{"id":636686,"date":"2024-08-05T00:00:00","date_gmt":"2024-08-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/05\/afdb-could-help-fund-our-1-1-gw-wind-farm-plus-news-from-ibn-sina-palm-hills-honor\/"},"modified":"2024-08-05T00:00:00","modified_gmt":"2024-08-05T00:00:00","slug":"afdb-could-help-fund-our-1-1-gw-wind-farm-plus-news-from-ibn-sina-palm-hills-honor","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/05\/afdb-could-help-fund-our-1-1-gw-wind-farm-plus-news-from-ibn-sina-palm-hills-honor\/","title":{"rendered":"AfDB could help fund our 1.1 GW wind farm. PLUS: News from Ibn Sina, Palm Hills, Honor"},"content":{"rendered":"<p class=\"tag-border-left\">RENEWABLES-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>AfDB mulls funding our 1.1 GW wind farm:<\/strong> The African Development Bank (AfDB) is considering financing the 1.1 GW wind farm in the Gulf of Suez being carried out by Saudi Arabia\u2019s ACWA Power and Hassan Allam Holding, according to environmental studies published on the <a target=\"_blank\" href=\"https:\/\/www.afdb.org\/en\/documents\/egypt-suez-wind-energy-boo-wind-power-plant-11-gw-p-eg-f00-014\" style=\"\" rel=\"noopener\">lender\u2019s website<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Refresher:<\/strong> The wind farm \u2014 the largest of its kind in the Middle East \u2014 has a price tag of USD 1.5 bn. According to documents released by the bank, construction on the project is expected to begin in 4Q 2024 and continue on for 30 months. The wind farm is slated to start commercial operations in late 2027 and is planned to run for 25 years. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A bit later than initially planned:<\/strong> Local news outlet Al Mal reported in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2853d3da-411c-443c-869a-de7e74e1b45e\" style=\"\" rel=\"noopener\">late 2023<\/a> that the companies would break ground on the project in early 2024, while ACWA Power <a target=\"_blank\" href=\"https:\/\/www.acwapower.com\/news\/acwa-power-led-consortium-comprising-hassan-allam-holding-signs-project-agreement-for-11gw-wind-project-in-egypt-worth-us15-billion\/\" style=\"\" rel=\"noopener\">said<\/a> the farm would be operational by the end of 2026.<\/p>\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>A gold SPAC: <\/strong>Gold investment firm <a target=\"_blank\" href=\"https:\/\/dahabmasr.com\/\" style=\"\" rel=\"noopener\">Dahab Masr<\/a> and fintech startup <a target=\"_blank\" href=\"https:\/\/www.bokra.com\/\" style=\"\" rel=\"noopener\">Bokra<\/a> are looking to launch their own SPAC \u2014 which <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ba2fa5a-4b7c-4884-ab6b-15221bf361a2\/egypt-could-soon-welcome-its-first%253cmark%253e-spac%253c%2Fmark%253e.-plus:-news-from-nrea,-raya,-new-jersey-developments\" style=\"\" rel=\"noopener\">could be Egypt\u2019s first<\/a> \u2014 which will target acquisitions of firms in the precious metals sector, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%aa%d8%b9%d8%a7%d9%88%d9%86-%d8%a8%d9%8a%d9%86-%d8%b0%d9%87%d8%a8-%d9%85%d8%b5%d8%b1-%d9%88%d8%a8%d9%83%d8%b1%d8%a9-%d9%84%d8%aa%d8%a3%d8%b3%d9%8a%d8%b3-spac\/\" style=\"\" rel=\"noopener\">Al Mal<\/a> reports, citing Dahab Masr CEO Fady Kamel. Work is underway to fulfill the Financial Regulatory Authority\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7946492b-f694-4575-aa6d-b101f64ed99e\" style=\"\" rel=\"noopener\">recently-updated SPAC regulations<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not Dahab Masr and Bokra\u2019s first link up: <\/strong>The two companies <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c8da2ce3-4b0e-4c39-a6e7-8e9d8246e761\/seic-to-conduct-due-diligence-on-cira-ahead-of-acquisition-plans.-plus:-news-from-tmg,-cleopatra,-and%253cmark%253e-bokra%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">in May<\/a> launched a platform \u2014 dubbed Bokra Dahab \u2014 that allows users in Egypt, UAE, and KSA to invest in precious metals.<\/p>\n<p class=\"tag-border-left\">MANUFACTURING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Honor could start manufacturing its phones locally:<\/strong> Chinese smartphone maker <a target=\"_blank\" href=\"https:\/\/www.honor.com\/global\/\" style=\"\" rel=\"noopener\">Honor<\/a> is reportedly considering setting up a factory to produce its devices in Egypt, with initial investment of USD 10 mn, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d9%87%d9%88%d9%86%d8%b1-%d8%aa%d8%af%d8%b1%d8%b3-%d8%a7%d8%b3%d8%aa%d8%ab%d9%85%d8%a7%d8%b1-10-%d9%85%d9%84%d8%a7%d9%8a%d9%8a%d9%86-%d8%af%d9%88%d9%84%d8%a7%d8%b1-%d9%81%d9%8a\/\" style=\"\" rel=\"noopener\">Al Mal<\/a> reports, citing unnamed industry insiders. The company is still in talks with the government over the location of the proposed project, which is expected to begin operations in 2025. Honor is currently conducting feasibility studies for setting up production facilities in Egypt, aiming for a local component ratio of up to 45%. The Chinese firm plans to capture a 10% market share of the local smartphone market and