{"id":587340,"date":"2023-05-25T00:00:00","date_gmt":"2023-05-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/25\/orascom-construction-metito-to-build-usd-2-4-bn-desalination-plant-in-abu-dhabi-plus-standard-chartered-eyes-egypt-fx-crisis-hits-arab-alloys-industrial-complex\/"},"modified":"2023-05-25T00:00:00","modified_gmt":"2023-05-25T00:00:00","slug":"orascom-construction-metito-to-build-usd-2-4-bn-desalination-plant-in-abu-dhabi-plus-standard-chartered-eyes-egypt-fx-crisis-hits-arab-alloys-industrial-complex","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/25\/orascom-construction-metito-to-build-usd-2-4-bn-desalination-plant-in-abu-dhabi-plus-standard-chartered-eyes-egypt-fx-crisis-hits-arab-alloys-industrial-complex\/","title":{"rendered":"Orascom Construction, Metito to build USD 2.4 bn desalination plant in Abu Dhabi. PLUS: Standard Chartered eyes Egypt, FX crisis hits Arab Alloys industrial complex"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">INFRASTRUCTURE-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Orascom Construction + Metito to partner on Abu Dhabi desalination plant:<\/span><span style=\"\"> Orascom <\/span><span>Construction and Metito \u2014 in collaboration with the UAE\u2019s state energy companies Adnoc and Taqa \u2014 will develop, own, and operate a USD 2.4 bn seawater treatment and water transportation project in Abu Dhabi, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1354.pdf\" style=\"\">a joint statement (<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1354.pdf\" style=\"\">pdf<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1354.pdf\" style=\"\">)<\/a><\/span><span style=\"font-weight:400;\">. OC is leading the consortium working on the plant, which will process more than 500k cubic meters of seawater per day. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">**<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/c0602e81-881f-449a-b99c-445e2deb2fb4\" style=\"\">Read the full story<\/a><\/span><span style=\"font-weight:700\"> in this morning\u2019s edition of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/climate.enterprise.press\/issues\/2023\/05\/25\/oc-led-consortium-partner-adnoc-taqa-usd-2-4-bn-sustainable-water-supply-project\/\" style=\"\">Enterprise Climate<\/a><\/span><span style=\"font-weight:700\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">BANKING-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#1- Standard Chartered Egypt is still in the works: <\/span><span style=\"\">Standard Chartered plans to open up shop in <\/span><span>Egypt next year, CEO Bill Winters told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.asharqbusiness.com\/article\/50547\/%D8%B1%D8%A6%D9%8A%D8%B3-%D8%B3%D8%AA%D8%A7%D9%86%D8%AF%D8%B1%D8%AF-%D8%AA%D8%B4%D8%A7%D8%B1%D8%AA%D8%B1%D8%AF-%D9%84%D9%80%D8%A7%D9%84%D8%B4%D8%B1%D9%82-%D9%85%D8%B5%D8%B1-%D8%AA%D9%82%D9%88%D9%85-%D8%A8%D8%A5%D8%B5%D9%84%D8%A7%D8%AD%D8%A7%D8%AA-%D9%85%D8%A4%D9%84%D9%85%D8%A9-%D9%88%D8%B3%D9%86%D9%82%D8%AF%D9%85-%D9%84%D9%87%D8%A7-%D8%A7%D9%84%D8%AF%D8%B9%D9%85\/\" style=\"\">Asharq Business<\/a><\/span><span> yesterday. \u201cWe have strong relationships in Egypt and they are taking some painful steps to reform the economy and we will support them,\u201d Winters said, speaking on the sidelines of Bloomberg\u2019s Qatar Economic Forum. The bank received a preliminary license from the Central Bank of Egypt more than a year ago, with bank officials at the time <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eaace8d1-af69-4262-aaa0-9fbb5f5097e2\" style=\"\">saying<\/a><\/span><span style=\"font-weight:400;\"> it planned to open its first branch by September 2022. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#2- The <\/span><span style=\"font-weight:700\">Export-Import Bank of Korea<\/span><span style=\"font-weight:700\"> is set to launch a regional office in Cairo<\/span><span style=\"\"> in a bid to <\/span><span>expand operations in Egypt and Africa, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/MOICEgypt\/posts\/pfbid02NtwYLK7aXyu4pRqeBZneSVcV2m4CxcUEMUCkbyd2Bc5mWu7kBwkQN98217e8ZGkml\" style=\"\">a statement<\/a><\/span><span> from the International Cooperation Ministry.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MANUFACTURING-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Arab Alloys put its SCZone industrial complex on hold amid FX volatility: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/mmcholding.org\/\" style=\"\">MMC Holding<\/a><\/span><span>subsidiary <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/araballoys.com\/\" style=\"\">Arab Alloys<\/a><\/span><span> is delaying its ferroalloys industrial complex in the Suez Canal Economic Zone (SCZone) as it looks to secure new bank financing in USD, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/43abSEc\" style=\"\">Al Mal<\/a><\/span><span> quoted <\/span><span>Arab Alloys Chairman Medhat Nafei as saying. The initial <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4787364a-e563-4d83-a871-21808f089f51\" style=\"\">EGP<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4787364a-e563-4d83-a871-21808f089f51\" style=\"\">1 bn<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4787364a-e563-4d83-a871-21808f089f51\" style=\"\">cost estimate<\/a><\/span><span style=\"font-weight:400;\"> for the project was based on a USD-EGP rate of 18.00 and so has roughly doubled in the wake of the local currency\u2019s recent depreciation, Nafei reportedly said. Arab Alloys has also struggled to secure FX to import equipment from India and is still negotiating with the Electricity Ministry on energy supply for the project, he added. Nafei didn\u2019t give a revised timeline for the complex, the first two phases of which were slated for completion by 2024. