second close of its Tunisia-based Anava Seed Fund<\/strong>, during which it raised USD 7 mn with VC Sawari Ventures participating, the company announced (pdf)<\/a>. The fund was launched in 2017 with the aim to invest in 75 Tunisian early-startups in a five-year period. Since its launch, the fund invested in over 50 startups in Tunisia operating in 22 sectors between fintech, education, delivery services and aeronautics, which have created over 500 jobs.<\/p>\n

#3- The National Bank of Egypt, Banque Misr and Banque du Caire are launching a EGP 1 bn fund <\/strong>that will invest in fintech startups next month, according to a statement (pdf)<\/a>. The fund will target Egyptian and regional startups, with the statement implying investments in MENA and Africa. The three largest state-owned banks are calling for other banks to participate in the fund.<\/p>\n

^^We\u2019ll have more<\/strong> on those two stories in tomorrow\u2019s EnterpriseAM<\/strong>.<\/p>\n

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<\/a> THE BIG STORY ABROAD<\/strong>- The UK is readying to deploy the army as people panic buy petrol causing up to 90% of stations to run out of fuel<\/strong>. Hundreds of soldiers will be deployed to drive oil tankers under a contingency plan called Operation Escalin, the Financial Times<\/a> reports, citing government insiders. However, the military may not have the necessary skills to do the job, especially in processes such as unloading, Brian Madderson, chair of the Petrol Retailers Association said.<\/p>\n

What\u2019s happening?<\/strong> Beyond the energy crisis<\/a> that has been plaguing Europe these past few weeks due to Russians turning the spigot, there appears to be a shortage of truck drivers post-Brexit, writes Reuters<\/a>. The combination appears to be driving panic buying at the pump.<\/p>\n

Europe\u2019s energy crisis could expand to the rest of the world<\/strong>, warns Stephen Stapczynski for Bloomberg Businessweek<\/a>. \u201cIn China, industrial users including makers of ceramics, glass, and cement may respond by raising prices; households in Brazil will face expensive power bills. Economies that can\u2019t afford the fuel\u2014such as Pakistan or Bangladesh\u2014could simply grind to a halt,\u201d he notes.<\/p>\n

Electricity crisis in China excallates:<\/strong> As we noted yesterday<\/a>, China itself may be running into an electricity crisis of its own as provinces have begun enforcing electricity cuts on industries. The shortages would force companies to raise prices of goods for Chinese consumers and quicken inflation, the People\u2019s Daily, the official newspaper of the Chinese Communist Party, said in an editorial published on Sunday, according to Bloomberg<\/a>. The crisis has now reportedly hit residences who are seeing power cuts with the northern provinces of Liaoning, Jilin and Heilongjiang having suffered blackouts over the weekend.<\/p>\n

Expect the word \u2018contagion\u2019 to be thrown around more and more these days:<\/strong> This has raised fears over a global financial meltdown that could rival the one that came with the China Evergrande. The specter of a worsening global supply chain that is already reeling from the impact of covid is also weighing high on analysts.<\/p>\n

Nymex natgas futures for October contracts <\/strong> jumped 4.82% today to USD 5.39 per MMBtu<\/strong>, as of dispatch. November Brent Crude contracts rose 1.69% to USD 79.4\/bbl, while West Texas Intermediate topped USD 75 a barrel after a run of five weekly gains.<\/p>\n

<\/a> We should really be paying attention to this:<\/strong> Goldman Sachs raised its forecast for year-end Brent crude oil prices to USD 90 per barrel from USD 80 as the global fuel demand recovery surpasses expectations, according to Reuters<\/a>, citing a note published yesterday. \u201cWhile we have long held a bullish oil view, the current global supply-demand deficit is larger than we expected,\u201d the note said.<\/p>\n

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** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM<\/strong>:<\/p>\n