{"id":579480,"date":"2022-11-02T14:06:34","date_gmt":"2022-11-02T14:06:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/02\/this-evening-saudi-firms-could-pour-another-usd-3-bn-into-renewables-in-egypt-russia-rejoins-wheat-export-agreement\/"},"modified":"2022-11-02T14:06:34","modified_gmt":"2022-11-02T14:06:34","slug":"this-evening-saudi-firms-could-pour-another-usd-3-bn-into-renewables-in-egypt-russia-rejoins-wheat-export-agreement","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/02\/this-evening-saudi-firms-could-pour-another-usd-3-bn-into-renewables-in-egypt-russia-rejoins-wheat-export-agreement\/","title":{"rendered":"THIS EVENING: Saudi firms could pour another USD 3 bn into renewables in Egypt + Russia rejoins wheat export agreement"},"content":{"rendered":"<p><strong>Good afternoon, wonderful people<\/strong>, and happy almost-THURSDAY to us all. We have another brisk news day here at home as the lead-up to COP27 brings with it plenty of fresh energy and investment news.<\/p>\n<p><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>The Electricity Ministry is in talks with six Saudi firms over more than USD 3<\/strong><strong> bn worth of renewable energy projects<\/strong>, <a href=\"https:\/\/www.asharqbusiness.com\/article\/43604\">Bloomberg Asharq<\/a> reports, citing unnamed sources at the Egyptian Electricity Transmission Company (EETC). Electricity Minister Mohamed Shaker is currently in Riyadh holding meetings with companies including Al Fanar, FAS Energy and ACWA Power, with which he signed an agreement on a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/866d0721-9205-4641-bcd0-b61100d2abec\">10-GW wind farm<\/a> earlier this week, the sources said. Shaker is also reportedly meeting with Saudi financing institutions to help drum up financing for the projects.<\/p>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><strong>Ukraine\u2019s wheat export pact is back on after Russia agreed to rejoin the agreement<\/strong>, following days of shuttle diplomacy from Turkey. Moscow had backed out of the agreement over the weekend after claiming that Ukrainian forces used the safe corridor used to ship grains out of Ukraine to attack Russian naval vessels. The story is on the front pages of <a href=\"https:\/\/www.reuters.com\/world\/europe\/grain-ships-sail-ukraine-ports-russian-missiles-knock-out-power-across-country-2022-10-31\/\">Reuters<\/a>, the <a href=\"https:\/\/www.ft.com\/content\/841f620d-2f2e-43cd-a635-a61576ccff2d\">Financial Times<\/a>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-11-02\/ukraine-latest-zelenskiy-asks-eu-to-help-restore-power?srnd=premium-middle-east\">Bloomberg<\/a>, <a href=\"https:\/\/www.cnbc.com\/2022\/11\/02\/russia-ukraine-live-updates.html\">CNBC<\/a>, and the <a href=\"https:\/\/www.wsj.com\/articles\/russia-says-it-will-rejoin-ukraine-grain-export-deal-11667385389?mod=hp_lead_pos6\">Wall Street Journal<\/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>ACWA Power could build one of the world\u2019s largest wind farms in Egypt:<\/strong> Saudi renewable energy developer ACWA Power <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/866d0721-9205-4641-bcd0-b61100d2abec\">will build<\/a> a 10-GW wind farm in Egypt after signing an MoU with Egypt\u2019s New and Renewable Energy Authority and the Egyptian Electricity Transmission Company yesterday.<\/li>\n<li><strong>Qatar\u2019s sovereign wealth fund might want in on our green hydrogen ambitions:<\/strong> The Qatar Investment Authority is considering investing in a green hydrogen and ammonia project in the Suez Canal Economic Zone.<\/li>\n<li><strong>Camel Flour acquires struggling flour producer:<\/strong> Al Moatabar Group\u2019s Camel Flour Mills has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3c5c3ce9-ff58-465d-a9a8-5e658aeeb094\">acquired a majority stake<\/a> in the distressed high-end flour producer Five Stars.<\/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>FOR TOMORROW-<\/strong><\/p>\n<p><strong>The always-on-point Charlie Robertson is doing a talk on his new book, The <\/strong><strong>Time Traveling Economist<\/strong> tomorrow (Thursday, 3 November) at 5pm CLT. The chat will \u201coutline what has held Egypt back in the 20th century and why we should expect a boom time for the economy from about 2025-30 onwards,\u201d Charlie says. The talk is being hosted by the Egyptian Private Equity Association\u2019s Sara Badran and <a href=\"https:\/\/rencap.zoom.us\/webinar\/register\/WN_3HPKQa4FRY-I9G7QKYFKEw\">you can sign up here<\/a>.<\/p>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>It\u2019s PMI day tomorrow:<\/strong> We\u2019ll know how Egypt\u2019s private sector fared in October tomorrow when S&P Global releases the latest purchasing managers\u2019 index at 6:15 CLT. A 22-month contraction in private sector activity didn\u2019t show signs of abating <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b7956e2-bf64-4f31-872d-460d0234cc4f\">in September<\/a> as high inflation continued to weigh on demand and output.