{"id":615285,"date":"2024-02-15T00:00:00","date_gmt":"2024-02-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/15\/fra-takes-steps-towards-launching-africas-first-carbon-market-plus-news-from-kima-safari-group-tafweela-orascom-development\/"},"modified":"2024-02-15T00:00:00","modified_gmt":"2024-02-15T00:00:00","slug":"fra-takes-steps-towards-launching-africas-first-carbon-market-plus-news-from-kima-safari-group-tafweela-orascom-development","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/15\/fra-takes-steps-towards-launching-africas-first-carbon-market-plus-news-from-kima-safari-group-tafweela-orascom-development\/","title":{"rendered":"FRA takes steps towards launching Africa\u2019s first carbon market. PLUS: News from Kima, Safari Group, Tafweela, Orascom Development"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">CAPITAL MARKETS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Inching closer towards our carbon market:<\/strong> The Financial Regulatory Authority (FRA) has authorized three bodies to verify projects that claim to reduce carbon emissions \u2014 a key step towards the launch of a voluntary carbon market. The FRA selected T\u00dcV Nord EGYPT and T\u00dcV Nord Cert \u2014 both subsidiaries of the German certification firm T\u00dcV Nord Group \u2014 and the Egyptian Center of Organic Agriculture to take on the responsibility, according to an FRA <a target=\"_blank\" href=\"http:\/\/tinyurl.com\/5n753k99\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> The EGX announced in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/en\/egypt\/news\/story\/68268b61-5682-45af-a907-019ac3373c6a\" style=\"\" rel=\"noopener\">2022<\/a> that it plans to set up Africa\u2019s first voluntary carbon market. The market would allow companies in Egypt and Africa working on emissions-reducing projects to sell certified carbon credits, which can then be bought by other companies wanting to offset their emissions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">EARNINGS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A record year for ODE sales: <\/strong>Orascom Development Egypt (ODE)\u2019s real estate sales rose almost 75% y-o-y in 2023 to an unprecedented EGP 19.4 bn, driven by higher selling prices and demand, the company said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/1288.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. International sales accounted for 37% of total sales for the year. ODE\u2019s hotel occupancy rates also increased in 2023, with El Gouna\u2019s rising to 72% from 70% in 2022 and Taba Heights\u2019 jumping to 42% from 29%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Lower fertilizer prices drag Abu Qir\u2019s income down:<\/strong> Abu Qir Fertilizers\u2019 net income fell 42% y-o-y to EGP 4 bn in the first half of the current fiscal year amid a global decline in fertilizer prices, according to its latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/1457.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. Revenues decreased 23% y-o-y to EGP 8.6 bn during the six-month period.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">LEISURE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Arabia\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.safari.com.sa\/\" style=\"\" rel=\"noopener\">Safari Group<\/a><\/strong><strong> plans to invest EGP 1 bn in Egypt by 2030<\/strong>, opening up Chuck E. Cheese branches \u2014 an arcade-restaurant hybrid \u2014 in Cairo, Alexandria, and Sharm El Sheikh, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/safari-holding-group-allocates-egp-1bln-to-establish-family-entertainment-centers-in-cairo-t40305bx\" style=\"\" rel=\"noopener\">statement<\/a>. The company currently has one Egyptian Chuck E. Cheese branch, set up in West Cairo\u2019s Royal Park Mall.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">NUCLEAR ENERGY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Russia and Egypt ink uranium supply agreement: <\/strong><a target=\"_blank\" href=\"https:\/\/www.tvel.ru\/en\/\" style=\"\" rel=\"noopener\">TVEL<\/a> \u2014 a subsidiary of Russian state-owned nuclear developer <a target=\"_blank\" href=\"https:\/\/www.rosatom.ru\/en\/\" style=\"\" rel=\"noopener\">Rosatom<\/a> \u2014 has signed an agreement with the Madbouly government for the supply of low-grade uranium components, according to a <a target=\"_blank\" href=\"https:\/\/rosatom.ru\/journalist\/news\/-rosatom-zakontraktoval-postavki-komponentov-topliva-dlya-issledovatelskogo-reaktora-v-egipte\/\" style=\"\" rel=\"noopener\">statement<\/a> released last week. The atomic fuel would be used to power our second Experimental Training Research Reactor (<a target=\"_blank\" href=\"https:\/\/www.invap.com.ar\/en\/divisions\/nuclear\/etrr-2-reactor-in-egypt\" style=\"\" rel=\"noopener\">ETRR-2<\/a>), supplied by Argentine company Investigacion Aplicada. The Russian firm will also supply Egypt with <a target=\"_blank\" href=\"https:\/\/www.osti.gov\/servlets\/purl\/5462232#:~:text=Enriched%20aluminum%2Duranium%20alloys%20have,irradiated%20at%20SRS%20without%20incident.