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Tuesday, 8 November 2022

Arabian Cement to expand Suez factory solar plant

Arabian Cement signs new PPA for solar plant: Arabian Cement signed a purchase power agreement with Amarenco SolarizEgypt for the 13.2 MW second phase of its solar plant at the its Suez facility, it said in a statement (pdf) Sunday. The second phase of the project will bring the solar plant’s total capacity to 20.6 MW, at an investment cost of between EGP 170-190 mn, SolarizEgypt managing director Yaseen Abdelghaffar told Enterprise Climate. The project should be completed and commissioned by September 2023.

Brokerages now have less power to act on behalf of their clients: The Financial Regulatory Authority (FRA) has abolished a rule that allows brokerage firms and other custodians to open trading accounts on the bourse and close out contracts using the power of attorney, Youm7 reported, citing a document it has seen from the regulator on the decree. The move aims to bolster the protection of traders’ accounts dealing with securities firms.

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

  • Authorities have released 172k tons of poultry feed worth USD 77 mn from ports in the past five days in efforts to address shortages caused by import restrictions. (Agriculture Ministry statement)
  • Banque Misr extended an EGP 750 mm long-term loan to Mountain View to finance the construction of its Mountain View Parkway project. (Company statement, pdf)
  • Logistics and import/export firm Think Big Shipping and Logistics will start operations in 1Q 2023. (Zawya)
  • Zemex dual-fuel microbuses manufactured by the Egyptian British Automobile Manufacturing Co have been pulled from the government’s vehicle swap scheme after the company was unable to fulfill deliveries due government import restrictions. (Al Borsa)

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