{"id":639593,"date":"2024-08-12T00:00:00","date_gmt":"2024-08-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/12\/polaris-parks-is-set-to-invest-egp-5-bn-in-new-industrial-complexes-plus-news-from-saudi-drilling-exploration-jade-textile-eehc\/"},"modified":"2024-08-12T00:00:00","modified_gmt":"2024-08-12T00:00:00","slug":"polaris-parks-is-set-to-invest-egp-5-bn-in-new-industrial-complexes-plus-news-from-saudi-drilling-exploration-jade-textile-eehc","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/12\/polaris-parks-is-set-to-invest-egp-5-bn-in-new-industrial-complexes-plus-news-from-saudi-drilling-exploration-jade-textile-eehc\/","title":{"rendered":"Polaris Parks is set to invest EGP 5 bn in new industrial complexes. PLUS: News from Saudi Drilling & Exploration, Jade Textile, EEHC"},"content":{"rendered":"

\n

INDUSTRY-<\/p>\n

Polaris Parks wants to set up new industrial complexes:<\/strong> Industrial real estate developer Polaris Parks has plans to invest EGP 5 bn in the local market to set up five industrial complexes in Obour, Tenth of Ramadan, Badr City, New Cairo, and Sadat City, General Manager Bassel Shoirah told Al<\/a>Mal<\/a>. The company has sent in requests for new land plots ranging between 1-4 mn sqm to the Transport and Industry Ministry <\/p>\n

(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

Remember: <\/strong>Polaris was among four industrial developers that received land<\/a> for new industrial zones from the New Urban Communities Authority in New 6 October City in May.<\/p>\n

\n

ENERGY-<\/p>\n

Ten<\/strong> LNG shipments and counting:<\/strong> The Oil Ministry received 10 out of 21 contracted<\/a>liquified natural gas (LNG) shipments<\/a> as of last week, Al Arabiya<\/a> reports, citing an unnamed government official. The official also told the news outlet that the ministry is set to receive another 3-4 LNG shipments within the coming two weeks.<\/p>\n

Remember:<\/strong> The government is reportedly planning to import up to 17 shipments<\/a> of LNG in 4Q 2024 to ensure the lights stay on after an extended period of power cuts.<\/p>\n

\n

MINING-<\/p>\n

Saudi Drilling & Exploration could soon enter the Egyptian market: <\/strong>One of the biggest mine exploration drilling companies in Saudi Arabia Drilling & Exploration<\/a>Company<\/a> could soon ink an agreement with an undisclosed Egyptian private sector player holding two gold exploration concessions in the Eastern Desert, the company's technical advisor Salah Bader told Al Mal<\/a>. Under the pending agreement, the Saudi firm will provide drilling and prospecting services as well as geological and technical consulting. This would mark the Saudi firm's first venture into the Egyptian market.<\/p>\n

More in the pipeline?<\/strong> The company has received several offers from entities investing in gold and mineral exploration projects locally and is currently evaluating them, Bader said. <\/p>\n

\n

RENEWABLES-<\/p>\n

#1- NREA allocates land for renewables plants: <\/strong>The New and Renewable Energy Authority (NREA) has allocated land plots spanning 31k km for investors looking to set up renewable energy projects, Al Mal<\/a> reports, citing unnamed Electricity Ministry sources. The total renewable energy expected from these projects is estimated at 113 GW \u2014 most of which will be generated from green hydrogen, namely from projects that first saw the light during COP27 in 2022<\/a>. <\/p>\n

Who and where?<\/strong> Orascom Construction, the UAE\u2019s Masdar and Al Nowais, Saudi Arabia\u2019s ACWA Power, and Norway\u2019s Scatec are all on the list of investors in line for plots. The largest portion of the land is located in Sohag and Aswan, the sources told Al Mal.<\/p>\n

\n

\n

#2- Jade Textile wants to set up USD 1.5 mn solar power station:<\/strong> Turkey\u2019s Jade Textile has contracted an unnamed Gulf-based consultant to establish a solar power station for its factory in Tenth of Ramadan, with investments of around USD 1.5 mn, Corporate Communication Country Manager Moataz Abu Baker told Al Borsa<\/a>. The station will have a capacity of 1.6k kw\/h, providing 30% of the factory\u2019s electricity consumption. The company has inked an agreement with the Arab African International Bank that will see the bank partially finance the construction of the plant. <\/p>\n

\n

BANKING-<\/p>\n

CBE reminds local banks to allow non-residing foreigners to open accounts:<\/strong> The Central Bank of Egypt (CBE) has instructed local banks to allow non-residing foreigners to open accounts, reiterating that there are no restrictions on doing so as long as normal regulations are followed. \u201cThere is nothing preventing the opening of accounts for foreign clients who are not residents of Egypt,\u201d the CBE said in a circular (pdf)<\/a> last week. <\/p>\n

In context:<\/strong> The clarification follows complaints from foreign customers who were denied access to banking services, a situation the CBE warned could harm the reputation of local banks and encourage transactions outside the formal banking sector.<\/p>\n

\n

REAL ESTATE-<\/p>\n

HDP launches EGP 10 bn project in West Cairo:<\/strong> Housing and Development<\/a>Properties<\/a> (HDP) \u2014 the real estate development arm of the Housing and Development Bank \u2014 yesterday launched<\/a> Club Hills Residence, an EGP 10 bn residential development in Sixth of October city. The project offers<\/a> a range of residential units including apartments, duplexes, townhouses, and penthouses. <\/p>\n

Four more projects in the pipeline:<\/strong> HDP is looking into setting up four real estate projects in East and West Cairo as well as the North Coast, Hapi Journal<\/a> reports. <\/p>\n

\n

DEBT-<\/p>\n

Who provided EEHC with its EGP 51 bn financing package?<\/strong> The EGP 51 bn financing package secured by the Egyptian Electricity Holding Company (EEHC) last month to pay off its debt to the government is being supplied by five local banks \u2014 the National Bank of Egypt, Banque Misr, Banque du Caire, CIB, and the Arab African International Bank, Hapi Journal<\/a> reports, citing sources it says have knowledge of the matter.<\/p>\n

The terms: <\/strong>While the package is not a joint loan, the financing terms are uniform across all five tranches \u2014 with the exception of interest rates, which go up to 0.75 percentage points above the corridor rate. The loans are guaranteed by the Finance Ministry and come with a five-year term.<\/p>\n

Background: <\/strong>The Electricity Ministry last month said<\/a> that EEHC had secured nearly EGP 51 bn in financing to partially settle the debts of the Egyptian General Petroleum Corporation, enabling the petroleum sector to supply the necessary fuel for power stations.<\/p>\n

\n

INVESTMENT-<\/p>\n

A rubber-recycling factory:<\/strong> Rubber manufacturer Hoppec<\/a> plans to set up an EGP 100 mn rubber-recycling factory in Sadat City\u2019s industrial zone, Al Borsa<\/a> reports, citing CEO Ehab El Saka. The recycled rubber will go into the production of automotive components. <\/p>\n","protected":false},"excerpt":{"rendered":"

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