Back to the complete issue
Tuesday, 16 October 2018


CORRECTION- The New and Renewable Energy Authority reached out to us to correct a few details that Al Mal got wrong last weekwhen it reported that a consortium made-up of Elsewedy Electric and UAE’s Masdar reached an agreement with the Electricity Ministry to build a wind farm in the Gulf of Suez. First, Elsewedy isn’t new to the project, having joined Masdar and NREA (who were taking it on 50/50) as a partner in 2017. The project, in which NREA currently holds a 23% stake, is also expected to cost EUR 200 mn and not EUR 300 mn as the newspaper said, and will produce 200 MW of power and not 220 MW. NREA also told us that the reason that work on the wind farm has stalled is a delay in setting the feed-in tariff for the power purchase agreement with the Electricity Transmission Company. The story has been deleted from our website.

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.