{"id":581891,"date":"2023-02-23T00:00:00","date_gmt":"2023-02-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/this-evening-ekh-to-invest-usd-170-mn-this-year-a-norway-backed-electricity-interconnection-project-could-be-in-the-works\/"},"modified":"2023-02-23T00:00:00","modified_gmt":"2023-02-23T00:00:00","slug":"this-evening-ekh-to-invest-usd-170-mn-this-year-a-norway-backed-electricity-interconnection-project-could-be-in-the-works","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/this-evening-ekh-to-invest-usd-170-mn-this-year-a-norway-backed-electricity-interconnection-project-could-be-in-the-works\/","title":{"rendered":"THIS EVENING: EKH to invest USD 170 mn this year + A Norway-backed electricity interconnection project could be in the works"},"content":{"rendered":"

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Good afternoon, ladies and gentlemen, and a very happy THURSDAY to all of you.<\/span> After what felt like a particularly long workweek, we are so ready for the weekend.<\/span><\/p>\n

THE BIG STORIES TODAY\u2013<\/span><\/p>\n

<\/span>#1<\/span>- <\/span>Egypt Kuwait Holding plans to invest USD 170 mn across at least three sectors <\/span>this year, <\/span>following record 2022 earnings,<\/span> <\/span>CEO Sherif El Zayat told <\/span>Asharq Business<\/a><\/span>. The investment company \u2013 which is dual listed on the Egyptian and Kuwaiti stock exchanges \u2013 will target the oil and gas, electricity and manufacturing sectors, in addition to raising EKH's stakes in its affiliated businesses. The news follows the announcement of EKH\u2019s record net income last year, which jumped 41% to USD 241 mn. EKH will self-finance 60%\u201370% of the investments, with bank financing covering the remaining 30-40%.<\/span><\/p>\n

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#2- Is a new electricity interconnection project between Egypt and Europe coming?<\/span> Norway\u2019s renewable energy developer Scatec discussed an Egypt-Europe electricity interconnection project in a meeting with Prime Minister Moustafa Madbouly earlier today, according to a <\/span>cabinet statement<\/a><\/span>. The project would be backed by the Norwegian government, the statement said, and would export electrical renewable energy to Europe with a capacity of about 3 GW, the statement quotes Scatec CEO Terje Pilskog as saying.<\/span><\/p>\n

THE BIG STORY ABROAD<\/span><\/p>\n

As Ukraine approaches the anniversary of the invasion one year ago, the war <\/span>dominates the front pages of the international press<\/span>. Reports from Western officials indicate that they expect Russia to launch an offensive before the anniversary, bringing in hundreds of reservists who have been called up in recent months for large-scale attacks. Yet Ukraine\u2019s military leaders are less convinced, telling the press that they believe Moscow no longer has the capacity for a dramatic show of force. Putin turned to nuclear rhetoric this week, announcing Russia's withdrawal from the New START arms control treaty, having little to offer his nation in the way of significant military victories. There is also coverage of US President Biden\u2019s surprise visit to Kyiv in a show of support ahead of the anniversary.<\/span><\/p>\n

The story got coverage from:<\/span> <\/span>Reuters<\/a><\/span> <\/span>| <\/span>New York Times<\/a><\/span> | <\/span>Bloomberg<\/a><\/span> | <\/span>FT<\/a><\/span> | <\/span>BBC<\/a><\/span>.<\/span><\/p>\n

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