Search Results for: egypt

ANGOLA AND EGYPT SIGNED INFRASTRUCTURAL DEAL

Posted on by Gambeta News

Egypt aims to increase the number of companies operating in Angola in the infrastructure sector, the country’s ambassador to Angola, Mohamed Safwat said Wednesday in Luanda. The diplomat, who was speaking to the press following a meeting with National Assembly Speaker Carolina Cerqueira, said his country is working closely with the Angolan government to increase the number of Egyptian companies in the Angola infrastructure sector. The Egyptian ambassador expressed satisfaction with the level of cooperation…

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CHINA CHEXIM BANK TO LOAN EGYPT US$400M FOR LIGHT RAIL TRAIN PROJECT

Posted on by Gambeta News

The Export-Import Bank of China (Chexim) extended an additional loan of $400 million to the Egyptian government. According to unnamed sources cited by Asharq Business, the loan will be allocated towards financing the third phase of Egypt’s ambitious light rail train (LRT) project. The LRT project, initiated by the government in 2014, aims to establish a modern transit system connecting Cairo with urban and industrial communities in the eastern region. However, the project faced delays,…

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ETHIOPIA, EGYPT AND SUDAN AGREED TO CONTINUE GERD DAM DISCUSSION

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Ethiopia, Egypt, and Sudan have agreed to continue the trilateral negotiation on the Grand Renaissance Dam (GERD) in October 2023 in Cairo, Egypt. Ethiopia hosted the second round of the trilateral negotiation between Ethiopia, Sudan, and Egypt on September 23-24, 2023. This round of talks started with optimism about making progress and narrowing differences on outstanding issues. With the conviction of accomplishing the task entrusted by Prime Minister Abiy Ahmed and President Abdel Fatah Al…

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EGYPT SET TO RECEIVE RENEWABLE ENERGY BOOAST WITH US$10BN INVESTMENT

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Egypt is set to receive a major boost in its renewable energy capacity, as ACWA Power, a leading Saudi Arabian energy company, announced its plans to invest $10bn in the country by 2026. The company, which is the world’s largest private water desalination company, has already invested $2.5bn in Egypt and has five projects in the country, all in the renewable sector. The new investments will be used to develop solar and wind power plants,…

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EGYPT NATIONAL RAILWAY SIGNED 5-YEARS MAINTENANCE DEAL WITH TWO FIRMS

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Egyptian National Railway (ENR) signed a 5-year maintenance contract with Orascom Construction and Thales. This cooperation was witnessed by Minister of Transport Kamel Al-Wazir. The contract aims to develop and maintain the Beni Suif railway system. The development of the railway signal systems will minimize the duration between trains, and boost the capacity of the network by increasing the number of trips per day. Al Wazir confirmed the importance of this contract, which gives the…

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INDORAMA TO CONSTRUCT US$700M PLANT IN EGYPT

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Indorama Corporation, an Asian chemical firm, wants to establish two phosphate fertilizers and mineral silicon factories for solar panels, with investments worth $700 million. Prime Minister Mostafa Madbouly reviewed their proposal during a meeting with Minister of Petroleum Tarek El-Molla Minister of Planning Hala El-Said, and Minister of Trade and Industry Ahmed Samir alongside other senior officials. The petroleum minister said there is a chance for partnership with Indorama, noting that the raw materials for…

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SCZONE & TEDA LAID THE FOUNDATION FOR THE CONSTRUCTION OF A TEXTILE FACTORY IN EGYPT

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The Suez Canal Economic Zone (SCZONE) and the Chinese industrial developer TEDA-Egypt have laid the foundation stone for a new textile factory in the Sokhna Integrated Industrial Zone. The factory, named Egypt Cady Textiles, will produce high-quality and environment-friendly fabrics and clothing using smart manufacturing methods. The factory is part of the expansion of TEDA-Egypt in the Sokhna zone, where it has over 130 industrial and service facilities with investments of $1.6bn. The factory is…

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GERD DAM: ETHIOPIA, EGYPT AND SUDAN BEGINS TALKS

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Ethiopia, Egypt, and Sudan have resumed their negotiations over the filling of the Grand Ethiopian Renaissance Dam (GERD) today in Cairo. Ethiopia’s Ambassador to the US Seleshi Bekele, who is also the chief negotiator and advisor on transboundary rivers and GERD to the PM Office, is leading the Ethiopian negotiations team. “Necessary preparations have been made to conduct the negotiations in a way that respects Ethiopia’s benefits and future development rights,” the government communication said….

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EGYPT GOVT. SAYS HIGH-SPEED ELECTRIC TRAIN PROJECT TO BE INAUGURATED IN 2024

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Minister of Transport Kamel Al-Wazir said that the high-speed electric train project will be inaugurated by the end of 2024. The transport minister highlighted that the ministry supports all local companies to have a 100% local industrial component and expand at a later stage for export, explaining that after the arrival of the express train vehicles, no vehicle will be imported from abroad. Al Wazir said that the three main factors that the ministry identifies…

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EGYPT GOVT. SET FOR US$1BILLION GREEN HYDROGEN INVESTMENT DEAL

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Switzerland’s Smartenergy eyes Egypt for a green hydrogen investment opportunity worth USD 1 billion. The expansion would be the firm’s first outside Europe. The company is in the later stages of negotiations with the Egyptian government to build a green hydrogen plant. According to Smartenergy’s Chief Financial Officer René Cotting, the agreement between both parties will soon be ratified. However, he did not provide any additional information on the matter. Sources mentioned that the agreement was initially…

