{"id":587150,"date":"2023-05-23T00:00:00","date_gmt":"2023-05-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/23\/egypt-has-new-renewable-energy-targets-sczone-starts-china-roadshow\/"},"modified":"2023-05-23T00:00:00","modified_gmt":"2023-05-23T00:00:00","slug":"egypt-has-new-renewable-energy-targets-sczone-starts-china-roadshow","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/23\/egypt-has-new-renewable-energy-targets-sczone-starts-china-roadshow\/","title":{"rendered":"Egypt has new renewable energy targets + SCZone starts China roadshow"},"content":{"rendered":"

<\/span><\/p>\n

Happy hump day, ladies and gentlemen:<\/span> We have plenty of investment news for you this morning, plus updated renewable energy targets announced by the electricity minister yesterday <\/span>as well as coverage of the final panel discussion at last week\u2019s Enterprise Exports & FDI Forum.<\/span><\/p>\n

ON THE AGENDA TODAY-<\/span><\/p>\n

<\/a> <\/span>SCZone in China:<\/span> A Suez Canal Economic Zone (SCZone) delegation led by <\/span>CEO Walid Gamal El Din <\/span>is in China and Hong Kong<\/a><\/span> this week to meet with local business leaders and investors in a bid to drum up interest in Egypt. Gamal El Din yesterday attended the Egyptian-Chinese Investment Forum in Beijing where they met with government officials and representatives from more than 60 Chinese companies \u2014 including in the food, textile, green fuel, and manufacturing industries \u2014 according to <\/span>a statement<\/a><\/span>. A number of firms expressed interest in Egypt\u2019s economic zones, including <\/span>Sinoma Engineering<\/a><\/span>, which is already gearing to set up a factory in the SCZone for the manufacture of turbine blades.<\/span><\/p>\n

A global roadshow: <\/span>The SCZone has already traveled to <\/span>Japan<\/a><\/span>, the <\/span>Netherlands<\/a><\/span> and <\/span>Vietnam<\/a><\/span>this year, and <\/span>plans to head to India<\/a><\/span> next month.<\/span><\/p>\n

It\u2019s day two of the AfDB annual meetings: <\/span>The <\/span>African Development Bank (AfDB) <\/span>annual<\/a><\/span>meetings<\/a><\/span> in Sharm El Sheikh continue today. President Abdel Fattah El Sisi will take part in <\/span>a discussion<\/a><\/span> alongside other African leaders about the role of multilateral lenders in global finance. The meetings run through to Friday. <\/span><\/p>\n

<\/a> <\/span>National Dialogue is in session:<\/span> The four sessions scheduled for today will feature <\/span>discussions on the decline of industry\u2019s contribution to the economy and the current investment climate, according to <\/span>the agenda<\/a><\/span>. Catch the full sessions on the dialogue\u2019s <\/span>Facebook page<\/a><\/span>. <\/span><\/p>\n

Avior \u2014 HC Egypt Conference:<\/span> HC Brokerage and Avior Capital Markets\u2019 virtual conference <\/span>continues today. The four-day event brings representatives from 29 EGX-listed companies together with financial institutions from the US, Canada, Europe, South Africa, the UAE, and Egypt to discuss investment opportunities.<\/span><\/p>\n

Check out our full calendar on the web<\/a><\/span> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/span><\/p>\n

<\/span><\/p>\n

<\/span>Egypt\u2019s long-term renewable energy targets just got more ambitious:<\/span> The Egypt<\/span>ian <\/span>government is now targeting increasing its renewable energy generation capacity to cover 60% of the country\u2019s electricity needs by 2040, Electricity Minister Mohamed Shaker told senators yesterday. The government <\/span>said last year<\/a><\/span> that it was aiming to have renewable energy account for 40% of our energy mix by 2030.<\/span><\/p>\n

<\/span>It could be a while before we start exporting electricity to Europe: <\/span>\u201cWe will not be able <\/span>to<\/span>export electricity to Europe and generate FX revenues in just one year, we will need 5-7 years to do so,\u201d Shaker said.<\/span><\/p>\n

There are proposals for five different interconnectors linking Egypt to Europe<\/span>,<\/span>the latest of <\/span>which was <\/span>put forward in February<\/a><\/span> by Scatec, which wants to lay <\/span>a 3-GW cable<\/a><\/span> across the Mediterranean to Italy. Energy insecurity in Europe caused by the war in Ukraine has forced the EU to accelerate efforts to diversify its energy supplies, and is looking at the Eastern Mediterranean as a key source of gas and renewably-generated electricity in the coming years.<\/span><\/p>\n

ICYMI- <\/span>Shaker's appearance at the Senate comes a few days after Infinity Power and Greek <\/span>infrastructure investor Coupelouzos <\/span>announced plans<\/a><\/span> to study the development of new renewable energy projects in Egypt that would be used to feed power to Europe via the proposed <\/span>GREGY interconnector<\/a><\/span>.<\/span><\/p>\n

<\/span><\/p>\n

\n

<\/a> <\/span>WATCH THIS SPACE- Ten more golden licenses? <\/span>The cabinet is currently looking into <\/span>granting another 10 projects <\/span>golden licenses<\/a><\/span>, General Authority for Freezones and Investment (GAFI) head Hossam Heiba told Asharq Business yesterday (<\/span>watch, runtime: 2:06<\/a><\/span>). He said that the state has so far granted 17 of the licenses, which help fast-track new industrial and infrastructure projects by requiring only a single approval.<\/span><\/p>\n

