{"id":608418,"date":"2023-10-19T00:00:00","date_gmt":"2023-10-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/19\/siemens-intro-group-to-build-power-plants-in-egypt-the-region-plus-news-from-the-sczone-cheiron-qasatli-mashreq-and-edventures\/"},"modified":"2023-10-19T00:00:00","modified_gmt":"2023-10-19T00:00:00","slug":"siemens-intro-group-to-build-power-plants-in-egypt-the-region-plus-news-from-the-sczone-cheiron-qasatli-mashreq-and-edventures","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/19\/siemens-intro-group-to-build-power-plants-in-egypt-the-region-plus-news-from-the-sczone-cheiron-qasatli-mashreq-and-edventures\/","title":{"rendered":"Siemens, Intro Group to build power plants in Egypt, the region. PLUS: News from the SCZone, Cheiron, Qasatli, Mashreq, and EdVentures."},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FINTECH-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our friends at Mashreq Egypt are launching a banking <\/strong><strong>services platform on the My Etisalat application<\/strong> run by the local e& subsidiary Etisalat Egypt, according to a joint <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/901.pdf\" style=\"\" rel=\"noopener\">statement<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/901.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a>. Dubbed e& Neo, the platform will allow Etisalat users aged 16 and above to open accounts with Mashreq Egypt without fees or a minimum deposit, as well as to sign up for co-branded cards. The partners plan to roll out a number of other banking services down the line, including credit cards, loans, certificates of deposit, and time deposits.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENERGY- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#1- Intro + Siemens to build CHP plants in Egypt and the region:<\/strong> Intro Group subsidiary Intro Sustainable Resources will work with Siemens to build 300 MW of combined heat and power (CHP) plants in Egypt and the region by 2030, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/950.pdf\" style=\"\" rel=\"noopener\">a press release (pdf)<\/a>. Siemens will undertake the technical studies and provide the equipment while Intro will be responsible for arranging the financing and the \u201ccomprehensive development\u201dof the stations, the statement said. Enterprise was unable to reach representatives of the companies for more details.<\/p>\n<p><strong>What\u2019s CHP? <\/strong>Combined heat and power plants use a fuel to produce both electricity and thermal energy. Steam or hot water that would otherwise be wasted is then captured and used to produce more electricity or used for other purposes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#2- Cheiron is exploring for gas in the Med<\/strong>: Cheiron Petroleum, Egypt\u2019s largest independent energy company, will invest some USD 160 mn in natural gas exploration and production in the West El Burullus concession, <a target=\"_blank\" href=\"https:\/\/bit.ly\/3S35RpQ\" style=\"\" rel=\"noopener\">Asharq<\/a><a target=\"_blank\" href=\"https:\/\/bit.ly\/3S35RpQ\" style=\"\" rel=\"noopener\">Business<\/a> reported yesterday, citing two government sources. The company has begun drilling a series of seven wells in the area to explore for gas, according to the news outlet. Production is expected to kick off in 1H 2024 at a capacity of 150 mn cubic feet per day. Cheiron holds a 100% working interest in the concession.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MANUFACTURING- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- China\u2019s largest cable manufacturer to expand SCZone factory:<\/strong> Chinese cable manufacturer Hengtong will invest USD 18 mn to expand its factory in the TEDA zone under an agreement signed yesterday at the Belt and Road Forum, the Suez Canal Economic Zone said in <a target=\"_blank\" href=\"https:\/\/bit.ly\/3S6Hzvq\" style=\"\" rel=\"noopener\">a st<\/a><a target=\"_blank\" href=\"https:\/\/bit.ly\/3S6Hzvq\" style=\"\" rel=\"noopener\">atem<\/a><a target=\"_blank\" href=\"https:\/\/bit.ly\/3S6Hzvq\" style=\"\" rel=\"noopener\">ent<\/a>. The company will add 21k sqm to its factory in the Chinese industrial zone \u2014 almost four times its current size \u2014 allowing it to produce up to 2 mn km of cables a year. Hengtong manufactures power and fiber optic cables. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- China is investing big in Egypt:<\/strong> Chinese and Egyptian companies <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4c54bfd4-d4fc-43ff-8bed-bbaf36445938\" style=\"\" rel=\"noopener\">signed a raft of<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4c54bfd4-d4fc-43ff-8bed-bbaf36445938\" style=\"\" rel=\"noopener\">agreements<\/a> earlier this week that could see up to USD 15.5 bn invested in energy and manufacturing projects in Egypt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Sidpec partners with Nigerian firm on gas cylinder factory:<\/strong> Sidi Kerir Petrochemical (Sidpec) has signed an agreement with Nigerian gas infrastructure company Rungas to set up a factory for manufacturing LPG cylinders in Egypt, it said in <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/798.pdf\" style=\"\" rel=\"noopener\">a statement (pdf)<\/a> Sunday. The plant will produce 1 mn gas cylinders a year for export. The statement did not provide a timeline or cost of the project.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DEBT-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Qasatli raises debt finance:<\/strong> Mortgage lender Qasatli has closed a EGP 159.2 mn securitized bond issuance, its financial advisor, EFG Hermes, <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/956.pdf\" style=\"\" rel=\"noopener\">said (<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/956.pdf\" style=\"\" rel=\"noopener\">pdf<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/956.pdf\" style=\"\" rel=\"noopener\">)<\/a> yesterday. The three-tranche issuance was rated between AA+, AA and A by the Middle East Ratings and Investors Service (MERIS). This is the second issuance of a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/05a8664d-e604-4ffa-9b14-eceae67ca904\" style=\"\" rel=\"noopener\">EGP 6.5 bn securitization program<\/a> being carried out by subsidiaries of Qasatli, Amer Group and Porto Group.