Wednesday, 9 November 2022

AM — 25 GW of wind projects and our first green H2 plant mean we’re now the Med’s premier energy hub



Good morning, friends, and welcome to a massive day for both Egypt’s green economy as well as our export ambitions.

To quote John “Hannibal” Smith: “I love it when a plan comes together.” For years now, top Egyptian players including Hassan Allam, Infinity and OCI (among others) have been laying the groundwork for a green energy economy — building up technical expertise and partnering with international players (particularly in the GCC). Bankers, regulators, and policymakers have for decades been adept at dealing with megaprojects (think: Globelec, Egyptian Refining Company, the Siemens power plants). And all of them built up expertise in renewables through projects including the 1.8 GW Benban solar park.

It all came together yesterday when Hassan Allam Utilities, Infinity Power and the UAE’s Masdar pulled the trigger on a world-scale 10 GW wind farm. Throw an announcement by Norway’s Scatec that they want to add 5 GW to their generation capacity here and it’s official: We are now the premier energy hub in the eastern Med.

What are we doing to do with all of that green power? Sell it to Europe, Africa and the GCC and make stuff with it for sale to … Europe, Africa and the GCC.

Case in point #1: Renewable energy powers our first green hydrogen plant, a 100 MW venture between Fertiglobe, Scatec and the Sovereign Fund of Egypt. The plant, built with local and global expertise by Orascom Construction, entered the commissioning phase yesterday with a high-profile ceremony.

Case in point #2: We’re going to be exporting GW and GW of power to Greece through a series of links that Greek PM Kyriakos Mitsotakis was talking up yesterday at COP27, as Enterprise Climate notes this morning.

^^ We have the rundown on all of this and more in this morning’s news well, below.

MEANWHILE- Oil isn’t going anywhere just yet — and we could face a return to three-digit prices. Oil is on the cusp of surpassing USD 100 per barrel for the first time since August thanks to the decision by OPEC+ last month to cut supply, suggesting that the group of oil producers is over-tightening the market, Bloomberg writes.


IT’S A HUGE DAY FOR our friends in banking and finance as the Finance Ministry hosts “Finance Day in Sharm.

What’s the big deal? Finance ministers, bankers, investors, multilaterals, development finance institutions, and anybody else with an interest in how governments and businesses alike access finance for climate will in meetings and rountables — or chatting on the sidelines. In addition to pushing lenders and investors to step up to the plate, state officials are looking at a series of facilitated and sustainable climate finance agreements for developing and African countries.

Prime Minister Moustafa Madbouly will kick off the day’s proceedings, setting the stage on main challenges and avenues for climate finance. Sessions throughout the day will discuss the role of policy in climate investment, reducing the cost of green borrowing, financing a just transition in Africa, the role of MDBs in unlocking climate finance, and financing loss and damage.

ALSO- The COP27 Presidency will launch the Sharm El-Sheikh Guidebook for Just Financing.

AND- Announcements. Lots of them, from banks, investors, DFIs and others.

** Check out the full agenda for the day here (pdf).


Developing countries will need USD 1 tn a year in external financing by the end of the decade to combat climate change, according to a report (pdf) on climate finance written by a panel of high-level experts, and commissioned by the UN and the COP26 and COP27 presidencies. Emerging markets and developing countries barring China will need some USD 2.4 tn in overall annual investments by the end of the decade to boost resilience and achieve sustainable development goals, the report says, adding that USD 1 tn of that should come from investors, development finance institutions, and developed countries, while the remaining USD 1.4 tn can be secured from local private and public sources.

NWFE gets tub tubs: The report name-checks our Nexus on Water, Food and Energy (NWFE) program as a “pioneering model” for emerging markets that can attract investments to climate-related projects in a concrete, actionable way. Reuters also picked up the report.


The Senate will reconvene next week on Sunday and Monday to discuss the FX incentive bill and another draft bill setting up the Digital Egypt Fund. The first bill, which received preliminary approval by a Senate committee earlier this week, would grant income tax breaks to investors who use FX to finance at least half of the cost of their projects. The second bill would set up a fund to support the Communications Ministry’s Digital Egypt initiative.


The results of yesterday’s US midterm elections are trickling in: Things are still too close to call in the Senate race, with Democrats marginally ahead with 42 seats to the Republicans’ 41 in the minutes before dispatch this morning. The GOP is doing better in the elections for the House (144 seats to the Democrats’ 80) and party figures are optimistic that they will retake the lower chamber. Of the notable results so far, potential Trump rival Ron DeSantis was re-elected in Florida while Marco Rubio was returned to the Senate in the sunshine state. Watch the results as they come in: Associated Press | New York Times | Washington Post.

