{"id":654668,"date":"2024-11-06T00:00:00","date_gmt":"2024-11-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/06\/egypt-wants-to-attract-usd-4-bn-in-renewable-investments-next-year\/"},"modified":"2024-11-06T00:00:00","modified_gmt":"2024-11-06T00:00:00","slug":"egypt-wants-to-attract-usd-4-bn-in-renewable-investments-next-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/06\/egypt-wants-to-attract-usd-4-bn-in-renewable-investments-next-year\/","title":{"rendered":"Egypt wants to attract USD 4 bn in renewable investments next year"},"content":{"rendered":"

Good m<\/strong>orning, all. <\/strong>We have a busy issue for you this morning as we sit tight awaiting the results of the US presidential race. <\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- Egypt eyes USD 4 bn in renewable investments next year:<\/strong> The Madbouly government is looking to attract some USD 4 bn in foreign investments in the country\u2019s renewable energy sector next year, Al Arabiya<\/a> reports, citing unnamed government sources. The government\u2019s plan has been presented to firms from countries that include Japan, France, China, Germany, Italy, Spain, and the US, with meetings set to take place with company representatives before year-end, the publication reports.<\/p>\n

The gov\u2019t is keen on private sector-led investment in the sector:<\/strong> Sources at the Electricity Ministry previously told<\/a> EnterpriseAM that expanding the country\u2019s renewable energy profile and encouraging private sector investment in the sector is at the top of its list of priorities for the coming period. The government sees renewable energy making up 18.6% of Egypt\u2019s total energy mix<\/a> by FY 2026-27, up from 11.5% during the past fiscal year.<\/p>\n

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<\/a> #2- SCZone plans USD 3 bn infrastructure investment:<\/strong> The Suez Canal Economic Zone (SCZone) plans to invest USD 3 bn on infrastructure projects over the coming few years as it looks to attract investors, SCZone head Walid Gamal El Din told Al Arabiya<\/a>. The investment will mirror the USD 3 bn invested over the past few years. <\/p>\n

Among the new projects: A desalination plant:<\/strong> The authority is developing a new desalination facility in AIn Sokhna dedicated to shared utilities for green hydrogen project, Gamal El Din said. The first phase of the project will produce around 250k cubic meters per day. The authority will soon launch a tender for the project and construction should take 2-4 years.<\/p>\n

IN THE HOUSE- <\/p>\n

<\/a> #1- MPs approve amendments to tax dispute resolution: <\/strong>The House of Representatives approved a government-drafted bill to extend the window<\/a> for settling tax disputes until 30 June 2025, with Parliamentary Affairs Minister Mahmoud Fawzy adding that the government could extend the deadline further if necessary. The law will now head to President Abdel Fattah El Sisi for ratification. <\/p>\n

#2- Kouchouk outlines Finance Ministry priorities: <\/strong>Finance Minister Ahmed Kouchouk presented his ministry\u2019s priorities until 2030 to MPs, including building trust between the Tax Authority and business community, enforcing fiscal discipline, reducing the public debt \u2014 pushing the debt-to-GDP ratio to 85% this fiscal year \u2014 and supporting the social safety net. <\/p>\n

Cleaner drive ahead<\/strong>?<\/strong> Kouchouk also told MPs that the government is currently looking into a new initiative that aims to replace gasoline-fired car engines with electric motors or dual-fuel engines that primarily use natural gas.<\/p>\n

#3- Preliminary approval of the draft <\/strong>Criminal Procedures Law<\/a><\/strong> has been delayed <\/strong>to allow more MPs to discuss and contribute to the bill. The House will reconvene on 17 November to continue discussions.<\/p>\n

HAPPENING TODAY- <\/p>\n

<\/a> It\u2019s day three of the World Urban Forum: <\/strong>The UN\u2019s World Urban Forum \u2014 which kicked off Monday and will run until Friday in Cairo \u2014 is entering its third day today, with the Egyptian government co-sponsored event featuring discussions and workshops aimed at reshaping urban policies and fostering sustainable, inclusive cities for the future. Check out today\u2019s agenda<\/a> via the link available on the event\u2019s official website.<\/p>\n

Day two of the forum saw Planning, Economic Development, and International <\/strong>Cooperation Minister Rania Al Mashat<\/strong> discussing Egyptian-German cooperation with parliamentary state secretary for Germany\u2019s Economic Cooperation and Development Ministry Niels Annen during the inauguration of Germany\u2019s pavilion, according to a ministry statement<\/a>. The two sides are scheduled to meet at the end of November in Berlin to identify priority projects for fiscal years 2024-26.<\/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

