{"id":657395,"date":"2024-12-19T00:00:00","date_gmt":"2024-12-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/19\/hassan-allam-utilities-secures-usd-40-mn-facility-for-renewables-projects\/"},"modified":"2024-12-19T00:00:00","modified_gmt":"2024-12-19T00:00:00","slug":"hassan-allam-utilities-secures-usd-40-mn-facility-for-renewables-projects","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/19\/hassan-allam-utilities-secures-usd-40-mn-facility-for-renewables-projects\/","title":{"rendered":"Hassan Allam Utilities secures USD 40 mn facility for renewables projects"},"content":{"rendered":"<p class=\"tag-border-left\">ENERGY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Leading energy and infrastructure outfit Hassan Allam Utilities secured a USD 40 <\/strong><strong>mn facility<\/strong> from the <a target=\"_blank\" href=\"https:\/\/www.pidg.org\/\" style=\"\" rel=\"noopener\">Private Infrastructure Development Group\u2019s<\/a> Emerging Africa and Asia Infrastructure Fund, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/12\/1764.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. The funds will help the firm finance 2.3 GW worth of renewable energy projects, including the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2853d3da-411c-443c-869a-de7e74e1b45e\" style=\"\" rel=\"noopener\">1.1 GW wind farm<\/a> in the Gulf of Suez and 1.2 GW Benban and Wahat Solar photovoltaic plants with linked 720 MWh battery energy storage systems. <\/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>By the numbers: <\/strong>The projects will add to the 6.7 GW of renewables capacity Egypt had installed at the end of last year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A boost of confidence in the industry: <\/strong>The transaction \u201cunderscores the growing investment potential in Egypt's transition to sustainable energy,\u201d said Hassan Allam Utilities CEO Dalia Wahba.<\/p>\n<p class=\"tag-border-left\">M&amp;A WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CIRA taps financial advisor: <\/strong>CIRA Education has appointed BDO Keys Financial Consulting to prepare the fair value study of the company, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/12\/1785.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. CIRA shareholders have <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/10adebc3-db27-4d24-a0fe-2972d103622d\/el-khatib-outlines-investment-ministry%25e2%2580%2599s-vision\" style=\"\" rel=\"noopener\">until 16 January<\/a> to respond to an offer from Social Impact Capital for up to an additional 48.78% of the country\u2019s leading private education company.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- <\/strong>PIF-backed SIC has offered to purchase some 284.3 mn of CIRA\u2019s shares at EGP 15 a piece putting the transaction\u2019s value at EGP 4.26 bn. SIC currently holds a 51.2% stake in the private education company. The FRA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2551de28-8b02-4f16-83ec-b1cfbaeadcc2\/pif-backed-sic-gets-the-green-light-to-acquire-up-to-100%2525-of-cira-education\" style=\"\" rel=\"noopener\">greenlit the offer<\/a> earlier this week.<\/p>\n<p class=\"tag-border-left\">TAX-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Finance Minister Ahmed Kouchouk has extended the window <\/strong><strong>for settling tax disputes until 30 June 2025 <\/strong>and will offer taxpayers a quick and effective method to settle their custom and tax disputes, according to the decision published in the Official Gazette. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The cabinet <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ba5b5b0c-2ce7-4f84-97e8-bbd14ba4d4d5\/\" style=\"\" rel=\"noopener\">in October<\/a> approved a draft law to settle the status of taxpayers and end existing tax disputes \u2014 part of its wider drive to ease the burden on taxpayers and unify and improve tax services. Cabinet spokesperson Mohamed El Homsani <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fab1d929-3314-4629-a70f-2d00c9c06421\/talk-shows-cover-the-announcement-of-fresh%253cmark%253e-tax%253c%2Fmark%253e-facilities\" style=\"\" rel=\"noopener\">previously said<\/a> that all tax disputes predating the announcement will be settled as part of wider efforts to build trust with taxpayers.