WATCH THIS SPACE- A Mike Bloomberg-backed investment conference on the horizon? Prime Minister Moustafa Madbouly and American businessman Michael Bloomberg yesterday discussed the idea of holding a conference in Egypt to promote investment in April or May 2023, according to a cabinet statement.

Gov’t wants to make sure COP attendees get in some retail therapy: The Finance Ministry and the Tax Authority have designated certain stores in Sharm El Sheikh where tourists can get VAT refunds, and put up multilingual signs in the city to let COP delegates know about the rules, according to a statement. Tourists are entitled to VAT refunds on all purchases above EGP 1.5k, as long as their stay in Egypt lasts less than three months. Read more on the rules in English or Arabic at the Tax Authority’s website here.


Some of the world’s best golfers visited the Giza Pyramids ahead of the first International Series Egypt tournament, which will take place at Madinaty Golf Club tomorrow, 10 November, through Sunday, 13 November, according to a press release (pdf). US star Sihwan Kim, Canada’s Richard T. Lee and Korea’s Jeunghun Wang visited the Pyramids yesterday alongside our own Issa Abou El Ela.

The Enterprise Climate X Forum, our first industry-specific conference is taking place on Tuesday, 6 December. The Enterprise Climate X Forum will give insiders and newcomers alike the chance to talk about how to build a climate-centered business — and how to make sure your business continues to have access to the funds it needs to grow. Expect it to be heavy on lessons learned in Egypt and other global growth markets — and lots of success stories.

Stay tuned very soon when we reveal the venue. You won’t want to miss it after it’s been announced.

Some of the biggest names in business and finance are on board — are you? The Enterprise Climate X Forum is taking place with the generous support of our friends, including:

  • Banking partners: HSBC | Mashreq | Attijariwafa Bank
  • Telecom partner: Etisalat by e&
  • Event partners: Hassan Allam Utilities | Infinity

DO YOU WANT TO ATTEND? The first wave of invites is going out today. If you’re a C-suite exec, business owner, climate professional, DFI staff, investor or banker, please email us at to signal your interest, letting us know your name, title and where you work.


2CELLOS — LIVE AT SOMABAY on 18 November, 2022: Mark your calendars — world-renowned and wildly popular cellist duo, 2CELLOS will be performing at Somabay on 18 November, 2022. Having racked up a bn-plus audio streams, countless sold-out concerts, and mns of fans across the globe in their 10 years together as 2CELLOS, the Croatian duo of Luka Šulić and HAUSER will be visiting Egypt in their long-awaited 2022 Dedicated World Tour. Book your ticket now: Call us 16390.


Egypt has just lined up as much as 25 GW worth of wind projects

Egypt lined up commitments for up to another 15 GW of wind power yesterday, bringing to 25 GW the total new wind-power generation capacity it has locked in recent days.

25 GW: That’s A LOT of power. It’s almost half of the country’s current installed capacity, which at the end of 2021 stood at 59.5 GW. It is also more than 7x greater than the country’s total renewable-energy generation capacity, which was 3.4 GW at the end of last year.

All of this is good news for export revenues + renewables targets: Ramping up domestic renewable energy production will us to (a) export energy to Europe, Africa and the GCC, (b) allow the government to increase the amount of natural gas it ships abroad, and (c) take us a long way toward the state’s target of sourcing 42% of our energy from renewables by 2030.

Yesterday’s big announcement: Our friends at Infinity Power and Hassan Allam Utilities together with long-time partner Masdar will build a 10-GW onshore wind farm in Egypt, set to be one of the largest in the world, the companies said in a joint statement (pdf) yesterday. The agreement was signed on the sidelines of COP27 in Sharm El Sheikh yesterday with President Abdel Fattah El Sisi and UAE President Mohamed bin Zayed on hand for the event.

This would give Egypt two of the world’s largest wind farms: The news comes just a week after Saudi renewable energy developer ACWA Power signed an MoU to build a 10-GW wind farm in Egypt with the country’s state-owned electricity firms. The Masdar and ACWA plants would be two of the largest wind farms in the world after the Gansu project in China, which has a planned capacity of 20 GW. Currently, Egypt’s largest wind farm is the 545-MW facility in Zafarana.

Just one of these plants is enough to make a huge dent in Egypt’s emissions: The Masdar-Infinity-Hassan Allam plant will have the capacity to produce nearly 48k GWh of clean energy a year, offsetting some 23.8 mn tons of CO2 emissions. This is equivalent to around 9% of the country’s total emissions, according to the statement. It would also help Egypt cut its spend on natural gas by USD 5 bn a year, it said.