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EGYPT CABINET ANNOUNCED PLANS TO IMPLEMENT LOAD SHEDDING PROGRAM

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Egypt’s Cabinet announced the schedule for power cuts in the different governorates as the country has been implementing a load-shedding program since mid-July. In the schedules, the Cabinet has determined the areas that will see power cuts each hour in the different districts across each governorate. This seemingly cancels a previous decision by the Cabinet to implement one-hour power cuts starting during the 10 minutes before and after the top of the hour. The government…

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EKHO ANNOUNCED OPENING OF NEW FACTORY IN EGYPT WORTH US$48MILLION

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Through a statement made by Egypt Kuwait Holding (EKHO) last Saturday, the company announced the opening of new factory and production lines in Egypt worth $48 million (LE 1.4 billion) through associate company Sprea Misr.  The company, listed on both the Egyptian and Kuwaiti stock exchange markets, announced that the newly opened factory will produce sulfuric acid and increase the capacity of previously established lines and petrochemical factories.  Managing Director of EHKO, Sherif El Zayat,…

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EGYPT GOVT. MAKING PLANS TO REACH 60% DEPENDENCE ON RENEWABLE ENERGY BY 2040

Posted on by Gambeta News

Egyptian Minister of Electricity and Renewable Energy, Dr. Mohamed Shaker, confirmed that Egypt aims to reach 60 percent of dependence on renewable energy by 2040. Shaker explained that the Egyptian strategy was aimed at reaching 42% of the energy mix coming from renewable energy by the year 2030, but this strategy is currently being updated, based on the existing data and the availability of wind and solar energy resources and their low prices. He further added that…

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EGYPT DIGITAL SERVICE PLATFORM TO GET BOOST AFTER DEAL WAS SIGNED

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Micro, Small, and Medium Enterprises Development Agency (MSMEDA) signed an agreement on Sunday with eAswaaq to manage, operate, and market Egypt’s online services platform for SMEs. The service platform will incorporate all authorities offering financial and technical assistance to SMEs including banks, non-profit organizations, and government bodies. The platform is set to be officially launched within the next 3 months. The platform showcases and enables youth and entrepreneurs to stay updated with everything new regarding…

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EGYPT SET TO BECOME FIRST SUSTAINABLE AVIATION FUEL PRODUCER

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If Egypt becomes a Sustainable Aviation Fuel (SAF) producer, it can tap into a hungry and eager market, potentially becoming an export earner, Minister Counsellor of Commercial Affairs Keith Kirkham highlighted the attractiveness of being a first mover in a market where demand exceeds supply. “Those who are first movers… will find themselves facing a very willing market, a very exciting market,” Kirkham stated. Moreover, SAF production in Egypt will contribute to environmental benefits such…

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GAFI AND PETROTRADE SIGN DEAL TO REGULATE PETROLEUM WASTE IN EGYPT

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The General Authority for Investment and Free Zones (GAFI) and Petrotrade signed Monday a cooperation protocol to regulate the safe disposal of petroleum waste and waste mineral oils. GAFI will make it mandatory for the 2,400 oil companies operating in Egypt’s investment and free zones to deliver their waste to Petrotrade, which will be provided with the data of such firms. The move is aimed at inhibiting the infiltration of those dangerous substances into the…

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WHAT HAPPENED AT EGYPT 8TH BUILDERS FORUM

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Egypt’s Prime Minister Dr. Mostafa Madbouly inaugurated, on Sunday morning 28-5-2023, the eighth edition of Builders of Egypt Forum, “the largest event in the construction and building sector”, under the theme “Egypt’s Propitious Momentum towards Construction Sector Exportation Regionally”, with the participation of Arab and African delegations in collaboration with the Saudi Contractors Authority. This edition is co-organized by The African Federation of Construction Contractors Associations “AFCCA”, With the participation of The Saudi Contractors Authority…

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AFDB APPROVED US$345M FOR EGYPT GREEN AND SOCIAL PROJECTS

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The African Development Bank Group approved a partial credit guarantee of $345 million to Egypt to finance green and social projects. This partial credit guarantee will allow Egypt to raise the equivalent of $500 million in the Chinese Yuan-denominated Panda Bond market, issued by foreign borrowers. Bond proceeds will be used for clean transportation, renewable energy, energy efficiency, sustainable water and wastewater management, MSMEs financing, and essential health services initiatives, among others. These sectors are…

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HOW EGYPT BUILDING MATERIAL EXPORTS INCREASED BY 7.1%

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Exports of the building materials industry reached nearly $6.9 billion in 2022, up from $6.5 billion in 2021, Ahmed Samir, Minister of Trade and Industry, said on the sidelines of the Egypt Projects and Windorex exhibition. The exhibition is being held at the Egypt International Exhibition Center from May 6th to 8th. Egypt’s exports of building materials increased 7.1 percent year on year (YoY) in 2022, the trade minister highlighted. Egypt’s real estate and hospitality…

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EETC SIGN MoU TO CONNECT EGYPT ELECTRICITY GRID TO EUROPE

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The Egyptian Electricity Transmission Company (EETC) and the Norwegian Scatec Company signed an MoU to study connecting Egypt’s electricity grid to Europe through Italy. The Egyptian Cabinet approved the MoU during its meeting this week. The Cabinet also approved the Ministry of Transport’s request regarding issuing a law granting a commitment to build and develop the superstructure, use, manage, operate, exploit, maintain and re-deliver a multi-purpose station in the Safaga sea port. This comes within Egypt’s…

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