\" style=\"\" rel=\"noopener\">aluminum-uranium alloys and powder<\/a> used for nuclear reactor fuel elements. Deliveries are expected this year, Rosatom noted. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Rosatom kicked off construction on the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/52aa0e65-5b6f-4c84-aa49-70ac4152bb87\" style=\"\" rel=\"noopener\">fourth and final reactor<\/a> of the 4.8 GW Dabaa nuclear power plant in January. The company was contracted in 2015 to handle the construction and provide fuel for Dabaa and broke ground on the USD 28.75 bn project in July 2022. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DEBT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Kima is getting two loans for its nitric acid project:<\/strong> State-controlled Egyptian Chemical Industries (Kima) is getting a EGP 2 bn loan and a USD 200 mn loan to fund its nitric acid and ammonium nitrate project, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/02\/12\/1765241\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports, citing unnamed sources. The loans came from a banking syndicate including the National Bank of Egypt, Banque Misr, Bank du Caire, Arab African International Bank, Bank ABC, and Egyptian Arab Land Bank.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Refresher:<\/strong> Kima over the summer <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2ffa4509-4326-4177-bb87-b17ed8d17558\" style=\"\" rel=\"noopener\">awarded<\/a> Italy\u2019s Maire Tecnimont the contract to develop the project, whose total cost was estimated at USD 297 mn. The project will produce 600 tonnes of nitric acid and 665 tonnes of ammonium nitrate a day once operational.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Kima will break ground on the project in July<\/strong>, the construction process is expected to take three years, the sources said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DEVELOPMENT FINANCE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IFC wants to fund Hayah Karima projects:<\/strong> The International Finance Corporation (IFC) voiced its interest in funding private sector companies working to develop countryside villages under the Hayah Karima (Decent Life) initiative. This came during a meeting between an IFC delegation and International Cooperation Minister Rania Al Mashat, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid036hzXHTGbnL2FChAjCRHsBfJsyq3tbyz9HP2cFghePapzVNjS6vkDjTfRuaXTJaShl\" style=\"\" rel=\"noopener\">readout<\/a> from the ministry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">STARTUPS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tafweela goes online: <\/strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/tafweela\/\" style=\"\" rel=\"noopener\">Tafweela<\/a>, a fintech startup that allows businesses to monitor fleet vehicles payments, has officially launched its services, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/2\/1416.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>.The company aims to digitize payments made for fleet vehicles \u2014 estimated at EGP 300 bn a year \u2014 as 95% of them are made in cash, it said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FRA selected T\u00dcV Nord EGYPT, T\u00dcV Nord Cert, and the Egyptian Center of Organic Agriculture to take on the responsibility,<\/p>\n","protected":false},"author":1,"featured_media":615286,"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":[548,111,6369,72,494,759,256,7375],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-615285","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-abu-qir-fertilizers","tag-also-on-our-radar","tag-carbon-trading","tag-enterpriseam","tag-hayah-karima","tag-international-finance-corporation","tag-orascom-development-egypt","tag-safari-holding-group","wpautop","entry"],"acf":{"mongo_id":"dcf9ca1d-30b8-4476-ba9e-45f254c92e81","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/1504.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt takes steps towards launching Africa\u2019s first carbon market","related_issue":[615270],"teaser":"FRA selected T\u00dcV Nord EGYPT, T\u00dcV Nord Cert, and the Egyptian Center of Organic Agriculture to take on the responsibility,","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.b5fa0da2-44d5-46d9-a4ee-b8afc30dbdc2.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>FRA takes steps towards launching Africa\u2019s first carbon market. 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