How much is it costing? At least USD 10-12 bn, Hesham El Gamal, general manager at Infinity, told CNBC Arabia (watch, runtime: 8:41). He set a timeline of five years including feasibility studies until the project’s completion.

ALSO YESTERDAY- Scatec wants to add 5 GW to its Egypt wind portfolio: Norwegian renewable energy developer Scatec will look at building new wind projects in Egypt with a combined capacity of 5 GW. The firm signed an MoU with the Egyptian Electricity Transmission Company (EETC) and the New and Renewable Energy Authority (NREA) which will see it conduct feasibility studies for the proposed project, Scatec and the cabinet said yesterday.


Oman could invest up to USD 150 mn in ACWA’s Suez wind farm: Oman’s sovereign wealth fund could acquire up to 10% of ACWA Power and Hassan Allam Holdings’ USD 1.5 bn, 1.1 GW wind farm in the Gulf of Suez after signing an MoU yesterday, the Saudi developer said in a statement. That would see the fund invest as much as USD 150 mn in the project, according to our math.

Refresher: ACWA and Hassan Allam signed in June a 25-year power purchase agreement with the Egyptian Electricity Transmission Company (EETC) to develop a 1.1 GW wind farm in the Gulf of Suez. The USD 1.5 bn project is expected to reach financial close by 4Q 2024 and begin commercial operations by the end of 2026. Hassan Allam Holdings currently owns a 25% stake in the project, while ACWA Power holds the remaining equity.


EBRD lends TAQA Arabia USD 5.5 mn for solar plant: The European Bank for Reconstruction and Development (EBRD) will lend USD 5.5 mn to TAQA Arabia’s renewables subsidiary to build and operate a 7-MW solar plant in Minya, the bank said in a statement. The plant will supply electricity to Qalaa Holdings subsidiary ASCOM Carbonate and Chemicals Manufacturing under a 25-year power purchase agreement (PPA), covering some 16% of the company’s annual electricity needs. ACCM laid the plant’s foundation stone last month. The loan comes as part of the EBRD’s lending program to green private-to-private renewable energy projects. The Global Environment Facility (GEF) is contributing 10% of the finance.

New project, same players: The EBRD loaned TAQA PV USD 4.2 mn back in 2020 for a 6-MW solar plant supplying electricity to Qalaa Holdings’ Dina Farms, which kicked off operations late last year. The project was the first corporate PPA financed by the EBRD in Egypt.


Fertiglobe commissions 100 MW plant, kicking off a big day for green hydrogen in Egypt

It was a big day for Egypt’s green hydrogen ambitions yesterday as the first phase of Africa’s first integrated green hydrogen plant went into commissioning and AMEA Power set out the details of its 500-MW green hydrogen plant.


Commissioning kicks off at Ain Sokhna green hydrogen plant: Norway’s Scatec, the OCI / Adnoc joint venture Fertiglobe, Orascom Construction, and the Sovereign Fund of Egypt (SFE) began commissioning of the first phase of their 100 MW green hydrogen plant in Ain Sokhna, they said in a joint statement (pdf) yesterday. The launch came during a COP event attended by President Abdel Fattah El Sisi and Norwegian Prime Minister Jonas Gahr Store.

SOUND SMART- Commissioning is the term contractors use to describe the final stages of pre-launch testing — the plant is done and it’s now going live.

In detail: The plant will be powered by 260 MW of solar and wind energy and will produce around 15k tons of green hydrogen. This will feed Fertiglobe’s two existing ammonia plants in Ain Sokhna, which will produce 90k tons of green ammonia a year. The consortium first unveiled its plans to establish Africa’s first integrated green hydrogen plant in October 2021.

What they said: “As the first green hydrogen project on the ground, the commissioning is symbolic of how COP27 is the conference of action and implementation,” Planning Minister Hala El Said told Enterprise yesterday. “This project represents a practical response to the need to meet rising energy demand with minimum emissions. The first integrated green hydrogen plant in Africa, delivered in record time, shows what can be achieved when we collaborate around a shared ambition,” UAE Minister of Industry and Fertiglobe Chairman Sultan Al Jaber said.

More of this, please: “Orascom Construction created the know-how for the construction, wrap-up and balance-of-plant as the first EPC contractor to be involved in the hydrogen business in Egypt and Africa,” OC CEO Osama Bishai told us after the commissioning yesterday.

