Back to the complete issue
Sunday, 12 March 2023

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

TOURISM-

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.

ENERGY-

#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.

STARTUPS-

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.

DEVELOPMENT FINANCE-

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.

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.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.