{"id":644125,"date":"2024-09-20T00:00:00","date_gmt":"2024-09-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/20\/govt-in-talks-for-new-usd-10-15-bn-of-saudi-investments\/"},"modified":"2024-09-20T00:00:00","modified_gmt":"2024-09-20T00:00:00","slug":"govt-in-talks-for-new-usd-10-15-bn-of-saudi-investments","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/20\/govt-in-talks-for-new-usd-10-15-bn-of-saudi-investments\/","title":{"rendered":"Gov\u2019t in talks for new USD 10-15 bn of Saudi investments"},"content":{"rendered":"

Good morning, friends, and happy Friday. <\/strong>Autumn is almost here but the fall chill hasn\u2019t arrived yet. Regardless, we wish you a fantastic weekend filled with family and friends.<\/p>\n

LAST WEEK IN 3 MINS-<\/p>\n

INVESTMENT-<\/strong><\/p>\n

#1- Saudi Arabia is investing big in Egypt:<\/strong> Saudi Crown Prince Mohammed bin Salman announced that he has directed Saudi\u2019s Public Investment Fund to pump USD 5 bn in investments into Egypt<\/a> as part of the \u201cfirst phase\u201d of a larger program of investment. Prime Minister Moustafa Madbouly clarified yesterday that the new investment will not be funded through the kingdom\u2019s deposits at the Central Bank of Egypt. <\/p>\n

That\u2019s not all: <\/strong>Madbouly\u2019s government is also in talks with major private-sector companies in Saudi to invest USD 10-15 bn in Egypt in different sectors, including renewable energy and seawater desalination, the PM said in a press conference yesterday.<\/p>\n

Madbouly <\/strong>was in Riyadh<\/a><\/strong> on Sunday<\/strong> alongside Finance Minister Ahmed Kouchouk and Investment Minister Hassan El Khatib for talks with their Saudi counterparts aimed at strengthening trade and investment between the two countries. <\/p>\n

#2- Egypt prepares Ras Banas for Ras El Hekma-esque investment plan:<\/strong> The Madbouly government is in the process of drafting an investment plan to offer the Red Sea\u2019s Ras Banas to private sector players<\/a> in a transaction similar to ADQ\u2019s Ras El Hekma USD 35 bn agreement<\/a>.<\/p>\n

ENERGY<\/strong>-<\/strong><\/p>\n

#1- No return to power cuts: <\/strong>Although many of us have been expecting power outages to return this week, the Prime Minister said yesterday that his government has secured enough fuel to feed the power plants, confirming that \"the electricity will not be cut off again... and there will be no more load shedding.\"<\/p>\n

#2- More LNG shipments secured:<\/strong> The government has bought 20 cargoes of LNG for some<\/a>USD 907 mn<\/a> to cover domestic needs between October and December. The Egyptian General Petroleum Corporation (EGPC) awarded the tender under a six-month deferred payment plan.<\/p>\n

#3- Gas cylinders just got more expensive:<\/strong> The government has hiked t<\/a>he prices<\/a>of butane<\/a>gas cylinders<\/a> as part of efforts to rationalize subsidies for fuel. The price of 12.5 kg household cylinders has gone up 50% to EGP 150, while the price of 25 kg cylinders for commercial use has increased 33.3% to EGP 200.<\/p>\n

#4- Gov\u2019t mulls hiking gas prices for factories:<\/strong> The government has been conducting studies about increasing the price of natural gas supplies for the country\u2019s industrial sector since July. A government source we spoke to told us that we can expect natural gas prices to see a 6-8% increase. <\/p>\n

\n

WHAT\u2019S HAPPENING NEXT WEEK-<\/p>\n

We\u2019re now only four days away from this year\u2019s EnterpriseAM Finance Forum<\/strong>, taking place on Tuesday, 24 September.<\/p>\n

Headlining the EnterpriseAM Finance Forum this year is Investment Minister Hassan El<\/strong> Khatib<\/strong>, who\u2019s joining us to outline a vision for where we\u2019re going as a community and as an economy. The keynote interview will get underway at 9am sharp, and you won\u2019t want to miss our exclusive networking breakfast from 8am.<\/p>\n

Among the topics on the agenda<\/strong>, which you can view here<\/a>:<\/p>\n