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Sunday, 12 March 2023

EgyptAir to increase flights to China. PLUS: Green hydrogen, oil exploration and a new startup fund


EgyptAir to increase flights to China: EgyptAir will soon start operating 10 flights a week to Chinese cities including Beijing, Hangzhou, and Guangzhou, Liu Yuxuan, the company’s China business development and marketing head, told Xinhua. The flag carrier resumed flights to China on Thursday following a three-year hiatus due to Beijing’s recently relaxed covid-19 travel curbs.


#1- Another Chinese player wants in on our green hydrogen ambitions: China International Energy wants to establish a USD 5-8 bn green hydrogen facility in Egypt, the company’s CEO told President El Sisi in a meeting over the weekend, according to an Ittihadiya statement. This comes only days after China Energy said it could start working on a USD 5.1 bn green hydrogen facility in May.

#2- US-focused oil and gas company EOG Resources is considering exploring for hydrocarbons in Egypt, company representatives told Oil Minister Tarek El Molla on the sidelines of the CERAWeek energy conference in Houston last week, the Oil Ministry said Thursday. El Molla also met with the heads of several prominent oil companies including Chevron, Apache, Schlumberger, TotalEnergies and Falco Energy Transportation.


Investors plan USD 10 mn startup fund: A group of investors with entrepreneurship expertise, including Techne Summit founder Tarek El Kady, plans to launch Alex Fund, a new USD 10 mn startup investment fund soon, Al Mal reports. The fund will invest in companies in various sectors, with a special focus on tech, and will operate for five years.


UN-Japan grant to support water security: The UN Food and Agriculture Organization (FAO) and the Japanese Embassy signed a USD 3.8 mn grant agreement to increase agricultural productivity and enhance water security, the International Cooperation Ministry said Friday.

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