PSA- <\/p>\n

WEATHER- It\u2019s another cool day in Cairo<\/strong>, with a high of 26\u00b0C and a low of 18\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s almost as cold in Alexandria<\/strong>, with a high of 25\u00b0C and a low of 20\u00b0C.<\/p>\n

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

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

DEBT WATCH-<\/p>\n

<\/a> CBE sells more than EUR 600 mn in t-bills in oversubscribed issuance:<\/strong> The Central Bank of Egypt sold EUR 642.8 mn in one-year EUR-denominated t-bills in an auction yesterday at an average yield of 3.5%, according to its website<\/a>. The EUR 600 mn issuance was over 1.5x oversubscribed, receiving a total of 28 bids worth EUR 922.8 mn. The issuance is set to replace EUR 657 mn<\/a> in maturing one-year bills with an average yield of 4%.<\/p>\n

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HAPPENING TOMORROW- <\/p>\n

Go<\/strong>v\u2019t to launch the National Decentralization Strategy on Thursday:<\/strong> The Madbouly government is set to announce its National Decentralization and Local Administration Enhancement Strategy tomorrow, Al Borsa<\/a> quotes Deputy Local Development Minister Hisham El Helbawy as saying. The deputy minister\u2019s comments came during a session on local governance at the World Urban Forum on Monday.<\/p>\n

Three pillars to empower local gov\u2019t: <\/strong>The strategy will focus on strengthening local and urban development, fostering private sector partnerships, and ensuring the fair distribution of financial resources, with El Helbawy expressing hope that the measures will empower local administrations to act as a bridge between citizens and the state, ultimately pushing forward innovative solutions to development problems.<\/p>\n

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CIRCLE YOUR CALENDAR- <\/p>\n

Turkish auto and construction delegations to visit Egypt:<\/strong> Turkey\u2019s Automotive<\/a>Manufacturers Association<\/a> and the Turkish Contractors Association<\/a> will visit Egypt in 1Q 2025 following an invitation from Investment Minister Hassan El Khatib, during his visit to Turkey this week<\/a>, according to a ministry statement<\/a>.<\/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

\n

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

No surprises here:<\/strong> Election Day in the US is fully dominating news coverage in the international press this morning, as polls close and the ballot counting continues. The counting is likely to take several days, particularly as this year\u2019s elections are closely contested and several states are \u201ctoo close to call\u201d and likely to hinge on the results from the country\u2019s seven swing states \u2014 Georgia, North Carolina, Pennsylvania, Arizona, Michigan, Nevada, and Wisconsin. <\/p>\n

What we know so far:<\/strong> Donald Trump is so far in the lead, with victories in Texas and Florida \u2014 each of which have a large number of electoral votes \u2014 as well as a smattering of other states. Kamala Harris has secured a victory so far in Washington, D.C., Vermont, and Massachusetts, among others. Trump is looking likely to secure the overall vote, although Harris still has a path to victory if she manages to come out on top in Pennsylvania, Michigan, and Wisconsin. Meanwhile in the Senate, the Republican Party has so far gained a seat and is closing in on a majority. <\/p>\n

You can check out live results<\/strong> from the Associated Press<\/a>, Reuters<\/a>, the New York Times<\/a>, the Wall Street Journal<\/a>. The Financial Times<\/a> and Bloomberg<\/a> also have coverage.<\/p>\n

IN NON-ELECTION NEWS- Israeli Prime Minister Benjamin Netanyahu fired Defense <\/strong>Minister Yoav Gallant<\/strong> and appointed Israel Katz \u2014 who was foreign minister \u2014 in his stead. Gideon Saar is now Israel\u2019s foreign minister in Katz\u2019s place. Netanyahu\u2019s decision to fire Gallant \u2014 a move he was reportedly considering for weeks \u2014 is due to the two disagreeing on critical issues, including Gallant supporting a ceasefire and hostage release agreement with Hamas in Gaza. The former defense minister was also pressing for an investigation into the country\u2019s security failures in Hamas\u2019 7 October attack, and opposes a law that would allow ultra-Orthodox Jews to be exempt from mandatory military service. Reuters<\/a>, the Financial Times<\/a>, Axios<\/a>, and Bloomberg<\/a> have the story.<\/p>\n

<\/p>\n

*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education. <\/p>\n

In today\u2019s issue: <\/strong>We talk to Algammal for Contracting Vice President Mohamed Farouk Hafeez to learn more about the company\u2019s plans to set up three industrial complexes in Saudi Arabia, Libya, and Iraq.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, all. We have a busy issue for you this morning as we sit tight awaiting the results of the US presidential race. 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