<\/p>\n<p><strong>Key news triggers coming up over the next week:<\/strong><\/p>\n<ul>\n<li><strong>Foreign reserves figures<\/strong> for October will be released next week.<\/li>\n<li><strong>Inflation:<\/strong> Capmas and the central bank will release October\u2019s inflation figures on Thursday, 10 November.<\/li>\n<\/ul>\n<p><strong>SPX to open for international flights next month:<\/strong> Sphinx International Airport will begin operating international flights to several European and Arab countries starting 1 December, state-owned <a href=\"https:\/\/bit.ly\/3UdDqDB\">Al Akhbar Al Yom<\/a> reported yesterday. The airport is opening to domestic flights this month and yesterday received the first flight operated by Air Cairo from Sharm El Sheikh, <a href=\"https:\/\/gate.ahram.org.eg\/News\/3770078.aspx\">Al Ahram<\/a> reported.<\/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 27\u00b0C tomorrow and a nighttime low of 20\u00b0C, according to our favorite weather app.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good afternoon, wonderful people, and happy almost-THURSDAY to us all. We have another brisk news day here at home as the lead-up to COP27 brings with it plenty of fresh energy and investment news. THE BIG STORY TODAY The Electricity Ministry is in talks with six Saudi firms over more than USD 3 bn worth [&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":[317,770,633,125,151,1095,219,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-579480","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-commodities","tag-electricity-ministry","tag-enterprisepm","tag-investment-watch","tag-renewables","tag-russia-ukraine-war","tag-saudi-arabia","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"56f797c7-85bd-40f3-a565-00c37d09a4fb","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[579478],"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: Saudi firms could pour another USD 3 bn into renewables in Egypt + Russia rejoins wheat export agreement - 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\/11\/02\/this-evening-saudi-firms-could-pour-another-usd-3-bn-into-renewables-in-egypt-russia-rejoins-wheat-export-agreement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: Saudi firms could pour another USD 3 bn into renewables in Egypt + Russia rejoins wheat export agreement\" \/>\n<meta property=\"og:description\" content=\"Good afternoon, wonderful people, and happy almost-THURSDAY to us all. 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It\u2019s not clear whether the firms would invest in\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/449.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":552160,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/16\/this-evening-auf-group-snaps-up-75-5-of-modern-international-confectionery-its-a-mixed-bag-out-in-the-international-press\/","url_meta":{"origin":579480,"position":2},"title":"THIS EVENING: Auf Group snaps up 75.5% of Modern International Confectionery + It\u2019s a mixed bag out in the international press","author":"enterpriseam admin","date":"16 August 2022","format":false,"excerpt":"Happy hump day, ladies and gentlemen. It\u2019s a mixed day on the news front today \u2014 not too busy here at home, but not quite what we would call a \u201cslow\u201d day.THE BIG STORY TODAY Auf Group grabs local snacks player: Egyptian healthy food company Auf Group acquired a 75.5%\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":576906,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/02\/acwa-unit-looks-to-build-worlds-second-largest-wind-farm-in-egypt\/","url_meta":{"origin":579480,"position":3},"title":"ACWA unit looks to build world\u2019s second-largest wind farm in Egypt","author":"enterpriseam admin","date":"2 November 2022","format":false,"excerpt":"ACWA Power could build one of the world\u2019s largest wind farms in Egypt: Saudi renewable energy developer ACWA Power will build a 10-GW wind farm in Egypt after signing an MoU with Egypt\u2019s New and Renewable Energy Authority (NREA) and the Egyptian Electricity Transmission Company (EETC) yesterday, the Saudi Energy\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/52.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597101,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/16\/egypt-needs-to-invest-additional-usd-30-bn-into-electrical-grid-by-2023-apicorp\/","url_meta":{"origin":579480,"position":4},"title":"Egypt needs to invest additional USD 30 bn into electrical grid by 2023 -Apicorp","author":"enterpriseam admin","date":"16 July 2019","format":false,"excerpt":"Egypt needs to invest USD 30 bn into electrical grid by 2023 -Apicorp: Egypt needs to invest an additional USD 20 bn in power generation and USD 10 bn in transmission and distribution (T&D)to increase capacity to 63 GW by 2023, the Arab Petroleum Investments Corporation (Apicorp) says in its\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/830.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":579480,"position":5},"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. 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