THIS EVENING: AMEA lands funding for solar, wind plants in Egypt + Eurozone inflation cools down
Happy almost-THURSDAY, ladies and gentlemen. We’re in that final stretch before the weekend, with plenty of news (and interesting World Cup matches) to keep us busy.
THE BIG STORY TODAY-
AMEA Power gets funding to build 1 GW of renewable energy plants in Egypt: Emirati firm Al Nowais subsidiary AMEA Power has locked in USD 1.1 bn in funding for a 500 MW solar plant and 500 MW wind farm in Egypt, according to a cabinet statement. A number of banks, including Standard Chartered, the IFC and Sumitomo Mitsui Banking Corporation, provided the funds. The company plans to complete the construction of the plants within two years.
THE BIG STORY ABROAD
Eurozone inflation takes a bit of a breather: Eurozone inflation slowed for the first time in over a year in November thanks to a drop in energy prices, according to data from the European Commission’s statistics office (pdf). Despite the cool-off, analysts are skeptical this means a downward slope from here, CNBC wrote. “We would not be surprised to see the headline inflation rate rise again in December or January given the volatility in the monthly numbers,” one economist wrote in a note, adding that “there is little doubt that it will fall rapidly next year.” The Wall Street Journal and the Financial Times also have the story.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- ALC’s Bahaa Alieldean on why freezones are key for FDI and exports: After reading our five-step recipe for turning Egypt into a global export hub and FDI magnet, ALC’s Bahaa Alieldean told us why the enabling environment — including freezones — are a critical component of an export-focused economy.
- An international JV now represents BMW and Mini in Egypt, says it’s restarting local assembly: BMW has made Global Auto Group its new importer and agent in Egypt.
- Saudi Arabia is extending by one year its USD 5 bn deposit at the Central Bank of Egypt, which forms part of over USD 22 bn pledged in investments and deposits by our GCC neighbors.
Amr Allam, co-CEO of Hassan Allam Holding is joining us for the Enterprise Climate X Forum, taking place at the Grand Egyptian Museum. Are you? We’re proud to announce that our friend Amr Allam is going to be speaking at the forum on why he thinks climate is the most compelling industry of our generation. He is joined on stage for that discussion by Mohamed Ismail Mansour, co-founder and CEO of Infinity (Amr and Mohamed are working on a ton of projects together) and Sherif El Kholy, partner and head of MENA at Actis (a long time investor in climate themes).
They’re not the only ones: Among the top execs, bankers, and development finance folks speaking at the conference are: Todd Wilcox, CEO and deputy chairman of HSBC Egypt; Tarek El Nahas, group head of international banking, Mashreq; Khalid Hamza, director and head of Egypt at European Bank for Reconstruction and Development (EBRD); Simon Kitchen, head of strategy at EFG Hermes Research; Nader Abushadi, group treasurer at Dar Group; Karim Hussein, managing partner at Algebra Ventures; Aly El Tayeb, CEO and co-founder of ShiftEV; Jorgo Chatzimarkakis, CEO of Hydrogen Europe; Khaled Naguib, CEO of Hydrogen Egypt, and Leslie Reed, Mission director for Egypt, USAID.
Topics and live interviews will include:
- What is green hydrogen, why is it important, and what signs will tell us that USD 85 bn in framework agreements are real?
- How CEOs across global emerging markets are dealing with climate change.
- What’s the difference between sustainability-linked and climate finance? How much do CEOs need to know about their supply chain?
- Meet the startup and VC in line to be Egypt’s first climate b’naires.
For the full agenda please click here.
** Have you confirmed your attendance? We’ll be sending you on Sunday, 4 December the QR code you’ll need to gain admission to the Grand Egyptian Museum, along with a Google Maps link and some other pointers — including a reminder that the event takes place under Chatham House Rules. Only confirmed invitees who can present their personal QR codes will be able to gain admission to the GEM on event day.
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???? CIRCLE YOUR CALENDAR-
International business expo BizNex kicks off tomorrow at Mamsha Ahl Misr. The event will run through this Saturday, 3 December.
ALSO THIS WEEKEND- French luxury fashion house Dior is hosting its men’s pre-fall collection show against the backdrop of the Giza Pyramids. The show will mark the first time Dior brings its traveling men’s pre-fall collection shows to Egypt.
The House Manpower Committee will continue hearings on the new draft Labor Act next Wednesday, 7 December. The session will see representatives from the Federation of Egyptian Industries (FEI) and the Egyptian Trade Union Federation in attendance. The bill, which was approved by the Senate in February, extends both maternity leave and notice periods, caps working hours, and changes minimum raise increments, among other things. We have more on the bill’s finer points here.
Next week’s OPEC+ meeting goes WFH: The oil cartel and allies will hold a much-discussed 4 December meeting online instead of in Vienna as planned, Bloomberg reports, citing sources it says are in the know.
Would OPEC make major policy changes over Zoom? The shift to an online meeting is leading market watchers to wager that the meeting won’t see the cartel change its October decision to cut supply by some 2 mn barrels per day. Five OPEC+ sources told Reuters that it’s likely to keep policy unchanged, while two other sources said that further cuts could be on the table in a bid to boost prices.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.
☀️ TOMORROW’S WEATHER- Expect a day much like today in the capital city. Our favorite weather app expects a sunny afternoon bringing the mercury to a daytime high of 25°C before cooling down to a nighttime low of 14°C.