Golden licenses for all:<\/span> The government will expand the types of projects eligible to receive <\/span>golden licenses and will consider requests for any project it considers important, Prime Minister Moustafa Madbouly said last week. Currently, only national and strategic projects are eligible for the fast-track license. The move was <\/span>one of 22 decisions<\/a><\/span> announced last week<\/span> aimed at boosting foreign investment. <\/span><\/p>\n

<\/span><\/p>\n

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

<\/a> <\/span>The latest updates (or lack thereof) on the US debt ceiling negotiations are dominating <\/span>the global front pages this morning:<\/span> High stakes talks between President Joe Biden and House Speaker Kevin McCarthy to break deadlocked budget negotiations ended without an agreement yesterday, leaving lawmakers just 10 days to find a solution before a potentially catastrophic debt default. (<\/span>Associated Press<\/a><\/span> | <\/span>Reuters<\/a><\/span> | <\/span>Bloomberg<\/a><\/span> | <\/span>Financial Times<\/a><\/span> | <\/span>Washington Post<\/a><\/span> | <\/span>New York Times<\/a><\/span> | <\/span>Wall Street Journal<\/a><\/span> | <\/span>CNBC<\/a><\/span>)<\/span><\/p>\n

<\/a> <\/span>Another ceasefire fails to hold? <\/span>Witnesses in Khartoum last night reported fighting and air <\/span>strikes minutes after a ceasefire between the Sudanese army and the Rapid Support Forces (RSF) was due to come into effect, according to <\/span>AFP<\/a><\/span>. The two sides agreed last week to begin observing <\/span>a week-long truce<\/a><\/span> to allow in humanitarian aid from 9:45 pm (10.45 pm CLT).<\/span><\/p>\n

REMEMBER- <\/span>The two sides have been engaged in Saudi- and US-backed peace talks in <\/span>Jeddah for over a week.<\/span><\/p>\n

FM postpones evacuation via Dongola airport: <\/span>The <\/span>Foreign Ministry<\/a><\/span> said yesterday that it <\/span>has pushed back its plans to evacuate Egyptians from the airport at Dongola, and that a new date will soon be announced. Egyptians can still leave the country via the Argeen or Kastal border crossings.<\/span><\/p>\n

<\/span><\/p>\n

\n

CORRECTION-<\/span> In a story published in yesterday\u2019s Enterprise AM, we incorrectly referred to the <\/span>National Automotive Company (NATCO) as a state-owned company. The story has since been updated <\/span>on our website<\/a><\/span>.<\/span><\/p>\n

<\/span><\/p>\n

\n
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COME WORK FOR OUR ADVISORY ARM-<\/span>Enterprise Advisory (formerly known as Inktank Communications) is looking for smart, talented people to help us tell the stories of exciting companies. Enterprise Advisory is the region\u2019s leading investor relations advisory company and works on investor and strategic communications issues that take you deep inside the c-suite. Our clients are in Egypt, Saudi Arabia, the UAE and beyond. Egyptian and foreign nationals alike are welcome to apply.<\/span><\/p>\n

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*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/span> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/span><\/p>\n

In today\u2019s issue: <\/span>What volatile oil markets could mean for the global transition to renewable <\/span>energy.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: Europe electricity exports are a long way off<\/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":[7204],"tags":[93,72,245,151,416,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587150","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-energy","tag-enterpriseam","tag-mohamed-shaker","tag-renewables","tag-suez-canal-economic-zone","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"04dda22d-b376-4d76-bf9a-50f917a5ac39","order":"0","is_powered_by":false,"story_type":"4","photo_url":"","photo_position":"above","homepage_title":"","full_issue_title":"Egypt has new renewable energy targets + SCZone starts China roadshow","related_issue":[587148],"teaser":"Plus: Europe electricity exports are a long way off","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.c82aed26-c147-4f01-95c5-d456794ff17f.mp3"},"yoast_head":"\nEgypt has new renewable energy targets + SCZone starts China roadshow - 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The plant will crank out 220k tons of hydrogen\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575386,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/13\/sczone-granted-license-to-develop-electricity-distribution-networks\/","url_meta":{"origin":587150,"position":3},"title":"SCZone granted license to develop electricity distribution networks","author":"enterpriseam admin","date":"13 October 2020","format":false,"excerpt":"The Suez Canal Economic Zone (SCZone) has been granted a license to develop electricity distribution networks by state regulator Electric Utility and Consumer Protection Regulatory Agency, the local press reports. The authorization permits SCZone to contract a third party to implement the network that the authority would then oversee.","rel":"","context":"In "Infrastructure"","block_context":{"text":"Infrastructure","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/infrastructure\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575681,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/22\/sczone-investor-incentives-could-be-ready-by-next-month\/","url_meta":{"origin":587150,"position":4},"title":"SCZone investor incentives could be ready by next month","author":"enterpriseam admin","date":"22 October 2020","format":false,"excerpt":"LEGISLATION WATCH- SCZone investment incentives could be ready by next month: A package of economic and regulatory incentives being prepared by the Suez Canal Economic Zone (SCZone) and the government to attract investors will be ready in a month, SCZone head Yehia Zaki said during a general assembly meeting with\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":651813,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/21\/chinas-chint-interested-in-supplying-sczone-with-electrical-gears\/","url_meta":{"origin":587150,"position":5},"title":"China\u2019s CHINT interested in supplying SCZone with electrical gears","author":"enterpriseam admin","date":"21 February 2017","format":false,"excerpt":"The chairman of China\u2019s CHINT may be interested in a manufacturing components for the electrical power industry in the Suez Canal Economic Zone, Electricity Minister Mohamed Shaker said yesterday. 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