{"id":626270,"date":"2024-06-27T00:00:00","date_gmt":"2024-06-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/27\/el-gouna-becomes-egypts-largest-operator-of-private-marinas-plus-vortex-energy-portfolio-company-ignis-energia-kkr-to-produce-green-hydrogen-ammonia\/"},"modified":"2024-06-27T00:00:00","modified_gmt":"2024-06-27T00:00:00","slug":"el-gouna-becomes-egypts-largest-operator-of-private-marinas-plus-vortex-energy-portfolio-company-ignis-energia-kkr-to-produce-green-hydrogen-ammonia","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/27\/el-gouna-becomes-egypts-largest-operator-of-private-marinas-plus-vortex-energy-portfolio-company-ignis-energia-kkr-to-produce-green-hydrogen-ammonia\/","title":{"rendered":"El Gouna becomes Egypt\u2019s largest operator of private marinas. PLUS: Vortex Energy portfolio company Ignis Energia + KKR to produce green hydrogen, ammonia"},"content":{"rendered":"<p class=\"tag-border-left\">HOSPITALITY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>State\u2019s plan to boost yacht tourism gets a push: <\/strong>El Gouna has opened its new 80 yacht-capacity Fanadir Marina, bringing the city\u2019s total yacht capacity to 680 and making El Gouna \u201cthe largest operator of private marinas in Egypt,\u201d El Gouna CEO Mohamed Amer said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1715.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Yacht tourism can bring in much-needed foreign currency, considering that it\u2019s wealthy individuals who own or have access to yachts. The daily spend of those visiting Egypt via yachts is 94% more than the average tourist, former Tourism Minister Khaled El Anany <a target=\"_blank\" href=\"https:\/\/gate.ahram.org.eg\/News\/2885748.aspx\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/gate.ahram.org.eg\/News\/2885748.aspx\" style=\"\" rel=\"noopener\">previously said<\/a>. Yacht tourism provides a great window to double the tourism spending of those visiting from the Gulf, tourism industry sources previously told us. Half of global nautical tourism is concentrated in the Mediterranean alone, which draws in over 30k yachts a year, according to the <a target=\"_blank\" href=\"https:\/\/www.sis.gov.eg\/Story\/115749\/%D8%B3%D9%8A%D8%A7%D8%AD%D8%A9-%D8%A7%D9%84%D9%8A%D8%AE%D9%88%D8%AA?lang=ar\" style=\"\" rel=\"noopener\">State Information Service<\/a>. European countries overlooking the Mediterranean are currently dominating the yacht tourism sector, attracting an annual USD 150 bn from the sector. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** We took a deep dive into the state\u2019s efforts to turn Egypt into a yacht tourism<\/strong><strong> destination <\/strong>in a Hardhat <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/54f273c2-39d4-4c3e-b02c-f28fcf9b377c\/with-an-eye-to-attract-more%253cmark%253e-tourism%253c%2Fmark%253e,-egypt-is-making-it-easier-for%253cmark%253e-yacht%253c%2Fmark%253e-owners-to-visit\" style=\"\" rel=\"noopener\">here<\/a> that we published last year.<\/p>\n<p class=\"tag-border-left\">ENERGY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"background-color: transparent; font-weight: 600;\">Vortex Energy portfolio company Ignis to produce green hydrogen, ammonia&nbsp;<\/span><span style=\"background-color: transparent; font-weight: 600;\">with KKR:<\/span>&nbsp;Spanish renewables developer <a target=\"_blank\" href=\"https:\/\/ignis.es\/en\/\" style=\"\" rel=\"noopener\">Ignis Energia<\/a> \u2014 in which EFG Hermes\u2019 energy investment platform <a target=\"_blank\" href=\"https:\/\/www.vortexenergy.ae\/\" style=\"\" rel=\"noopener\">Vortex Energy<\/a> owns an equity stake <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/65a8fe4f-1dec-49a2-b755-187b7dec50cc\" style=\"\" rel=\"noopener\">since 2021<\/a> \u2014 has inked a strategic partnership agreement with private equity giant <a target=\"_blank\" href=\"https:\/\/www.kkr.com\/\" style=\"\" rel=\"noopener\">KKR<\/a> to launch a new platform to produce green hydrogen and green ammonia to power power energy-intensive industrial sectors in Spain and other countries, according to a <a target=\"_blank\" href=\"https:\/\/www.cliffordchance.com\/news\/news\/2024\/06\/clifford-chance-advises-ignis-on-a-partnership-with-kkr-to-devel.html\" style=\"\" rel=\"noopener\">statement<\/a> from Ignis\u2019 advisor on the agreement Clifford Chance. Under the agreement, the platform dubbed Ignis P2X will be owned evenly by Ignis and KKR, with the latter providing EUR 400 mn to develop future renewable energy projects.<\/p>\n<p class=\"tag-border-left\">LEGISLATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It looks like we may soon be a member of the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.fedagroup.org\/\" style=\"\" rel=\"noopener\">Fund for Export Development in<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.fedagroup.org\/\" style=\"\" rel=\"noopener\">Africa<\/a><\/strong> after MPs in the House yesterday greenlit a proposal for Egypt to join as a member. Budget Committee head Fakhri El Fiqi said that the agreement will help the country double its trade with the continent as a whole and boost exports to other African countries.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A USD 47 mn extension to a USAID rural development grant was also approved<\/strong>, pushing the grant\u2019s total value to USD 172 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The House also passed amendments to the law regulating the performance of economic<\/strong><strong> courts<\/strong>, proposed to fast-track settling economic disputes. MPs also given their final approval to amendments to the Civil and Commercial Procedures Law, which allow first instance and primary courts to handle larger cases. The changes were designed to better align with recent economic developments and currency fluctuations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The daily spend of those visiting Egypt via yachts is 94% more than the average tourist<\/p>\n","protected":false},"author":1,"featured_media":626271,"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":[111,84,257,72,254,955,8663,187,151,238,1589],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-626270","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-efg-hermes","tag-el-gouna","tag-enterpriseam","tag-green-hydrogen","tag-hospitality","tag-ignis-energia","tag-legislation-watch","tag-renewables","tag-tourism","tag-vortex-energy","wpautop","entry"],"acf":{"mongo_id":"f227a930-8c3c-4cb7-8a14-1aea676a665f","order":"14","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/1761.jpg","photo_position":"above","homepage_title":"","full_issue_title":"El Gouna becomes Egypt\u2019s largest operator of private marinas. PLUS: Vortex Energy portfolio company Ignis Energia + KKR to produce green hydrogen, ammonia","related_issue":[626246],"teaser":"The daily spend of those visiting Egypt via yachts is 94% more than the average tourist","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.701e1a0d-d577-4558-bd8d-1efd5550dfef.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>El Gouna becomes Egypt\u2019s largest operator of private marinas. 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