The Madbouly government is in the process of drafting an investment plan to offer the Red Sea’s Ras Banas to private sector players in a transaction similar to ADQ’s Ras El Hekma USD35 billion agreement.

Egypt has bought 20 cargoes of liquefied natural gas (LNG) via the first tender issued to cover its winter demand since 2018, securing full volumes it was seeking at smaller-than-expected premiums.

UAE’s AMEA Power will invest USD800 million to develop two renewable energy projects in Upper Egypt after inking new purchase power agreements (PPAs) with the Egyptian Electricity Transmission Company (EETC) on Thursday.

Prime Minister touched down in Riyadh yesterday alongside Finance Minister and Investment Minister for talks with their Saudi counterparts aimed at strengthening trade and investment between the two countries. 

The Transport Ministry has tasked the Finance Ministry’s PPP unit to prepare feasibility studies for three PPP projects at the Dekheila Port. The projects include a multi-purpose container terminal with an estimated cost of USD300 million, a dry port, and an industrial-purpose pipeline extension whose cost has not yet been determined, a source said.

Chinese state-owned construction firm and China Energy subsidiary Gezhouba Group proposed establishing a “logistics cargo city” at Cairo International Airport during a meeting with the Aviation Ministry.

Norway’s Scatec inked a 25-year power purchase agreement with the Egyptian Electricity Transmission Company EETC for its planned 1 GW solar and 100-200 MWh battery storage hybrid project in Egypt, it said on Thursday.

The Egyptian Tax Authority will unveil the implementation mechanisms of the recently-announced package of tax incentives this week, advisor to the Head of the Tax Authority said.

State grains buyer GASC purchased 430k tons of Russian wheat last week at USD235 per ton, according to a Supply Ministry statement. 

The Ministry of Electricity plans to add capacity to the electrical grid of up to 3 gigawatts from solar energy projects and wind farms by 2025 summer.

The government is working to launch 4 projects through PPP system at an investment cost of about EGP16 billion, according to a government report.

Egypt is seeking a loan from the New Development Bank worth USD300 million, with the aim of expanding the comprehensive health insurance system. 

The CBE’s net foreign assets declined to EGP499.26 billion (c.USD10.3 billion) at the end of August, compared to EGP508.58 billion (USD10.5 billion) at the end of last July.

Ukrainian President said that Russia had attacked a cargo ship in international waters carrying around 5-20k tonnes of wheat from Ukraine to Egypt on Thursday. 

EGAS finalized a study to increase the price of natural gas supplied to factories by 10-30%. The study excludes factories with a preset variable pricing formula.

The government targets issuing projects to develop three fertilizers companies, which are owned by the Ministry of the Public Enterprises, through partnership with the private sector, during 1Q25.

A consortium of Scatec, Fertiglobe, and ORAS has inked two land usufruct agreements with EETC and NREA to set up a wind and a solar power plant that will feed their USD500 million green hydrogen plant. 

A consortium of ORAS, Toyota Tsusho, and Engie inked a land usufruct agreement and a PPA with the EETC and the New and Renewable Energy Authority (NREA) for a project that will see the consortium add 150 MW of wind energy capacity to its 500 MW wind farm in the Gulf of Suez, according to a Cabinet statement. 

SWDY appointed Ahmed Mohamed Shokry as the Group CFO.