Egypt wants to establish itself as a regional hub for green energy: International companies have signed USD 33 bn worth of preliminary agreements for green ammonia and hydrogen projects this year, the most recent of which was with Maersk for a huge USD 15 bn facility capable of producing 3 mn tons of fuel a year.

More green hydrogen talk at COP: The government is expected to make a string of green hydrogen announcements — including the national hydrogen strategy — and sign final agreements with a number of companies during COP’s two-week run. Enterprise Climate has the full rundown on what could be in store.

Uh, Enterprise? What’s green hydrogen? We’ve got the basics for you here in Enterprise Explains.


Progress on the Al Nowais Sokhna green hydrogen project: Al Nowais subsidiary AMEA Power is finalizing the technical details for a 500-MW green hydrogen plant in Ain Sokhna, CEO Hussain Al Nowais told Bloomberg Asharq in an interview on the sidelines of COP. The plant will have an initial investment cost of USD 800 mn — with AMEA Power covering 70% — and is expected to break ground in the second half of 2023, Al Nowais said. The project will be geared towards export to European and Asian markets, he added.


H2-Industries finds a supplier for its planned USD 3 bn waste-to-hydrogen plant: Local waste management firm Green Planet for Sustainable Environmental Solutions signed an MoU to provide the 4 mn tons of annual waste feedstock to H2-Industries’ planned waste-to-hydrogen plant in East Port Said, according to Zawya.

ICYMI: New York-headquartered energy firm H2-Industries earlier this year signed an MoU with the Suez Canal Economic Zone to establish Egypt’s first waste-to-hydrogen plant. The USD 3 bn facility would produce 300k tons of hydrogen each year, consuming 4 mn tons of municipal solid waste.

More to come on the project this COP? Final agreements for the project could be signed at this year’s COP, H2-Industries’ founder, executive chairman, and CEO Michael Stusch told us back in June, when we sat down with him to discuss plans for the facility in our weekly Going Green vertical.


Egypt and Belgium launched a global renewable hydrogen forum meant to become a permanent platform for dialogue between hydrogen producers and consumers, the private sector and financing institutions, President Abdel Fattah El Sisi announced during a roundtable yesterday.


Egypt launches global climate adaptation plan

Egypt unveils initiative to help poor countries adapt to climate change: COP27 President Sameh Shoukry yesterday launched a plan that envisions channeling bns of USD into the world’s poorest countries by 2030 to help them adapt to the effects of climate change. In an event on the sidelines of the conference, Shoukry announced the publication of the government’s Sharm El Sheikh Adaptation Agenda (pdf), which includes 30 targets to hit by the end of the decade that would improve the resilience of as many as 4 bn people.

It is the “first comprehensive global plan to rally both state and non-state actors behind a shared set of adaptation actions that are required by the end of this decade,” the COP Presidency said in a statement (pdf).

GO DEEPER in this morning’s edition of Enterprise Climate.


Egypt’s current policies aren’t enough to curb emissions, says World Bank

Egypt could reach extreme water scarcity by 2033 if population growth continues along its current trajectory, according to a World Bank report (pdf). Launched on the sidelines of the COP27 summit yesterday, the report highlights the most serious climate challenges facing the country in the coming years and proposes a number of responses policymakers can make to mitigate and adapt to the climate crisis.

Almost every single one of us is already impacted by climate change: Of those living in Egypt’s 14 major cities, between 80% and 100% of people are vulnerable to at least one major climate risk, including flooding, heat stress, pollution, desertification and rising sea levels, the report says. On the current trajectory, this will only worsen as the volume of water in the Nile decreases, sea levels rise, and the country’s population grows.

Right now, more economic growth = more emissions: Though Egypt only accounts for a small percentage of the world’s emissions, the quantity of CO2 the country produces remains “tightly linked” to economic growth, with the industrial and energy sectors being responsible for more than three-quarters of emissions.

Current targets are not enough: With Egypt not yet committing to reach net-zero, the Bank says that the current policies will not be enough to significantly lower emissions. Though it will be able to meet its updated nationally determined contributions (NDCs) by 2030, the Bank’s analysis predicts emissions will be 55% higher than current levels by the middle of the century.

The solutions: The Bank goes into detail about the potential policy responses that could help Egypt use its water resources more efficiently, adopt more ambitious emissions-reduction targets, and attract investment into priority areas.

The private sector — and fostering a business-friendly environment — will be key to solving these challenges: “The private sector can play an absolutely critical role” in helping Egypt curb its vulnerability to climate change, Marina Wes, the World Bank's country director for Egypt, Yemen and Djibouti, told Enterprise. “Financing needs are very large, and a significant portion would have to come from the private sector. To unlock the full potential of private-sector funding, it’s absolutely critical to have an enabling environment in place and a policy environment in place that is conducive to raising such finance.”


