Qatar Authority studying a green hydrogen project in Egypt with investments exceeding $1bn

The Qatar Investment Authority — the investment arm of the country — is studying a new investment project in the field of renewable energy in the Suez Canal Economic Zone (SCZone) with investments exceeding $1bn.

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Egypt to grant ‘golden license’ in a bid to boost investment

Egyptian President Abdel Fattah Al-Sisi has announced granting ‘golden licenses’ to investor applicants in the north African country for a period of three months, in a bid to speed up projects and boost investment.

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Egypt’s fintech firm Money Fellows raises $31m in series B funding round

Egyptian fintech company Money Fellows has raised $31 million in a series B funding round led by CommerzVentures, as it aims for geographical expansion.

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Etisalat by e& injects EGP 4-5bn investment to expand capacity of cell towers in Egypt

Hazem Metwally, CEO of Etisalat by e&, said that the company has a total of 9,000 cell towers across Egypt, after adding about 650 new base stations this year, noting that a capacity expansion is carried out annually for all stations with investments ranging between EGP 4–5bn.

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GV Developments, Amarenco Solarize sign agreement to invest $255m in Tarboul City’s infrastructure

GV Developments — the master developer of Tarboul City — announced that it signed an agreement with Amarenco Solarize Egypt, whereby the French giant will invest an initial amount of $255m in infrastructure, clean energy, and green hydrogen in the first phase of the city’s construction.  

The agreement was signed by Sherif Hamouda, Founder and Chairperson of the Board of Directors of GV Developments; and Yaseen Abdel Ghaffar, Founder and Managing Director of Solariz Egypt. 

During the signing event, Hamouda said that Tarboul City is the largest smart industrial city in Egypt, encompassing large, medium, and small industrial projects.  

“We were keen on concluding this cooperation with the giant French company Amarenco Solarize Egypt to ensure the implementation of the first phase of the city’s infrastructure with environmentally friendly specifications using clean technology and green hydrogen. We look forward to attracting more foreign investors to the city, and we have prepared a comprehensive marketing plan to ensure the promotion of the city in Egypt and abroad,” he added. 

“Tarboul City spans over 109m sqm in Giza. It will also foster industry given its proximity to several investment areas, including Food Technology Valley, Automobile Axis, Engineering Axis, the Textile and Clothing Centre, the Building Materials City, and Chemicals and Plastics City.” 

“Tarboul City will also be an attractive hub for industrial and investment purposes. It will be established in 13 phases over a period of 16 years, ensuring efficient use of resources, waste management and recycling, in addition to ensuring the highest quality of air and water,” he concluded. 

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Urbnlanes Developments invests EGP 11bn in Egypt’s real estate market

Urbnlanes Developments — a real estate development company under the Kuwaiti Emeel Abdallah Investments — intends to expand in the Egyptian market by directing investments of EGP 11bn into three real estate projects less than six months after entering the Egyptian market. 

This is in addition to expanding contracting business through the company’s contracting arm — First Group Kuwait. 

Fadi Abdallah — Chairperson and Founder of Urbnlanes and Director of Kuwaiti First Group — stated that the company has adopted a plan to expand in the Egyptian market, given its high profitability and a decline in production costs when compared to other markets in the region. 

Abdallah added that the company is studying the expansion of government partnerships and the implementation of huge national projects in cooperation with the Egyptian government and benefiting from investment expansion.  

Furthermore, he said that the company intends to close some acquisition deals in 2023 and is studying the possibility of an initial public offering in the EGX to invest and expand in the Egyptian market. 

Urbnlanes Developments has been present in the Egyptian market since 2005 and has implemented more than 20 real estate projects. 

Abdallah concluded by announcing the launch of the company’s next project, East Lane, which will be constructed with investments of EGP 2bn.  

East Lane is an administrative commercial project spanning an area of ​​up to 4,780 sqm, as the company plans to increase its portfolio of lands. 

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Egypt signs $500m Suez Canal deal with Maersk, discusses $800m port investment

The Suez Canal Authority has signed a deal worth $500m with Danish shipping company Maersk to build a berth at East Port Said, business news site Zawya reports.

The project will add a 1km-long dock to the existing 500m quay at the port’s container terminal. 

The project will also increase the number of cranes to 30, and these will be powered by electricity rather than diesel to curb emissions. 

