Manage episode 376920612 series 2987212
Foreign nationals already in Egypt applying for residence permits will be required to pay their required fees in hard currency starting Saturday, 16 September.
Three unnamed firms hailing from the Arab world and China are looking to invest USD600 mn to build wind farms in Egypt.
The final buyer of the Beni Suef power plant will repay international creditors' loans directly linked to the plant.
Fitch said that pressure on the EGP may ease if the government succeeds in selling assets to external investors, thus stimulating foreign capital flows to Egypt. The agency expected that the government would rely on the sale of assets to finance imports backlog amounting to USD 5.5 billion.
Egypt is the second-most vulnerable country to a debt crisis in the world, according to Bloomberg, which ranked 60 countries based on the volume of government debt, interest costs, and the yields on USD bonds.
According to a report from Fitch, Egypt’s net foreign asset position will likely get worse before it gets better as a combination of foreign outflows, import backlogs and a managed exchange rate will likely intensify FX liquidity pressures in the banking sector.
Sources revealed that there is interest from Gulf entities in buying EXPA’s share of the government that owns more than 80% indirectly through its various arms.
The chairman of ERC, CCAP's subsidiary, announced that his company is planning to increase diesel production capacity in the medium term, according to local press.
The completion of Ethydco's 100% acquisition by SKPC is contingent to the finalization of ADQ’s acquisition of a 27% stake in Ethydco. Where at the end, ADQ will be holding a 20% stake in SKPC, according to local press.
Minister of petroleum held negotiations with the CEO of the Norway company “Scatec” to explore the latest developments of the green ammonia and methanol project that will take place in Damietta- Mopco’s factory.
The International Energy Agency warned yesterday that the continuation of oil supply cuts by Saudi Arabia and Russia will create a significant supply shortfall that could trigger volatility in the global energy markets.
A number of private players are in talks with the government to help set up an industrial zone in the Eastern Desert’s Golden Triangle. The planned industrial zone’s first phase is set to cost USD2 billion in initial investment, and the zone will ultimately cater to the mining, agriculture, trade, and tourism sectors. ORAS (FV: EGP181.70, OW) subsidiary Orascom Industrial Parks, IDG, SWDY's (FV: EGP22.87, OW) Elsewedy Industrial Development, and CPC Egypt have all held meetings with the government about their potential involvement. The government expects to reach an agreement with “several” of the developers in early 2024, according to local media.
Egypt plans to establish an integrated industrial complex, in cooperation with an international company, to produce flat steel with investments worth USD1 billion.
We remind you that EGTS’s next court date for the 20.0 million sqm third phase Sahl Hasheesh land plot lawsuit is, if not further postponed, on 17 September 2023.