{"id":623940,"date":"2024-06-13T00:00:00","date_gmt":"2024-06-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/13\/chips-and-solar-panels-made-in-egypt\/"},"modified":"2024-06-13T00:00:00","modified_gmt":"2024-06-13T00:00:00","slug":"chips-and-solar-panels-made-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/13\/chips-and-solar-panels-made-in-egypt\/","title":{"rendered":"Chips and solar panels made in Egypt?"},"content":{"rendered":"

Good morning, <\/strong>wonderful people. <\/strong>In our last issue before most of us take the whole of next week off \u2014 EnterpriseAM Egypt included \u2014 we\u2019ve got news more port investment news than you can shake a stick at, the World Bank\u2019s first growth forecast for Egypt in the fiscal year ending 2026, a rundown of everything you need to know about the EGX\u2019s new shariah-compliant index, and much more. So one last time before the Eid El Adha break, let\u2019s jump right into it. <\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> Egypt to become an electronic chip and solar cell manufacturing hub? <\/strong>The Madbouly government will launch a tender to select an international consultant who will be tasked with developing a strategy to localize the manufacturing of chips and PV cells, according to a cabinet statement<\/a>. While the statement didn\u2019t give a date of when we can expect the consultant to be selected, the cabinet received the greenlight to begin the procedures to launch the tender. <\/p>\n

Read more: <\/strong>Earlier this week, we published a Going Green<\/a> diving into why Egypt should double down on manufacturing solar panels.<\/p>\n

PSA-<\/p>\n

WEATHER- The temperature is creeping up to the 40s again in Cairo,<\/strong> with a high of 40\u00b0C and a low of 27\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s more bearable in Alexandria<\/strong>, with a high of 35\u00b0C and a low of 24\u00b0C.<\/p>\n

And expect a scorching weekend, <\/strong>with highs reaching 42-43\u00b0C in the capital and 35-36\u00b0C in Alexandria and Sahel, before cooling throughout the week.<\/p>\n

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

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

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

DEBT WATCH-<\/p>\n

<\/a> Returning trapped funds to airlines: <\/strong>The Madbouly government has paid back some USD 400 mn worth of funds blocked from repatriation to airlines operating across Egyptian airports, Al<\/a><\/a>Mal<\/a> quotes International Air Transport Association (IATA) Regional Vice President of MEA Kamil Al Awadhi as saying. The float of the EGP put airports under pressure and made them unable to give airlines their revenues from ticket sales and other activities. <\/p>\n

The bigger picture: <\/strong>The association reported a global 28% dip<\/a> in the amount of funds blocked from repatriation by governments between December 2023 to April 2024 to USD 1.8 bn, driven by \u201csignificant clearance of funds blocked\u201d in Nigeria and Egypt. <\/p>\n

DATA POINT- <\/p>\n

<\/a> #1- <\/strong>FDI rose at its quickest pace in 15 years this fiscal year<\/strong>, increasing 12.3% y-o-y to USD 10.0 bn, General Authority for Investment and Freezones Hossam Heiba said<\/a> at the New Development Bank seminar<\/a> at the new capital this week.<\/p>\n

\n

#2- Foreign investment in local debt jumped by USD 23 bn in the month of the EGP float<\/strong>, with Egyptian debt held by foreigners reaching EGP 1.5 tn by the end of the month, up form EGP 421 bn, Asharq Business<\/a> reports, citing data from the Central Bank of Egypt.<\/p>\n

CIRCLE YOUR CALENDAR-<\/p>\n

<\/a> Another gold fund to hit the market in under two weeks:<\/strong> Al Ahly Financial<\/a>Investments Management<\/a> is launching its new gold investment fund on Monday 24 June, after securing the Financial Regulatory Authority\u2019s approval, Head of Business Development Hanan Wagdy told Al Borsa<\/a>. The fund will issue a total of 100k investment certificates, each priced at up to EGP 100, Wagdy added.<\/p>\n

<\/a> Railway station connecting Upper Egypt and the capital to launch in July:<\/strong> The new EGP 3.5 bn<\/a> Upper Egypt Railway Station in Giza\u2019s Bashteel will begin operations next month, Asharq Business<\/a> writes, citing Transport Minister Kamel El Wazir.<\/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

CORRECTION: <\/strong>In yesterday\u2019s issue we incorrectly said that GB Auto subsidiary Itamco is already assembling Indian Bajaj\u2019s Qutes in Egypt. Itamco has an agreement with Bajaj, but it does not involve assembly. The story<\/a> has since been amended on our website. <\/p>\n

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

Steady as she goes says the Fed<\/strong>, who yesterday kept interest rates unchanged<\/a> and forecasted only one cut to come this year in the ongoing will they, won\u2019t they interest rate cut saga occupying central banks across the globe. Despite encouraging inflation data (pdf)<\/a> for May also released yesterday being \u201ca step in the right direction \u2026 you don\u2019t want to be too motivated by any single data point,\u201d said Fed chief Jerome Powell (watch, runtime: 1:02:04<\/a>).<\/p>\n

It seems that Wall Street didn\u2019t get the Fed\u2019s hawkish memo<\/strong>, with the S&P 500 and Nasdaq both hitting all-time highs, while the Dow slipped 0.1%. With inflation falling faster than forecasts, many traders aren\u2019t buying<\/a> the Fed\u2019s hawkish tone and are pricing two cuts by the end of the year.<\/p>\n

WHILE IN OUR PART OF THE WORLD- Hamas has rejected US claims it has obstructed<\/strong> its ceasefire plan with proposed changes<\/strong>, with officials from the organization taking to the airwaves<\/a> to argue that Israel has instead been the one refusing to agree to an end to hostilities. Despite claims<\/a> by US State Secretary Antony Blinken that Israel has accepted the ceasefire plan \u201cas it was, as it is,\u201d Israeli PM Netanyahu has repeatedly insisted<\/a> that he will not end the war before destroying Hamas.<\/p>\n

IN ENERGY MARKETS- We\u2019re going to have a <\/strong>\u201cstaggering\u201d<\/a><\/strong> glut of oil by 2030<\/strong> say the International Energy Agency that will make it a whole lot harder for Opec+ to control prices when there\u2019s 8 mn bdp in spare capacity sloshing around.<\/p>\n

AND IN TARIFF NEWS- Chinese EVs are getting hit by a fresh raft of tariffs from the EU <\/strong>as the bloc adds more fuel to a trade war with China by imposing tariffs of up to 38.1% \u2014 depending on the maker \u2014 on imports of Chinese EVs on top of a pre-existing 10% levy.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, wonderful people. In our last issue before most of us take the whole of next week off \u2014 EnterpriseAM Egypt included \u2014 we\u2019ve got news more port investment news than you can shake a stick at, the World Bank\u2019s first growth forecast for Egypt in the fiscal year ending 2026, a rundown of […]<\/p>\n","protected":false},"author":1,"featured_media":623941,"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":[7204],"tags":[72,131,7234,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-623940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-manufacturing","tag-solar-power","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"137aeaa9-e6d4-4c60-a09e-c86b54e93740","order":"2","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/4\/683.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Chips and solar panels made in Egypt?","related_issue":[623938],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.8a6420ad-a2a4-4bee-90a9-232e8b45645a.mp3"},"yoast_head":"\nChips and solar panels made in Egypt? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/13\/chips-and-solar-panels-made-in-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chips and solar panels made in Egypt?\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people. 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A Chinese partner will reportedly be contracted in 1H2020 to build two facilities to produce solar panels with a combined annual capacity of 5 GW in Aswan and Zaafarana, government sources told the press. 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