{"id":618537,"date":"2024-04-16T00:00:00","date_gmt":"2024-04-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/16\/bidding-for-the-second-half-of-the-zafarana-wind-farm-to-open-in-2h-2024\/"},"modified":"2024-04-16T00:00:00","modified_gmt":"2024-04-16T00:00:00","slug":"bidding-for-the-second-half-of-the-zafarana-wind-farm-to-open-in-2h-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/16\/bidding-for-the-second-half-of-the-zafarana-wind-farm-to-open-in-2h-2024\/","title":{"rendered":"Bidding for the second half of the Zafarana wind farm to open in 2H 2024"},"content":{"rendered":"

Good morning, friends. <\/strong>In today\u2019s issue, we\u2019ve got news of the World Bank downgrading our growth forecast for the current fiscal year, the CBE raising daily withdrawal limits, unconfirmed reports that the government is gearing up to offer up and sell the other half of the Zafarana wind farm by end of this year, and much more for you to read through this morning. <\/p>\n

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?<\/strong><\/p>\n

** Were you forwarded this email? <\/strong>Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge. <\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> Bidding for the second half of Zafarana could open this year: <\/strong>The New and Renewable Energy Authority and the Sovereign Fund of Egypt are planning to open up bidding for the second half of the Zafarana wind farm in the latter half of the year, unnamed sources told Al Borsa<\/a>. Several companies have reportedly already expressed interest in submitting bids and the winning bid will be chosen before the end of the year, the sources added.<\/p>\n

Remember:<\/strong> It looks like the sale of the first half of Zafarana could be wrapping soon, as shipping giant Maersk has reportedly<\/a> begun due diligence for the 545-MW wind farm in February ahead of submitting a final offer.<\/p>\n

PSA-<\/p>\n

WEATHER- <\/strong>It\u2019s another summery day in Cairo today, with a high of 31\u00b0C and a low of 19\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s much the same in Alexandria<\/strong>, with a high of 30\u00b0C and a low of 18\u00b0C.<\/p>\n

HAPPENING TODAY-<\/p>\n

<\/a> It\u2019s day two of the <\/strong>IMF and World Bank spring meetings<\/a> <\/strong>and Finance Minister Mohamed Maait will take the stage to discuss the country\u2019s \u201crecent policy experience following a series of external shocks.\u201d Titled Egypt: Lessons in Restoring Macroeconomic Stability<\/a>, the talk will see Maait hold a one-on-one conversation with the IMF\u2019s Middle East and Central Asia head Jihad Azour.<\/p>\n

Go deeper:<\/strong> Check out the full schedule for the gathering \u2014 which kicked off in Washington yesterday and runs through 20 April \u2014 here<\/a>.<\/p>\n

Also to look out for: <\/strong>The IMF will release its Outlook and part of its Global Financial Stability report today and its fiscal monitor tomorrow.<\/p>\n

And on Maait\u2019s Washington schedule: <\/strong>Maait is also attending the World Bank\u2019s three-day annual health financing forum<\/a> that wraps up tomorrow and the G20 finance ministers\u2019 meeting<\/a> running tomorrow and Thursday, according to a statement<\/a> from the Finance Ministry.<\/p>\n

EGP WATCH-<\/p>\n

<\/a> EGP weakens against the greenback on the first day back after Eid break: <\/strong>The EGP fell 1.6% to around 48.30 against the USD yesterday.<\/p>\n

In perspective: <\/strong>After falling<\/a> to around EGP 50 against the greenback after the float of the EGP in March, the national currency has been steadily gaining against the USD. Even with the USD gaining occasionally on the pound in recent weeks, the EGP is still up nearly 3.5% against the USD since the float and a far cry away from pre-float highs of up to EGP 70 against the USD on the now-defunct parallel market.<\/p>\n

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FACT CHECK- <\/p>\n

No, the Roads and Bridges Authority has not taken on the role of transport<\/strong> minister:<\/strong> The Transport Ministry has shot down rumors circulating in local media yesterday that the chairman of the General Authority for Roads and Bridges was granted the same power and responsibilities as the transport minister, in a statement<\/a> released yesterday. A recent ministerial decision only authorizes the authority to remove encroachments on its properties and land, the statement clarified.<\/p>\n

CIRCLE YOUR CALENDAR- <\/p>\n

#1- Attention, culture vultures: <\/strong>The AUC\u2019s Tahrir CultureFest<\/a> \u2014 held at AUC Tahrir Square<\/a> from Wednesday to Monday \u2014 is a celebration of the Cairene spirit. Panel discussions about Cairo\u2019s history, people, and evolving culture will kick off the festival, and will be accompanied by live music, a book bazaar, a local market, and art exhibitions. Register for the event here<\/a>.<\/p>\n

<\/a> #2- Prepare to turn your clocks an hour forward: <\/strong>Daylight saving time starts on Friday, 26April. You\u2019ll be losing an hour\u2019s sleep as clocks jump forward one hour until the final Thursday of October.<\/p>\n

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

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

Israel\u2019s senior military officer signaled yesterday that \u201cmissiles into the territory of the <\/strong>State of Israel will be met with a response.\u201d <\/strong>Herzi Halevi was speaking in a carefully choreographed set piece, standing in front of an F-35 fighter jet on one of the air bases Iran had targeted in the Sunday missile and drone attack.<\/p>\n

WHERE WE STAND NOW: Officials in the Arab world and the West are still working <\/strong>overtime to try to tamp things down<\/strong>, with the United States, the European Union, Germany, France, and the UK all urging Israel to hold back. (FT<\/a> | WSJ<\/a> | NYT<\/a> | Politico<\/a>)<\/p>\n

The tone abroad: <\/strong>A dangerous turning point in the Middle East<\/a> (FT)<\/p>\n

<\/a> Regional markets were mixed as traders took things in stride: <\/strong>The EGX was up nearly 4%, while the Tadawul and ADX were up slightly and the DFM was largely flat. <\/p>\n

US markets reacted much as <\/strong>Mohamed El Erian suggested<\/a><\/strong> they would<\/strong>, with major benchmarks sagging at the closing bell. Traders of European equities took things with a bit more equanimity as major benchmarks closed up or little changed yesterday. Oil and gold were up a little bit in overnight trading. <\/p>\n

The EnterpriseAM Hyperbole Award\u2122: <\/strong>\u201cWe\u2019re now in the prelude to World War III precisely when humanity should rebuild its economy towards the rapid goal of decarbonization.\u201d CNBC<\/a> used the \u201cprelude to World War III\u201d bit in its front-page coverage of sentiment.<\/p>\n

Other headlines worth knowing about:<\/strong><\/p>\n