{"id":655152,"date":"2024-11-13T00:00:00","date_gmt":"2024-11-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/13\/new-aluminum-foil-and-sanitary-ware-factories-set-to-see-a-total-of-usd-130-mn-in-investments\/"},"modified":"2024-11-13T00:00:00","modified_gmt":"2024-11-13T00:00:00","slug":"new-aluminum-foil-and-sanitary-ware-factories-set-to-see-a-total-of-usd-130-mn-in-investments","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/13\/new-aluminum-foil-and-sanitary-ware-factories-set-to-see-a-total-of-usd-130-mn-in-investments\/","title":{"rendered":"New aluminum foil and sanitary ware factories set to see a total of USD 130 mn in investments"},"content":{"rendered":"

Good afternoon everyone, <\/strong>and happy almost-Thursday. The news cycle shows no signs of slowing down even as we barrel toward the weekend, with news of fresh investments \u2014 and content \u2014 keeping us on our toes.<\/p>\n

MASHREQ BRINGS GLOBAL CLEANUP CAMPAIGN TO EGYPT<\/p>\n

Mashreq\u2019s Climb2Change environmental cleanup initiative is coming to Egypt this <\/strong>month: <\/strong>Our friends at Mashreq are set to begin clean-up of three designated zones in Wadi Degla in November, as part of their wider Climb2Change<\/a> global ESG initiative focused on sustainability-linked financing and environmental preservation, the bank said in a statement (pdf)<\/a>. The initiative aims to scale and clean up 14 mountain sites around the world, reaching seven peaks and seven base camps, including \u2014 most recently \u2014 Pakistan\u2019s K2. Led by esteemed Egyptian adventurers Omar Samra and Manal Rostom, the project will focus on waste management and conservation promotion in one of Cairo\u2019s natural wonders. <\/p>\n

THE BIG STORY TODAY<\/p>\n

New aluminum foil factory to be established in SCZone with USD 80 mn in <\/strong>investments:<\/strong> Suez Canal Authority subsidiary Port Said for Engineering Works is set to establish a USD 80 mn aluminum foil factory in the Suez Canal Economic Zone (SCZone), in partnership with an unnamed Chinese investor, Al Borsa<\/a> writes. The project \u2014 which received its feasibility studies two weeks ago \u2014 will kick off in 1Q 2025 with an expected initial production capacity of 60k tons and plans to increase capacity to 100k tons by the end of the factory\u2019s first year of operation.<\/p>\n

Turkish and Chinese investors are also set to pump USD 50 mn into sanitary wares <\/strong>manufacturing: <\/strong>The Cairo Chamber of Commerce\u2019s sanitary wares division has secured some USD 50 mn from Turkish and Chinese investors for three sanitary wares factories, division head Fawzy Abdel Galil told Al Mal<\/a>. The two Chinese-owned factories slated for investment began production earlier this month, while the third Turkish-Egyptian factory will begin operation in early 2025. <\/p>\n

THE BIG STORY ABROAD<\/p>\n

Major lenders pledge a 60% increase in annual climate funding by 2030 at COP29:<\/strong> A number of development banks including the World Bank have pledged to increase annual financing for low- and middle-income countries\u2019 climate adaptation to USD 120 bn by 2030, up 60% from 2023. While a marked increase from previous goals, the pledge \u2014 which was announced on the sidelines of COP29 in Baku \u2014 doesn\u2019t rise to the multi-tn commitment developing countries say they need. This year\u2019s COP has already seen a particularly strong outpouring of pressure on wealthy nations to up their contributions, as participants hash out new, high-stakes contribution targets set to come into effect next year. (Reuters<\/a> | Bloomberg<\/a> | CNBC<\/a>) <\/p>\n

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