Maersk is also considering a plan to turn the port into a smart terminal operated by the latest digital systems. 

In a separate development, Reuters reports that Egypt yesterday signed two provisional agreements for the development of unnamed port facilities. The deals are with a consortium made up of Hutchison Ports of Hong Kong, Chinese shipper Cosco and France’s CMA CGM.

It added that the agreements could lead to investments of up to $800m.

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Nokia International, Etisal sign agreement to manufacture Nokia phones in Egypt

Minister of Communications and Information Technology Amr Talaat witnessed the signing of a cooperation agreement between HMD International — the owner of Nokia — and Etisal for Advanced Industries (EAI) in Egypt to manufacture 1m mobile devices of various models by the end of the year. 

The agreement was signed by Tamer Al-Gamal, General Manager of HMD in Egypt; and Ahmed Abu Auf, Managing Director of Etisal Advanced Industries (EAI), in the presence of several officials from both sides. 

Talaat said in a press statement issued on Saturday that this agreement comes to devote the efforts of the state to create a climate that supports the growth of investments by international companies in Egypt, and it also confirms the government’s keenness to encourage and motivate the private sector to manufacture within Egyptian factories, transfer knowledge and expertise, localise the electronics industry to contribute to its development, and create specialised job opportunities for young people in the field of IT and electronics. 

For his part, Abu Auf said that the agreement encompasses manufacturing Nokia mobile phones at the highest quality locally, which achieves Egypt’s strategy to establish itself as a regional centre for advanced industries. 

Meanwhile, Al-Gamal said that under the agreement, HMD will provide EAI with the production requirements of raw materials, inspection and testing tools, and calibration equipment necessary for the production process. 

“We will also provide the factory in Egypt with transfers of technological expertise and technical support by training Egyptian cadres at the hands of Nokia experts from Finland, in addition to providing all means of support to take advantage of the company’s research and development centres to provide the best specifications and products that meet consumer needs,” he said. 

It is worth noting that EAI — through its factory in Sixth of October City — is developing and manufacturing advanced electronics with a production capacity of more than 2m units this year that will increase to 10m annually in the coming years. 

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ITIDA, Valeo sign MoU to increase software exports from Egypt

Minister of Communications and Information Technology Amr Talaat witnessed the signing of a memorandum of understanding (MoU) between the Information Technology Industry Development Agency (ITIDA) and Valeo to expand its investments and business volume in Egypt.  

The event was also attended by Mark Vrecko, Valeo Comfort & Driving Assistance Systems Business Group President. 

Under this MoU, Valeo will expand its business in Egypt, increase its exports of software services, and provide additional job opportunities for more than 850 engineers based in Egypt in order to export software to its clients abroad. 

The MoU also stipulates that the ITIDA and Valeo will cooperate in building the capabilities of Egyptian cadres by providing specialised training in the field of software and electronics, in addition to creating job opportunities for trainees as part of Valeo’s efforts to expand its business in Egypt.  

The MoU was signed by Amr Mahfouz, CEO of the Information Technology Industry Development Agency (ITIDA); and Tamer Aly, Valeo Egypt general Manager & Group Technical Center Vice Président. 

For his part, Talaat said that Valeo’s interest in expanding its business in Egypt reflects the attractiveness of the Egyptian ICT sector to foreign investments and the availability of young cadres with creativity and leadership in development processes, stressing the state’s keenness to enhance Egypt’s position in providing value-added information technology services and cross-border services, especially as it is a leading global destination in this field.  

He also referred to the efforts of his ministry to develop the technical skills of young people — especially in the delicate technological disciplines — in a way that contributes to providing digital competencies for international companies operating in Egypt, in addition to providing facilities and investment incentives for international companies to create an environment conducive to the growth of investments. 

Moving on, Mahfouz indicated that in light of the interest and directives of the Ministry of Communications and Information Technology to encourage and attract foreign investments in the field of value-added information technology services, the authority is working to enhance Egypt’s competitiveness in these areas, as well as providing support and talent development in the fields of embedded systems and electronics design, all within the framework of Egypt’s 2022-2026 Digital Strategy for the outsourcing industry, through which it aims to triple the volume of digital exports. 

