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Thursday, 25 August 2022

THIS EVENING: More green hydrogen investments coming + All eyes are on Powell at Jackson Hole

Good afternoon, wonderful people. We’ve made it through the last full workweek of August, which is going out with something of a bang on the news front. So much for the summer lull.

THE BIG STORY TODAY

Seven int’l firms sign MoUs for green hydrogen plants: Egyptian government agencies signed MoUs today with seven international companies to set up green hydrogen production facilities in Ain Sokhna, according to a cabinet statement. The companies include the UK’s Globelec, Saudi Arabia’s Al Fanar, Dubai’s Alcazar Energy, the UAE’s KK Power International, Mediterranean Energy Partners, Indian clean energy company ACME, and private equity firm Actis. The expected investment values of the facilities were not disclosed.

^^We’ll have more on this story and others in Sunday’s edition of EnterpriseAM.

THE BIG STORY ABROAD

It’s a thoroughly mixed bag of nuts in the international business press this afternoon. The Wall Street Journal and Reuters look at market movements and investor expectations ahead of tomorrow’s speech from US Federal Reserve Chairman Jerome Powell at Jackson Hole, while CNBC’s top story is about inflation forcing Sony to raise the price of its PS5 console.


** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • Is the CBE about to ease import restrictions? Meetings held yesterday by Central Bank Governor Hassan Abdalla and key cabinet members have stoked expectations in some corners that they may be looking for ways to ease import restrictions that have hobbled everyone from manufacturers to retailers.
  • Hisham Ezz Al Arab, Mohamed Naguib are advising the new CBE governor: Central Bank of Egypt Acting Governor Hassan Abdalla has appointed banking industry veterans Hisham Ezz Al Arab and Mohamed Naguib as his advisors.
  • B Investments has been granted an extension until 15 September to decide whether it will preempt Adnoc’s bid to acquire 50% of TotalEnergies Egypt.

🗓 CIRCLE YOUR CALENDAR-

iSHEEP, Assemble: The launch event for the iPhone 14 will take place on 7 September at 1pm ET (or 7pm CLT), Apple announced in invitations to journalists yesterday, according to the Verge.

PSA #1- Climate tech entrepreneurs have one month to apply to the global ClimaTech Run competition: Tech startups that address climate and environmental issues have until 22 September to apply for the competition, which offers startups a top award of USD 100k and the chance to present their product at COP27, according to a cabinet statement. The competition is hosted by USAID-backed Business Egypt and backed by the international cooperation, environment and communication ministries.

PSA #2- Your deadline to catch a 65% break off late payment fines for your taxes is coming up next Wednesday, 31 August. The waiver applies to late payment fees for customs tariffs, income, real estate, and sales taxes, VAT, and stamp duties among others. The remaining 35% of your due payments will need to be paid before next March.

FURTHER DOWN THE ROAD- Egypt and Tunisia could sign an MoU to cooperate on solar power projects in the next two months, when a Tunisian delegation is expected to visit Egypt, Al Borsa quotes sources in the know as saying.

☀️ TOMORROW’S WEATHER- It’s going to be a sunny — but less humid — weekend: Expect a daytime high of 34°C tomorrow and 36°C on Saturday, with nighttime lows of 25°C on both days.

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.

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