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors:<\/strong> EFG Hermes was the sole financial advisor for the offering, and Dreny & Partners provided counsel. CIB acted as the underwriter and the custodian.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT-<\/strong> Egyptian companies have issued almost EGP 56.9 bn of securitized bonds so far this year, according to data tracked by Enterprise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>COMMODITIES-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Propylene to hit EMX this year:<\/strong> The Egyptian Mercantile Exchange (EMX) will list propylene on its trading platform before the end of the year, EMX chair Ibrahim Ashmawy told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/10\/16\/1724053\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. Sources told the news outlet that nitrogen fertilizer could be added at the end of this year or in early 2024, followed by phosphate fertilizers at a later stage.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>STARTUPS-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EdVentures invests fresh funds into two local startups: <\/strong>Education-focused VC EdVentures has invested USD 400k into <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/crafty.workshop.arab\/\" style=\"\" rel=\"noopener\">Crafty Workshop<\/a>, which provides business-oriented courses for craftspeople, it said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/947.pdf\" style=\"\" rel=\"noopener\">press release (<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/947.pdf\" style=\"\" rel=\"noopener\">pdf<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/10\/947.pdf\" style=\"\" rel=\"noopener\">)<\/a>. The VC is also preparing to invest fresh funds into local online training provider <a target=\"_blank\" href=\"https:\/\/sprints.ai\/\" style=\"\" rel=\"noopener\">Sprints<\/a>, the release added. EdVentures is Nahdet Misr\u2019s VC arm. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Both startups are part of EdVentures\u2019 portfolio:<\/strong> EdVentures opened 2022 with <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/427a49a8-c3f2-4f5f-8822-c27a2dc2936c\" style=\"\" rel=\"noopener\">an<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/427a49a8-c3f2-4f5f-8822-c27a2dc2936c\" style=\"\" rel=\"noopener\">undisclosed investment in Crafty Workshop<\/a> and participated in Sprints\u2019 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/93d91f6b-9241-4be0-8e47-4e8c8a6dfa0c\" style=\"\" rel=\"noopener\">USD 1.2 mn series A round<\/a> which closed last April. The VC also invested <a target=\"_blank\" href=\"https:\/\/ent.news\/2022\/11\/EdVentures-Eng_Regional-PRL.pdf\" style=\"\" rel=\"noopener\">USD 1.1 mn<\/a> into Egypt-born preschool education platform Jeel last year, on top of making a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ea2b832c-90f3-41fb-85ed-8a635660ea38\" style=\"\" rel=\"noopener\">six-figure USD investment<\/a> in student career advising startup OBM Education in August.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AVIATION-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tourism Ministry extends charter flight incentives until April 2024: <\/strong>The country\u2019s program of paying airlines per chartered flight landing down has been extended for another six months on the back of a 44% surge in tourism inflows, a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02x3ZP5G4WUDDkfQr5Cai1jcbLDcQKKFJHdsLy73eWEUz3XhND3vDy78Kdkp7esNzFl\" style=\"\" rel=\"noopener\">statement<\/a> said. The ministry is also planning promotional trips for social media influencers from Europe and will increase its spending on promotional campaigns. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>LOGISTICS-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bids for El Dekheila dry bulk terminal contract reopened: <\/strong>The Alexandria Port Authority (APA) will <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4429971b-017b-4efb-805b-755bb2ea9d95\" style=\"\" rel=\"noopener\">reopen<\/a> the bidding process for a 30-year contract to build, manage, and operate a 300k square meter dry bulk terminal in El Dekheila Port, reports <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2023\/10\/18\/1724799\" style=\"\" rel=\"noopener\">Al Borsa<\/a>, citing a document seen by the outlet. Bidding companies are required to make an EGP 5 mn deposit to enter.Inquiries can be made on 15 November and bids from 20 December, the local outlet reported. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The two firms will establish facilities producing a combined 300 MW of power by 2030<\/p>\n","protected":false},"author":1,"featured_media":608419,"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":[111,204,116,317,11689,88,6505,73,94,84,7107,975,6404,93,72,710,183,11690,3372,125,7128,131,2373,3627,91,3249,85,8726,484,1654,416,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-608418","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-banking","tag-china","tag-commodities","tag-crafty-workshop","tag-debt-watch","tag-dreny-partners","tag-education","tag-edventures","tag-efg-hermes","tag-efg-holding","tag-egypt-china-relations","tag-emx","tag-energy","tag-enterpriseam","tag-etisalat","tag-fintech","tag-hengtong","tag-intro-group","tag-investment-watch","tag-ma-watch","tag-manufacturing","tag-mashreq-bank","tag-nahdet-misr","tag-oil-and-gas","tag-qasatli","tag-securitization","tag-sidpec","tag-siemens","tag-sprints","tag-suez-canal-economic-zone","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"f47e4430-cd72-4219-8560-5e3dd6b26c1e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/964.jpg","photo_position":"above","homepage_title":"Siemens, Intro Group to build power plants in Egypt, the region","full_issue_title":"Siemens, Intro Group to build power plants in Egypt, the region. PLUS: News from the SCZone, Cheiron, Qasatli, Mashreq, and EdVentures.","related_issue":[608403],"teaser":"The two firms will establish facilities producing a combined 300 MW of power by 2030","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.0d985abb-1e30-4c89-8748-ad2bd25b3694.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>Siemens, Intro Group to build power plants in Egypt, the region. 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