Additionally, Ali pointed out that Valeo Egypt is in continuous growth and contributes strongly to the group’s strategy towards creating a new era in automotive technology that depends entirely on AI and software. 

The Valeo Egypt Technical Centre includes about 2,500 Egyptian engineers working on software engineering development in the field of embedded systems, electronic circuit design, intelligent transportation and autonomous driving for Valeo customers, including providing a full range covering all Valeo products to its customers all over the world. 

The minister toured the Valeo Egypt Technical Centre, which is one of the largest centres of the Value Group and produces about 60% of the group’s total software production. It also develops about 250 projects annually for Valeo clients in France, Germany, the US, China, Japan, and others. 

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Egypt’s Infinity to become Africa’s largest renewable energy company

Egypt’s Infinity Group will become Africa’s largest renewable energy company when it, along with Africa Finance Corporation, acquires Lekela Power in an undisclosed deal that is expected to close this year, the parties said on Monday. 

British private equity firm Actis and Mainstream Renewable Power agreed to sell their stakes of 60 per cent and 40 per cent respectively in Lekela. 

Lekela, founded in 2015, is Africa’s largest independent power producer. 

The proposed acquisition includes Lekela’s 1-gigawatt portfolio of operational wind power projects in Egypt, Senegal and South Africa, and a 1.8-gigawatt pipeline of projects in development across the continent. It is subject to regulatory approvals and customary closing conditions. 

“The acquisition of Lekela is a milestone for us at Infinity, as it not only becomes the largest such acquisition in the history of the continent, but also signifies the continuous growth and expansion of Infinity’s efforts to create a sustainable supply of clean green energy,” said Infinity co-founder and chief executive Nayer Fouad. 

Africa’s installed renewable energy capacity is set to grow from more than 54 gigawatts in 2020 to more than 530 gigawatts by 2040, according to the International Renewable Energy Agency. Solar photovoltaic technology will rise to 340 gigawatts and wind to 90 gigawatts. 

In addition to combating climate change, increasing renewable energy resources will help to drive energy access in the continent, as almost half of Africa’s population does not have access to electricity. 

Egypt, which is to host the UN climate change conference Cop27 in Sharm El Sheikh in November, has committed to sourcing 42 per cent of its total electricity from renewable energy by 2035. Its installed renewable energy capacity was at 31 per cent last year, surpassing its 20 per cent target. 

Infinity, founded in 2014, provides solar, wind and waste-to-energy power solutions for homes, companies and cities across Egypt. 

Infinity’s projects include six power plants in Aswan’s Benban Solar Park with a capacity of 235 Megawatt peak, a complex that covers 37 square kilometres. 

Infinity EV is building the largest electric vehicle charging network in Egypt, with more than 300 points installed to date. 

In 2020, Infinity and Abu Dhabi’s clean energy company Masdar established the joint venture Infinity Power to develop utility-scale solar and wind power projects in Egypt and Africa. 

The company is developing and funding projects that take advantage of Africa’s abundant solar, wind, hydro and thermal energy resources, while managing the population’s urgent needs. It has financed more than 2,000MW of power generation and has beneficial ownership interests in 485MW, of which 135MW is sourced from renewable energy. 

“We are focused on reducing Africa’s massive energy deficit through expanding the quantum of electricity using the various energy sources available throughout the continent,” said AFC president and chief executive, Samaila Zubairu. 

“Working together with our partner, Infinity, we aim to more than double the capacity of our joint operating assets over the next four years, which stands at 1.4 gigawatts after the Lekela acquisition,” he said. 

The Lekela platform includes five operational wind farms in South Africa with a capacity of 624MW, a 252MW wind farm in Egypt and a 159MW wind farm in Senegal, as well as development opportunities in Egypt, Ghana and Senegal. 

Actis and Mainstream said the planned exit “reflects the successful culmination of their partnership strategy for Lekela, following a comprehensive value creation approach”. 

Mainstream specialises in the development of onshore and offshore wind and solar projects. 

The Actis Energy Infrastructure team has invested in more than 70 renewable energy projects to date, generating approximately 11 gigawatts of renewable energy globally. 

“We’re proud to leave Lekela strongly positioned for its next phase of growth as an acknowledged sustainability leader supplying much-needed clean energy to communities across Africa,” said Lucy Heintz, partner and head of energy infrastructure at Actis. 

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