Deutsche Bahn, Elsewedy sign EUR 1 bn contract to operate high-speed rail

One step closer to high-speed rail: Deutsche Bahn and El Sewedy Electric have signed a contract with the Madbouly government to manage and operate the first line of the planned high-speed rail network, the German railway operator, Elsewedy Electric (pdf) and the Transport Ministry said yesterday. The agreement is worth more than EUR 1 bn and will see the consortium run the 660-km line that will run between Ain Sokhna and Marsa Matrouh for 15 years with the option to extend for an additional 15 years. The signing comes months after the two companies signed an initial agreement with the National Authority for Tunnels (NAT) over the project.

REMEMBER– Deutsche Bahn is the second German company to join forces with local players for the high-speed rail project, after the government signed in May a contract with Siemens Mobility alongside Orascom Construction (OC) and Arab Contractors for the project.

Who’s doing what: A JV between Deutsche Bahn’s subsidiary DB International Operations and Elsewedy Electric will operate the infrastructure and rolling stock and be responsible for maintenance of stations and depots. Siemens, OC and Arab Contractors will design, install, commission and maintain the line for 15 years. Siemens is also providing rolling stock for the railway.

REFRESHER- The USD 23 bn, 2k-km line will connect 60 cities across the country, linking Cairo, Aswan, the North Coast and the Red Sea. Trains are set to run at up to 230 km/h.


Fitch cuts outlook on Egypt to negative, affirms B+ rating

Fitch Ratings has cut its outlook on Egyptian debt from “stable” to “negative due to “deterioration” in the country’s external liquidity position, it said yesterday. The rating agency maintained Egypt’s B+ rating on robust economic growth and “strong international support” from Gulf allies and multilateral partners but warned that it could downgrade it in the coming months if external funding strains persist or the government fails to cut the deficit and debt as a proportion of GDP.

Tl;dr: The move “reflects the deterioration in Egypt's external liquidity position and reduced prospects for bond market access, leaving the country vulnerable to adverse global conditions at a time of high current account deficits and external debt maturities,” Fitch wrote.

Fitch isn’t the first of the Big Three rating agencies to make this move: Moody’s also cut its outlook to negative in May. Meanwhile, S&P Global Ratings maintained a stable outlook in its most recent report last month due to the expected influx of IMF and GCC funding.

Portfolio outflows are the main culprit for the downgrade: Foreign portfolio investment in local debt fell to USD 13 bn as of September, down from more than USD 30 bn in 2021, the rating agency said. Egypt has been hard hit by portfolio outflows triggered by higher financing costs, rising inflation, and the shock caused by the war in Ukraine. This has contributed to foreign reserves falling to USD 33.4 bn by October, from USD 40.1 bn in February.

Things could get better, but it will take a while: “Some recovery [in portfolio flows] is likely on recent exchange rate devaluation, policy rate hikes, and agreement on a new 46-month USD 3 bn IMF extended fund facility,” Fitch said, while noting that foreign holdings remain a “significant vulnerability.” So far, markets have shrugged off the IMF loan and the central bank’s move toward a floating exchange rate amid continued sell-offs, with analysts expecting market access to remain limited in the near term.

Also making things difficult:

  • Egypt needs a lot of hard currency: On top of needing to fund its current account deficit, Fitch says the country has USD 15 bn of public external debt coming due this fiscal year and the next.
  • Banking liabilities make it harder for Egypt to absorb funding strains: The central bank’s net foreign assets were almost USD 9 bn in the red at the end of 3Q 2022 while banks had USD 14 bn in net foreign liabilities.

Key forecasts:

  • Inflation to rise + the EGP to appreciate? The EGP devaluation will “further stoke inflation,” likely bringing it up to an average of 17% y-o-y during the current fiscal year, and 12% in FY 2023-2024 — assuming “modest appreciation” of the EGP from EGP 24 against the greenback. Fitch notes that risks are “skewed to the upside” and that the CBE could go for further rate hikes to tame inflation.
  • More growth + a narrower current account deficit: Fitch sees the economy growing at a 4.5% clip in FY 2022-23 and FY 2023-2024, though “tighter monetary conditions and funding availability pose significant risks to growth.” The current account deficit could continue to narrow to 3.1% of GDP this year from 3.5% in FY 2021-2022, on the back of higher Suez Canal shipping fees and a rebound in tourism.
  • Budget deficit backsliding: The budget deficit could widen to 6.3% of GDP this fiscal year and 7.3% of GDP next fiscal year, up from 6.2% in FY2021-2022, on the back of rising interest costs that could “offset” our primary surpluses.