<\/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>#1- Fresh funds for petrochemical projects: <\/strong>The National Bank of Egypt is leading two syndicated loans worth a combined USD 700 mn for two petrochemical companies \u2014 the Egyptian Soda Ash Company and an undisclosed silicon production firm, <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/12\/18\/-%D8%A7%D9%84%D8%A3%D9%87%D9%84%D9%8A-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A-%D9%8A%D9%82%D9%88%D8%AF-%D8%AA%D8%AD%D8%A7%D9%84%D9%81%D8%A7-%D9%85%D8%B5%D8%B1%D9%81%D9%8A%D8%A7-%D9%84%D8%AA%D8%AF%D8%A8%D9%8A%D8%B1-700-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%84%D8%B4%D8%B1%D9%83%D8%AA%D9%8A-%D8%A8%D8%AA%D8%B1%D9%88%D9%83%D9%8A%D9%85%D8%A7%D9%88%D9%8A%D8%A7%D8%AA\" style=\"\" rel=\"noopener\">Al Arabiya<\/a> reports citing unnamed sources. Emirates NBD, the National Bank of Kuwait, and QNB are all participating in the funding. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: <\/strong>Each of the companies will receive USD 350 mn in ten-year financing \u2014 they are expected to ink the final contracts in two months. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Ashry Steel secured EGP 2.35 bn worth of credit facilities from Suez Canal <\/strong><strong>Bank <\/strong>to finance its working capital, <a target=\"_blank\" href=\"https:\/\/hapijournal.com\/2024\/12\/18\/%d8%a8%d9%86%d9%83-%d9%82%d9%86%d8%a7%d8%a9-%d8%a7%d9%84%d8%b3%d9%88%d9%8a%d8%b3-%d9%8a%d9%85%d9%86%d8%ad-2-35-%d9%85%d9%84%d9%8a%d8%a7%d8%b1-%d8%ac%d9%86%d9%8a%d9%87-%d8%aa%d8%b3%d9%87%d9%8a%d9%84\/\" style=\"\" rel=\"noopener\">Hapi Journal<\/a> reports. The fresh funds will help the company carry out expansion plans, boost production capacity and exports.<\/p>\n<p class=\"tag-border-left\">DEVELOPMENT FINANCE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fresh concessional loans from Japan: <\/strong>Egypt secured a USD 230 mn concessional loan from Japan to support the state budget, promote private sector development, and diversify the economy, according to a Planning Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0RMM8eSN8mgjW1ovDKgJvoG1T7TZ2FmuWVw3B97couy9uuDBaiix1wpzGEv6qAPErl?rdid=VJbERQkyc5tnUe5t#\" style=\"\" rel=\"noopener\">statement<\/a>. This came during Planning and International Development Minister Rania Al Mashat\u2019s visit to Japan to celebrate the 70th anniversary of Egyptian-Japanese development cooperation. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And more: <\/strong>Egypt also received a USD 1.2 mn grant from the Japanese side to renovate the Cairo Opera House and another USD 2.3 mn grant to expand agricultural mechanization. <\/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>Real estate developer <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.namaaalkhaleej.com\/\" style=\"\" rel=\"noopener\">Namaa Al Khaleej<\/a><\/strong><strong> plans to invest EGP 35 bn <\/strong>in Egypt\u2019s real estate sector in 2025, <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/realestate\/2024\/12\/18\/%D8%B4%D8%B1%D9%83%D8%A9-%D8%AA%D8%B7%D9%88%D9%8A%D8%B1-%D8%B9%D9%82%D8%A7%D8%B1%D9%8A-%D8%AE%D9%84%D9%8A%D8%AC%D9%8A%D8%A9-%D8%AA%D8%B3%D8%AA%D8%AB%D9%85%D8%B1-700-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%81%D9%8A-%D9%85%D8%B5%D8%B1-\" style=\"\" rel=\"noopener\">Al Arabiya<\/a> reports. The company operates in Egypt and GCC nations, and most recently launched its Celesta Mall in Sheikh Zayed. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>PLUS: CIRA Education has appointed BDO Keys Financial Consulting to prepare the fair value study<\/p>\n","protected":false},"author":1,"featured_media":657396,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[782,111,402,7106,101,73,93,72,8277,83,151,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-657395","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-ahmed-kouchouk","tag-also-on-our-radar","tag-cira-education","tag-debt","tag-development-finance","tag-education","tag-energy","tag-enterpriseam","tag-hassan-allam-utilities","tag-real-estate","tag-renewables","tag-tax","wpautop","entry"],"acf":{"mongo_id":"11cd7442-b2d6-4302-b6d2-d9df9ca4f9f4","order":"10","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/1826.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Hassan Allam Utilities secures USD 40 mn facility for renewables projects","related_issue":[657378],"teaser":"PLUS: CIRA Education has appointed BDO Keys Financial Consulting to prepare the fair value study","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.f670fac3-3da3-4a30-a715-3dafebd6d108.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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