UAE’s AMEA Power will set up a USD600 million, 5 GW wind power project in the Gulf of Suez in cooperation with the Egyptian Electricity Transmission Company and the New and Renewable Energy Authority (NREA).

There is a plan to launch renewable projects with a combined capacity of 10 GW and combined investments of USD10 billion from 2023-2028 under the government’s Nexus for Food, Water, and Energy initiative (NWFE).

The EGP fell to EGP50.90 against the greenback at some banks on Thursday, down from 50.58 the day before.

MPs are expected to discuss and vote on draft cash-based subsidies bill to establish a Takaful and Karama fund to provide cash-based payments, agreements including a USD500 million financing program between GASC and the Abu Dhabi Exports Office to facilitate the provision of wheat and essential commodities, a financial cooperation agreement with Germany, and a protocol agreement with Russia for the Al Dabaa Nuclear Power Plant.

ABUK inked two agreements aimed at helping it make operations more sustainable. The first agreement will see MPS Infrastructure supply Abu Qir with green hydrogen to help it reduce its natural gas use. The second agreement will see ABB Group install an advanced automation control system at the Abu Qir ammonia plant, which will soon start partially relying on green hydrogen. Moreover, ABUK targets increasing Abu Qir 3 plant's capacity by 10% to 1,925 tons per day with an investment cost of USD100 million to be injected during 2025.

French Alstom plans to submit its technical and fiscal offers to set up Cairo Metro Line 6 next May to the National Authority for Tunnels (NAT). The consortium carrying out the project will work with local players like Petrojet, Arab Contractors, and ORAS to carry out the project.

PHDC (FV: EGP8.78, OW) acquired an additional 3.0% stake in TALM, taking its total stake to 32.6%.

A group of local pharma players wants to set up a USD150-200 million pharma raw materials factory next year. The consortium includes Arab Company for Drug Industries and Medical Appliances (ACDIMA) and PHAR. 

MCQE signed an agreement with Solarize Egypt that will see the two develop a 40 MW solar power project. 

Sarwa Insurance Company, a subsidiary of CNFN, took over the tender for insurance of 1,269 ATMs of the Egyptian Agricultural Bank, with total coverage of up to EGP2.3 billion.