The news got attention internationally: Reuters | Bloomberg.



It should come as no surprise that COP continued to dominate airwaves last night as the third day of the climate summit played host to several major renewable-energy agreements.

Most talk shows focused on the energy MoUs signed yesterday, most notably a 10-GW wind farm announced by our friends at Hassan Allam Utilities and Infinity Power in partnership with Masdar. The announcement is getting a mention from Kelma Akhira (watch, runtime: 5:29), Masa’a DMC (watch, runtime: 3:20) and Ala Mas’ouleety (watch, runtime: 3:02). Meanwhile, the announcement that the Scatec-Fertiglobe-OC green hydrogen plant had started commissioning got attention from Al Hayah Al Youm (watch, runtime: 5:10), Masaa DMC (watch, runtime: 3:24), and others.

The message from the TV networks: everyone loves Egypt. In a counter-narrative to one doing the rounds in the international media, Egypt’s talking heads made sure to tell their viewers that everyone loves COP27 and no complaints are being made. Kelma Akhira’s Lamees El Hadidi (watch, runtime: 1:04) said that everyone she’s met whether off-air or on-air are singing the summit’s praises, while both Al Hayah Al Youm’s Mohamed Sherdy (watch, runtime: 5:07) and Ala Mas’ouleety’s Ahmed Moussa (watch, runtime: 4:16) turned their backs on negative headlines in the Western press to claim “widespread international praise” of the summit.

Sharma’s sorry: The UK’s COP26 president, Alok Sharma, told Kelma Akhira’s El Hadidi in an interview that he was “deeply sorry” over the failure by developed nations to meet the USD 100 bn funding pledge for poorer countries (watch, runtime: 3:26). Developed nations have provided USD 83.3 bn in 2020, he said, describing it as a “considerable progress.” Despite the downbeat mood over the progress made since COP26, Sharma voiced optimism that the work done over the past year will enable the world to limit temperature rise to 1.5˚C (watch, runtime: 2:53).

Some key interviews yesterday:

  • UN Resident Coordinator in Egypt Elena Panova sat down for an interview with Yahduth Fi Masr’s Sherif Amer, calling having the “loss and damage” financing formally on the agenda a “positive step.” (watch, runtime: 3:47)
  • UK Foreign Secretary James Cleverly talked to Amr about the disbursement of climate funding. (watch, runtime: 5:24)
  • Lebanese PM Najib Mikati told Masaa DMC’s Ramy Radwan that climate change is a secondary issue to many in his country which is going through its most devastating economic crisis in its history. (watch, runtime: 6:37)


Surprising no one, the foreign press is still focused on COP27 and human rights this morning: Reuters and the Financial Times are giving some ink to the unveiling of Egypt’s adaptation agenda (pdf) yesterday, though discussion about the controversial topic of loss and damage still seems to be getting most of the column inches, with the Associated Press, Reuters and Time among the outlets giving the subject attention.

But as ever, the focus is less on climate than it is on our human rights record: Yesterday it was UN Human Rights chief Volker Türk and German Chancellor Olaf Scholz to raise concerns about the treatment of jailed activist Alaa Abdel Fattah. Scholz is the latest world leader after the UK prime minister and French president yesterday to discuss Abdel Fattah with President El Sisi, leading AFP to suggest that international pressure is mounting on Cairo to act.

Reuters, BBC and CBS News all cover Türk’s appeal for his immediate release, while more outlets have coverage of a press conference given by Abdel Fattah’s sister, Sanaa Seif, at COP27 yesterday. Rep. Amr Darwish was reportedly booted out of the room after he started shouting at Seif. (Associated Press | The Guardian | Sky News | DW | New York Times).

In climate miscellany:


GASC cancels wheat tender on high prices

Another canceled wheat tender thanks to high prices: State grain buyer GASC reportedly canceled an international wheat tender for delivery in December and January due to high prices, Hapi Journal reports, citing a Reuters story. Bidders rejected GASC’s request to lower their C&F shipping offers to USD 360 per ton on a cost and freight basis.


Powered by
EFG Hermes -

Crypto is crashing this morning as a schism at the top of the industry raises fears of further volatility in the market. Changpeng Zhao, the owner of the world’s largest crypto exchange, Binance, appears to have triggered a bank-run on the third-largest platform FTX in the latest move in an ongoing feud with its owner Sam Bankman-Fried. Binance is now acquiring the exchange after it experienced a “significant liquidity crunch” that left it on the verge of collapse. BTC plunged to as low as USD 17.2k last night, its lowest level since late 2020. (Bloomberg | Financial Times | Barron’s | The Guardian).