has plans to export part of its production. <\/p>\n<p class=\"tag-border-left\">REAL ESTATE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Palm Hills heads to KSA: <\/strong>Palm Hills Development has set up a Saudi branch and appointed <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a1695ea7-79b0-4aab-b609-1fdd706adb76\" style=\"\" rel=\"noopener\">SODIC\u2019s former managing director<\/a> Magued Sherif (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/magued-sherif-11823855\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) as its CEO, it said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/260.pdf\" style=\"\" rel=\"noopener\">EGX<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/260.pdf\" style=\"\" rel=\"noopener\">disclosure (pdf).<\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Other local developers have also made their way to the Kingdom<\/strong>, including real estate giant Talaat Moustafa Group (TMG), which in May launched a smart residential development in Riyadh. The project has <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/fde9b691-e919-4582-aed0-beb4f7f9e048\/\" style=\"\" rel=\"noopener\">hit SAR 3.3 bn in sales<\/a> since its launch.<\/p>\n<p class=\"tag-border-left\">SUBSIDIES-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gov\u2019t hikes subsidized wheat prices:<\/strong> The Supply Ministry has raised the price of wheat sold to mills for subsidized bread baking by about 20% to some EGP 13.8k per ton starting August, <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/economics\/50307\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%B1%D9%81%D8%B9-%D8%B3%D8%B9%D8%B1-%D8%A7%D9%84%D9%82%D9%85%D8%AD-%D8%A7%D9%84%D9%85%D8%AE%D8%B5%D8%B5-%D9%84%D8%A5%D9%86%D8%AA%D8%A7%D8%AC-%D8%A7%D9%84%D8%AE%D8%A8%D8%B2-%D8%A7%D9%84%D9%85%D8%AF%D8%B9%D9%88%D9%85\/?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=asharqbegy\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports, citing a government document. Mills have also increased the price of flour supplied to bakeries producing baladi bread by 35% to EGP 16k per ton. The price hikes will not affect the cost of subsidized bread, which will remain at <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e811dd85-332f-42a1-98ce-3d1b24f98627\/egypt-raises-the-price-of-subsidized-bread\" style=\"\" rel=\"noopener\">EGP 0.20 per loaf<\/a>, an unnamed government official told Asharq Business. The official added that the decision aims to \u201cregulate the wheat system in mills and bakeries.\u201d<\/p>\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>Ibn Sina Pharma denies pressure from creditors:<\/strong> Ibn Sina Pharma has refuted reports that it's under pressure from creditors to sell assets to settle overdue debt, it said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/233.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. The pharma distributor stated that its credit facilities from banks are \u201cproof of their confidence in the company's ability to repay.\u201d It clarified that these facilities, which are used to finance part of its working capital, have not yet matured.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>Local news media Al Shorouk reported on <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aa502c18-61d8-4c08-85c2-ddc1402eefe7\/\" style=\"\" rel=\"noopener\">Saturday<\/a> that Ibn Sina Pharma was planning to sell EGP 900 mn worth of assets to settle part of its outstanding debt, claiming that banks demanded that the company reduce its debt-to-equity ratio.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The wind farm is slated to start commercial operations in late 2027<\/p>\n","protected":false},"author":1,"featured_media":636687,"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":[1376,111,102,7106,72,119,7093,1414,131,354,151,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-636686","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-african-development-bank","tag-also-on-our-radar","tag-capital-markets","tag-debt","tag-enterpriseam","tag-financial-markets","tag-gold","tag-ibnsina-pharma","tag-manufacturing","tag-palm-hills-developments","tag-renewables","tag-subsidies","wpautop","entry"],"acf":{"mongo_id":"8b6adeb2-4542-420b-b461-22ebaca13fdb","order":"9","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/265.jpg","photo_position":"above","homepage_title":"","full_issue_title":"AfDB could help fund Egypt\u2019s 1.1 GW wind farm","related_issue":[636671],"teaser":"The wind farm is slated to start commercial operations in late 2027","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.4eafee37-3885-4939-a7ec-c5d4f5165896.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>AfDB could help fund our 1.1 GW wind farm. PLUS: News from Ibn Sina, Palm Hills, Honor - 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\/08\/05\/afdb-could-help-fund-our-1-1-gw-wind-farm-plus-news-from-ibn-sina-palm-hills-honor\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AfDB could help fund our 1.1 GW wind farm. 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