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Sunday, 21 August 2022

Toyota wants to get more involved in Egypt’s low-carbon energy industries

SCZone, Toyota sign MoU on low-carbon projects: The Suez Canal Economic Zone (SCZone) and Japan’s Toyota Tsusho signed an agreement to conduct feasibility studies for joint projects in low-carbon infrastructure, renewable energy, water, green and blue hydrogen, and blue and green ammonia, the SCZone said Wednesday. Toyota last week presented to the Oil Ministry the results of an initial six-month study into producing blue ammonia in Egypt.

The government is making a fresh round of overdue subsidies payments to exporters: Cabinet has given its approval to pay a total EGP 10 bn out to exporters in a fifth phase of its program to repay overdue subsidies, according to a statement. Exporters can now request to be included in the scheme, with payments to be made on 1 October and 1 December, Maait said in a separate statement.

Gov’t defends Warraq redevelopment amid tensions: Housing Minister Assem Al Gazzar has denied that the government is forcibly evicting residents of Warraq Island after security forces and civilians clashed last week. In a statement Thursday, the minister defended the government’s plans to redevelop the island, claiming that land has only been purchased “consensually” and that it has paid out EGP 6 bn in compensation to those evicted.

Other things we’re keeping an eye on this morning:

  • Cabinet approved a EUR 250 mn loan from the European Bank for Reconstruction and Development (EBRD) to finance Cairo Metro Line 2 upgrades. (Statement)
  • Heliopolis Housing parent company Holding Company for Construction & Development has acquired 8.3% of Zahraa El Maadi Investment for EGP 199.1 mn. (Disclosure, pdf)
  • A fire broke out yesterday on the roof of City Centre Alexandria, and was later brought under control. No serious injuries were reported. (Twitter | statement, pdf)
  • Local Development Minister Hisham Amna was discharged from hospital on Wednesday after receiving treatment for minor injuries sustained in a road accident on the Wadi Natrun-Alamein the day before. (Youm7)

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