-1.5% (YTD: -5.7%)



Buy 24.34

Sell 24.42



Buy 24.35

Sell 24.40


Interest rates CBE

13.25% deposit

14.25% lending




-1.0% (YTD: +1.8%)




-0.1% (YTD: +24.9%)




+0.2% (YTD: +5.9%)


S&P 500


+0.6% (YTD: -19.7%)


FTSE 100


+0.1% (YTD: -1.1%)


Euro Stoxx 50


+0.8% (YTD: -13.0%)


Brent crude

USD 95.12



Natural gas (Nymex)

USD 6.21




USD 1,715.60




USD 18,572

-10.1% (YTD: -60.3%)


The EGX30 fell 1.5% at yesterday’s close on turnover of EGP 1.35 bn (19.1% above the 90-day average). Local investors were net buyers. The index is down 5.7% YTD.

In the green: Cleopatra Hospitals (+1.5%), Housing and Development Bank (+1.1%) and EFG Hermes (+0.8%).

In the red: Alexandria Containers and Cargo Handling (-4.5%), e-Finance (-3.0%) and GB Auto (-2.5%).


Who talked with whom on day three of COP27

Side-room meetings continued apace on the second day of the COP27 leaders’ summit, with President El Sisi and senior ministers holding talks with a number of foreign officials:

  • El Sisi x Scholz: Egypt wants Germany to increase its investments in its industrial, energy and tourism sectors, El Sisi told German Chancellor Olaf Scholz. The chancellor said after the meeting that he had urged El Sisi to release Alaa Abdel Fattah, warning there could be “dreadful consequences” for the jailed activist. (Ittihadiya statement | AFP)
  • Madbouly x Amin: Egypt could be Indonesia’s gateway to Africa due to Cairo’s trade agreements with other countries on the continent, Prime Minister Moustafa Madbouly told Indonesian VP Ma’ruf Amin. (Cabinet statement)
  • Shoukry x Bhutto Zardari: Pakistani FM Bilawal Bhutto Zardari discussed the recent deadly floods in his country with Foreign Minister and COP27 President Sameh Shoukry. (Foreign Ministry statement)
  • Shoukry x Colonna: The crises in Libya and Ukraine were on the table of discussions between Shoukry and French Foreign Minister Catherine Colonna. (Foreign Ministry statement).
  • Madbouly x Mikati: Madbouly discussed aid given to Lebanon to support it through its ongoing financial and economic crisis with the country’s prime minister, Najib Mikati. (Cabinet statement)
  • Fouad x Chikhaoui: Environment Minister Yasmine Fouad signed an agreement with her Tunisian counterpart, Leila Chikhaoui, to increase cooperation on environmental protection, climate change and biological degradation. (Environment Ministry statement)


In a diplomatic breakthrough, Lebanon, Iraq and Israel have agreed to work together on climate change during talks at COP27, the Associated Press reports.

Greece is gearing up for gas exploration in the Eastern Mediterranean, yesterday allowing a vessel to start seismic surveys off the coast of Crete, according to Reuters.

Turkey wants Sweden to do more before it supports the Nordic country’s Nato membership bid, including allowing the extradition of individuals Turkey accuses of terror offenses, the Financial Times reports.



6-18 November (Sunday-Friday): Egypt will host COP27 in Sharm El Sheikh.

9 November (Wednesday): Finance Ministry to host “Finance Day” at COP27.

10-13 November (Thursday-Sunday): Asian Tour — International Series Egypt, Madinaty, Egypt.

11-12 November (Friday-Saturday): Saudi Green Initiative, Sharm El Sheikh.

7-13 November (Monday-Sunday): The International University Sports Federation (FISU) World University Squash Championships, New Giza.

13 November (Sunday): Senate back in session.

15-16 November (Tuesday-Wednesday): G20 summit, Bali, Indonesia.

20 November (Sunday): House back in session.

21 November-18 December (Monday-Sunday): 2022 Fifa World Cup, Qatar.

22 November- 23 November (Tuesday-Wednesday): The Fingerprint Summit will be held at the Nile Ritz Carlton Hotel.

27 – 28 November (Thursday-Friday): The first edition of the Egypt Media Forum.

27-30 November (Sunday-Wednesday): Cairo ICT, Egypt International Exhibition Center, New Cairo.


