MANUFACTURING-

Hassan Allam Construction tapped to build Beko factory: Turkish retailer Beko has contracted our friends at Hassan Allam Construction to build its USD 100 mn home appliances factory here, according to a press release (pdf). Hassan Allam Construction will handle the civil, architectural, electrical and mechanical work on the 10th of Ramadan factory, which is expected to take 10 months to complete, the statement read.

REMEMBER– Beko broke ground in December on the USD 100 mn factory, its first in the Middle East. The factory is set to produce 1.5 mn appliances annually. Some 60% of output will be exported to the EMEA region, generating as much as USD 250 mn in annual export revenue.

ENERGY-

The US is taking its sweet time deciding whether we can export gas to Lebanon: Egypt is still waiting on a decision from the US on whether it will waive sanctions on Syria to enable it to export natural gas to Lebanon under a plan announced in 2021, a French official told reporters, according to Reuters. If approved, the World Bank board will loan USD 300 mn to finance the gas export operation over 18 months once a full assessment of Lebanon’s electricity sector is completed.

BACKGROUND: Egypt, Lebanon, Syria, and Jordan signed an agreement in 2021 to alleviate Lebanon’s gas crisis. Under the plan, Egypt would ship gas to Lebanon via the Arab Gas Pipeline that runs through Jordan and Syria. There was one caveat: The US, which spearheaded the plan, must lift the sanctions it imposed on the Syrian government to make it possible.