Sustainability New Egyptian fund to invest in projects issuing carbon certificates Egypt has launched the first domestic fund to invest in projects that issue carbon certificates (EgyCop), Egypt Today newspaper reported. The Egyptian fund for investment in projects that issue EgyCOP has an authorised capital of EGP1 billion ($40.78 million). It funds projects of local companies that reduce emissions in the country and issues them internationally […] November 18, 2022
Analysis Energy Egypt aims to overcome obstacles to supplying more gas to the EU Depleting gas fields and soaring domestic consumption will stymie Egypt’s immediate efforts to boost Europe-bound energy exports – however, new exploration and additional pipelines could help it become a sizeable supplier to the EU later this decade. The EU has vowed to slash its imports of Russian gas by two thirds this year following Vladimir Putin’s […] November 17, 2022
Development Egypt awards $500m contract to build new container terminal Egypt’s Suez Canal Economic Zone (SCZONE) has signed a $500 million contract with the Suez Canal Container Company (SCCT) to establish a second container handling terminal in East Port Said, it said in a statement. The project aims to expand the existing SCCT’s container terminal at Port Said East Port, with extra length of 955 […] November 16, 2022
Banking & Finance Egypt to join Brics’ development bank in coming weeks Egypt is looking to join the New Development Bank (NDB), established by the Brics countries, to improve cooperation in infrastructure and sustainable development, Asharq Al-Awsat newspaper reported, citing a statement from the Egyptian finance ministry. The Egyptian parliament will officially discuss the final procedures to join the bank in the coming weeks. Brics is a […] November 14, 2022
Real Estate Egyptian investors look to real estate to hedge against inflation Egyptian investors are looking to real estate as a hedge against inflation and a depreciating pound, while landlords are increasingly pricing in US dollars. Merna Arafat, an analyst at Beltone, a Cairo-based brokerage, said that many investors had begun moving into property in March this year when the government started allowing the Egyptian pound to […] November 11, 2022
Economy Egypt’s headline inflation jumps to 16.2% in October 2022 Egypt’s annual urban consumer inflation accelerated faster than expected in October, climbing to a four-year high of 16.2 percent, data from the statistics agency CAPMAS showed on Thursday. Year-on-year inflation increased to its highest since October 2018, when it hit 17.68 percent, from 15.0 percent in September. Core inflation rose to 19 percent in October […] November 11, 2022
Cop28 US plan to sell carbon credits to private firms gets mixed reaction With the opening speeches out of the way, day four of Cop27 was the first of the “thematic days”, as member parties moved into the back rooms out of view of the cameras to conduct the real negotiations. The biggest announcement of the day came via the US climate envoy, John Kerry. A new carbon […] November 10, 2022
Tourism Egypt solves riddle of how to attract 30 million tourists Egyptian tourism minister Ahmed Issa has said that the country has worked out plans to attract 30 million tourists. “Egypt has always felt that it deserves 30 million tourists and the challenge that has been given to me as a problem solver [is to] figure out what to do and what needs to be done,” he […] November 9, 2022
Cop28 Decoding Cop27: the many shades of green bonds Banks, governments and businesses say financial markets can play a crucial role in driving the shift to a lower-carbon world. At the Cop27 climate conference in Egypt, companies and country delegates are discussing ways of enhancing the market for green bonds, or bonds that are linked to projects deemed environmentally beneficial. Green bonds have their […] November 9, 2022
Cop28 Developing countries call for new taxes on oil and gas producers By the end of the second full day of Cop27 the tone of the conference had been set. One after another, leaders of developing countries took to the plenary stage to voice their frustration and demand that rich nations offer more support to help combat the effects of climate change. After Barbadian prime minister Mia […] November 9, 2022
Cop28 Countries band together to keep forest promise More than 25 countries at the Cop27 climate talks on Monday launched a group they said would ensure they hold each other accountable for a pledge to end deforestation by 2030 and announced billions of dollars to finance their efforts. The first meeting of the Forest and Climate Leaders’ Partnership, chaired by Ghana and the […] November 8, 2022
Cop28 Finance challenges burden Egypt’s clean energy goals A week before Cop27 began, the governor of South Sinai, Khaled Fouda, declared Sharm el-Sheikh “the first environmentally friendly tourist city in the Middle East.” His announcement marked the conclusion of the five-month “Green Sharm El-Sheikh” project, which introduced hundreds of electric cars, hybrid and hydrogen buses, and numerous vehicle charging points to the city […] November 8, 2022
Sustainability What to watch at Cop27 summit in Egypt on Monday Leaders from around the globe will begin making speeches at the UN climate summit in Egypt on Monday as they seek to whip up ambition in the fight against global warming. But their messages will likely differ a lot on key points, and their soaring rhetoric will at times clash with performances that have lagged […] November 7, 2022
Analysis Cop28 ‘Loss and damage’ to take centre stage at Cop27 The United Nation’s Cop27 summit has opened in Egypt with secretary-general Antonio Guterres stating that climate change is happening with “catastrophic speed” and the planet is sending a “distress signal”. More than 120 world leaders are due to arrive at the Cop27 summit being staged in the Red Sea resort of Sharm el-Sheikh. This will […] November 7, 2022
Sustainability Egypt to become Africa’s hub for carbon certificates trading Egyptian Exchange Holding Company for Capital Markets Development, Agricultural Bank of Egypt and Libra Capital Group have signed an agreement to establish a carbon certificates trading company, according to Egypt Today newspaper. The report said no financial and organisational details of the new company were given. Egyptian Stock Exchange executive chairman Ramy El-Dakani said the […] November 7, 2022
Sustainability UK PM to ask leaders to deliver on global warming promises British prime minister Rishi Sunak will on Monday use a speech at the United Nations climate summit in Egypt to tell world leaders to deliver on their promises to tackle global warming. Sunak, who became prime minister late last month, had initially said he would be too busy coming up with a plan to fix […] November 7, 2022
Sustainability Cop27 climate talks in Egypt are set to get heated The Cop27 climate talks, which begin on Sunday in Sharm El-Sheikh, Egypt on behalf of Africa face the challenges of an energy crisis and the war in Ukraine. These impactful events have dramatically changed the geopolitical context of Cop since Cop26 was held in the UK city of Glasgow last year. A key question expected […] November 6, 2022
Development Egypt’s ‘Golden License’ bonanza aims to plug ailing private sector Egyptian President Abdel Fateh Al-Sisi has announced that Egypt will accept all applications from investors for “Golden Licenses” for the next three months, in a bid to spur private investment in the Arab world’s most populated country. The Golden Licenses allow foreign investors to buy or rent land, operate and manage projects, and allocate the […] November 4, 2022
Cop28 Egypt to sign 9 projects with $15bn investments at Cop27 Egypt’s Ministry of International Cooperation plans to sign contracts for nine projects with investments worth $15 billion at the Cop27 climate summit. The projects fall in the water, food and energy programme, which is a regional and international approach to move from the pledges stage to the implementation stage, reported Egypt Today, citing a ministry […] November 3, 2022
Banking & Finance Gap between Egypt’s official and black market dollar prices shrink The gap between the official and black market price of dollars in Egypt has narrowed significantly since the central bank announced a flexible exchange rate policy, three parallel market traders told Reuters on Tuesday. The Egyptian pound was trading at 24.15 to the dollar on Tuesday, according to Refinitiv data. That is about 18.5 percent […] November 2, 2022
