The Minister of Electricity and Renewable Energy confirmed that there are approximately 100,000 MW of renewable energy that will be directed to producing green hydrogen over the next 10 years.

Egypt is in negotiations with three major global entities to export 3,000 MW of power to the European power grid through a submarine electrical line to Cyprus and Greece.

The amount of carbon-intensive mazut fuel oil Egypt uses in power stations has reached five-year highs as it seeks to maximize the amount of natural gas available for export. The shift towards mazut allows Egypt to generate electricity more cheaply and export more gas to alleviate an acute foreign currency shortage. 

The Parliament’s Budget Committee approved a one-article amendment to the Unified Tax Procedures Act that would allow foreign tax authorities to access individuals and businesses’ financial information.

The Parliament’s Housing Committee approved amendments to the building reconciliation law.

The United States will commit USD55 billion to Africa over the next three years.

The Cabinet approved plans for Egypt to join the New Development Bank set up by the BRICS economic group to fund infrastructure and development projects in member countries.

Vicat acquired additional 16.6% stake in SCEM, at transaction value of EGP139.5 million (21.5 million share at EGP6.49/ Share), increasing its stake in SCEM to 67.18%. 

Telecom Egypt and Grid Telecom, a wholly owned subsidiary of the Independent Power Transmission Operator (IPTO) in Greece, signed a collaboration agreement to build a subsea system connecting Egypt and Greece. 

Vodafone Group has transferred its 55% stake in its Egyptian unit to its South African subsidiary Vodacom in a EUR2.37 bn cash and stock transaction. 

Local feed and plant-based oils prices are still under pressure. Rally is not only driven by a weak local currency or local shortages due to imports issues, but by rising global prices as well due to supply shortages with solid demand as global shipping fees rise.

EFG-Hermes executed the first of its kind dual listing of Americana Group in Abu Dhabi Stock Exchange and Saudi Arabia Stock Exchange with a total amount of USD1.8 bn.

The Egyptian Stock Exchange has received a request for listing Damietta Container and Cargo Handling Company in the main market.

Consumer finance firm Premium Card has issued EGP200.6 mn worth of securitized bonds. The total value of securitized bond issuances brought to market this year now stands at some EGP45.4 bn, almost triple the EGP15.8 bn taken to market last year.

E-based tech investor Astra Tech is looking to invest USD 400 mn in four Egyptian financial services and consumer finance companies next year.  

Dr. Mostafa Madbouly, The Prime Minister, appointed Dr. Ahmed Galal as the Chairman of the BoD of EXPA, and appointed Mohamed Abu Al-Saud as Vice-Chairman of the BoD for 3 years.

Weekly Commodities Update:

  | Chems & Petchems | | Last Price | WoW Change, %
| Brent, USD/bbl | 75.7 | -13.7%
| Diesel-HSFO Spread, USD/ton | 475.4 | -15.8%
| Egypt Urea, USD/ton | 562.5 | 0.0%
| Polyethylene, USD/ton | 1,030.0 | 0.0%
| Polypropylene, USD/ton | 940.0 | 1.1%
| Steel/Iron Ore Spreads, USD/ton | 460.1 | 0.0%
| LME Aluminum Cash Price, USD/ton | 2,447.3 | -1.8%
| Egyptian Retail Cement, EGP/ton | 1,713.0 | 5.4%
| Steam Coal FOB Newcastle Australia, USD/ton | 401.0 | 0.1%
| SMP, USD/MT | 3,102.0 | 1.5%