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">FINANCE-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">CFI kicks off Egypt operations: <\/span><span style=\"\">Jordanian trading platform <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/cfifinancial.com\/en-jo\" style=\"\">CFI Financial Group<\/a><\/span><span style=\"\"> launched in <\/span><span>Egypt yesterday, the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/feed\/update\/urn:li:activity:7067165542872219649\/\" style=\"\">company said<\/a><\/span><span>. The company has inaugurated branches in Cairo and Alexandria and aims to expand even further throughout the year, Managing Director Hisham Mansour said, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alborsaanews.com\/2023\/05\/24\/1671096\" style=\"\">Al Borsa<\/a><\/span><span style=\"font-weight:400;\">. The company currently operates in a number of countries, including the UK, Lebanon, the UAE, and Jordan.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">DEFENSE-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Egypt is in the market for 12 Chinese fighter jets: <\/span><span style=\"\">Egypt is reportedly in talks with China\u2019s <\/span><span>Chengdu Aircraft Industry Group to purchase a dozen J-10C fighter jets, the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.scmp.com\/news\/china\/military\/article\/3221715\/china-said-be-negotiating-arms-deals-saudi-arabia-and-egypt\" style=\"\">South China Morning Post<\/a><\/span><span> reported, citing a report from <\/span><span>Tactical Report<\/span><span style=\"font-weight:400;\">. A delegation from the Armed Forces is expected to meet company representatives this week on the sidelines of an international maritime exhibition in Malaysia. Saudi Arabia is also in negotiations to acquire Chinese drones and air defense systems, signaling that the region is diversifying its arms suppliers away from the US and Russia. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The project will process more than 500k cbm of seawater per day<\/p>\n","protected":false},"author":1,"featured_media":587341,"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":[7209],"tags":[1703,111,9240,204,10621,72,7087,2234,7111,131,827,10622,363,492,416,364,6743],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-adnoc","tag-also-on-our-radar","tag-arab-alloys","tag-banking","tag-cfi-financial-group","tag-enterpriseam","tag-finance","tag-foreign-exchange","tag-infrastructure","tag-manufacturing","tag-metito","tag-mmc-holding","tag-orascom-construction","tag-standard-chartered","tag-suez-canal-economic-zone","tag-water","tag-water-security","wpautop","entry"],"acf":{"mongo_id":"da170504-c567-4329-89c3-860088866a12","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/1392.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Orascom Construction, Metito to build USD 2.4 bn desalination plant in Abu Dhabi. PLUS: Standard Chartered eyes Egypt, FX crisis hits Arab Alloys industrial complex","related_issue":[587318],"teaser":"The project will process more than 500k cbm of seawater per day","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.19cf8811-70d4-40cb-bcec-777633a423b0.mp3"},"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>Orascom Construction, Metito to build USD 2.4 bn desalination plant in Abu Dhabi. 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The plant is expected to serve almost 1 mn citizens and\u2026","rel":"","context":"In &quot;Infrastructure&quot;","block_context":{"text":"Infrastructure","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/infrastructure\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/90.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543546,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/07\/metito-proposes-plan-to-build-egypts-first-floating-desalination-plant\/","url_meta":{"origin":587340,"position":2},"title":"Metito proposes plan to build Egypt\u2019s first floating desalination plant","author":"enterpriseam admin","date":"7 February 2022","format":false,"excerpt":"Water treatment company Metito wants to build floating desalination plants in Egypt, Al Borsa quoted Managing Director of Metito Africa Karim Madwar as saying. 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A consortium made up of UAE-based Metito Holdings, Scatec Solar, and Orascom Construction (OC) is in talks with Egyptian authorities to build a USD 1.5 bn water desalination plant that would be powered entirely using renewables, Metito Africa Managing Director Karim\u2026","rel":"","context":"In &quot;INFRASTRUCTURE WATCH&quot;","block_context":{"text":"INFRASTRUCTURE WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/infrastructure-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/239.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":626263,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/27\/new-delta-water-treatment-plant-grabs-four-guinness-world-records\/","url_meta":{"origin":587340,"position":5},"title":"New Delta water treatment plant grabs four Guinness World Records","author":"enterpriseam admin","date":"27 June 2024","format":false,"excerpt":"Egypt is now officially home to the world\u2019s largest water treatment facility: Our friends at Hassan Allam Construction, Orascom Construction, Metito and Arab Contractors have received four Guinness World Records for their recently completed New Delta Irrigation Water Treatment Plant, a joint press release (pdf) announced this week. 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