{"id":607158,"date":"2023-09-27T00:00:00","date_gmt":"2023-09-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/orascom-metito-reach-financial-close-for-abu-dhabi-desalination-project-plus-news-from-dar-and-acacia-banque-misr-alameda-siemens-healthineers\/"},"modified":"2023-09-27T00:00:00","modified_gmt":"2023-09-27T00:00:00","slug":"orascom-metito-reach-financial-close-for-abu-dhabi-desalination-project-plus-news-from-dar-and-acacia-banque-misr-alameda-siemens-healthineers","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/orascom-metito-reach-financial-close-for-abu-dhabi-desalination-project-plus-news-from-dar-and-acacia-banque-misr-alameda-siemens-healthineers\/","title":{"rendered":"Orascom, Metito reach financial close for Abu Dhabi desalination project. PLUS news from Dar and Acacia, Banque Misr, Alameda, Siemens Healthineers"},"content":{"rendered":"

INFRASTRUCTURE- <\/strong><\/p>\n

OC + Metito have the money for their Abu Dhabi desal project: <\/strong>Orascom Construction and Metito have reached financial close for their USD 2.2 bn water treatment project<\/a> in Abu Dhabi, the consortium said in a statement (pdf)<\/a> Tuesday.<\/p>\n

The project: <\/strong> The two contractors will establish a desalination plant with a capacity to treat more than 500k cubic meters per day and a 75-km water transmission pipeline. The project will be developed under a 30-year build-own-operate-transfer (BOOT) concession agreement in collaboration with the Abu Dhabi National Oil Company (Adnoc) and Abu Dhabi National Energy Company (Taqa). Commercial operations are set to commence in June 2026. <\/p>\n

Where the money\u2019s coming from: <\/strong> The consortium secured the funding for the project through a combination of debt and equity, the statement read. A syndicate of eight Gulf lenders and French bank Natixis is providing non-recourse financing.<\/p>\n

STARTUPS- <\/strong><\/p>\n

Dar Ventures + Acacia Group launch new incubator: <\/strong>Dar Ventures, the VC arm of Dar Al Handasah, launched a six-month incubator dubbed DarE that will provide construction startups with up to USD 50k in equity-free funding, according to a joint press release (pdf)<\/a>. The program will be operated by Acasia Group. Incubator perks include mentorship, training, networking opportunities, and equity-free grant funding. Interested entrepreneurs can apply here<\/a>, and applications will close on 20 October.<\/p>\n

GREEN ECONOMY- <\/strong><\/p>\n

Banque Misr <\/strong> plans to establish an ESG green index fund in 1Q 2024 <\/strong>based on S&P\u2019s sustainability index, Al Borsa<\/a> reports, citing unnamed sources. The state-owned lender will start by investing in EGX-listed companies that report on their ESG commitments and later expand to unlisted companies, according to the news outlet. It is still waiting to receive the necessary approvals, including from the Central Bank of Egypt (CBE). Information about the size of the fund wasn\u2019t disclosed.<\/p>\n

Also in Banque Misr listing news: <\/strong>The bank is also considering the listing of its Misr Real Estate Investment 1 fund launched in 2022, which reached EGP 360 mn<\/a> first close and has a target capital of EGP 500 mn. This coincides with news on Thursday that the General Authority for Investment and Freezones (GAFI) and the Financial Regulatory Authority (FRA) are reportedly mulling changes to the real estate fund law<\/a>.<\/p>\n

ENERGY- <\/strong><\/p>\n

EEHC <\/strong> extends solar tender deadline: <\/strong>The Egyptian Electricity Holding Company (EEHC) has extended the bidding deadline for the tender for five north coast solar plants<\/a> to 27 October, Al<\/a> Ma<\/a> l<\/a> reports, citing an unnamed source in the Electricity Ministry. The bidding period for the 25-year build-own-operate contracts was set to end this week<\/a> but was pushed back upon the request of the bidding companies, according to the news outlet.<\/p>\n

Seven consortiums are reportedly interested: <\/strong>Saudi Arabia\u2019s Acwa Power, Al Nowais\u2019 AMEA Power, Norwegian renewables producer Scatec, Japan\u2019s Toyota, and two unnamed Spanish and German companies have shown interest, according to Al Mal. Hassan Allam Utilities, Madkour Group, Infinity and Smart Engineering Solutions (SES) were named as the local partners that will be competing in the tender.<\/p>\n

HEALTHCARE- <\/strong><\/p>\n

Alameda x Siemens Healthineers: <\/strong> Alameda Healthcare has announced<\/a> signing a strategic partnership agreement with Siemens Healthineers that will see the Germany firm upgrade and maintain the private sector player\u2019s medical tech for seven years.<\/p>\n","protected":false},"excerpt":{"rendered":"

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