1 December (Thursday): Sphinx International Airport will begin operating international flights.

1 December (Thursday): Contractors to break ground on Egypt-Saudi interconnection project.

3 December (Saturday): Dior Men’s pre-fall collection show in Giza.

5-8 December (Monday-Thursday): QS Reimagine Education Awards and Conference, multiple locations.

10-12 December (Saturday-Monday): The 2nd edition of the Nebu Expo for Gold and Jewelry kicks off.

13-14 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.

13-15 December (Tuesday-Thursday): US-Africa Leaders Summit.

15 December (Thursday): European Central Bank monetary policy meeting.

22 December (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

December: The Sixth of October dry port will begin operations.

December: Egyptian Automotive Summit.

December: Egypt to expand Sudan electricity link capacity to 300 MW.


January: EGX-listed companies and non-bank lenders will submit ESG reports for the first time.

January: Fuel pricing committee meets to decide quarterly fuel prices.

1 January (Sunday): Use of Nafeza becomes compulsory for air freight.

1 January (Sunday): Residential electricity bills are set to rise as per the government’s six-year roadmap (pdf) to restructure electricity prices by 2025.

7 January (Saturday): Coptic Christmas.

24 January-6 February: The 54th Cairo International Book Fair, Egypt International Exhibition Center

25 January (Wednesday): 25 January revolution anniversary / Police Day.

26 January (Thursday): National holiday in observance of 25 January revolution anniversary / Police Day.

30 January-1 February (Monday-Wednesday): CI Capital’s Annual MENA Investor Conference 2023, Cairo, Egypt.


11 February (Saturday): Second semester of 2022-2023 academic year begins for public universities.

13-15 February (Monday-Wednesday): The Egypt Petroleum Show (Egyps), Egypt International Exhibition Center, Cairo.

23-27 February (Thursday-Monday): Annual Business Women of Egypt’s Women for Success conference.

MARCH 2023

March: 4Q2022 earnings season.

23 March (Wednesday): First day of Ramadan (TBC). Maghreb will be at 6:08pm CLT.

APRIL 2023

1 April (Saturday): Deadline for banks to establish sustainability unit.

17 April (Monday): Sham El Nessim.

22 April (Saturday): Eid El Fitr (TBC).

25 April (Tuesday): Sinai Liberation Day.

27 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).

Late April – 15 May: 1Q2023 earnings season.

MAY 2023

1 May (Monday): Labor Day.

4 May (Thursday) National holiday in observance of Labor Day (TBC).

22-26 May (Monday-Friday): Egypt will host the African Development Bank (AfDB) annual meetings in Sharm El Sheikh.

JUNE 2023

19-21 June (Monday-Wednesday) Egypt Infrastructure and Water Expo debuts at the Egypt International Exhibition Center.

28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).

30 June (Friday): June 30 Revolution Day.

JULY 2023

18 July (Tuesday): Islamic New Year.

20 July (Thursday): National holiday in observance of Islamic New Year (TBC).

23 July (Sunday): Revolution Day.

27 July (Thursday): National holiday in observance of Revolution Day.

Late July-14 August: 2Q2023 earnings season.


26 September (Tuesday): Prophet Muhammad’s birthday (TBC).

28 September (Thursday): National holiday in observance of Prophet Muhammad’s birthday (TBC).


6 October (Friday): Armed Forces Day.

Late October-14 November: 3Q2023 earnings season.


2H 2022: The inauguration of the Grand Egyptian Museum.

2H 2022: IEF-IGU Ministerial Gas Forum, Egypt. Date + location TBA.

2H 2022: The government will have vaccinated 70% of the population.

3Q 2022: Ayady’s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release its first financing product.

3Q 2022: Swvl to close acquisition of Urbvan Mobility.

4Q 2022: Infinity + Africa Finance Corporation to close acquisition of Lekela Power.

End of November: SFE’s pre-IPO fund to kick off roadshow.

4Q 2022: Electricity Ministry to tender six solar projects in Aswan Governorate.

4Q2022: Raya Holding subsidiary Aman and Qalaa Holdings’ Taqa Arabia to launch their fintech company.

4Q 2022: Saudi Jamjoom Pharma to inaugurate its EGP 1 bn pharma factory in El Obour.

End of 2022: Decent Life first phase scheduled for completion.

End of 2022: e-Aswaaq’s tourism platform will complete the roll out of its ticketing and online booking portal across Egypt.

2023: Egypt will host the Asian Infrastructure Investment Bank’s Annual Meeting of the Board of Governors in 2023.

1Q 2023: Adnoc Distribution’s acquisition of 50% of TotalEnergies Egypt to close.

1Q2023: Internal trade database to launch.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.