Al Ahly Pharos

Pre-Trading Thoughts

November 10, 2022 Al Ahly Pharos
Al Ahly Pharos
Pre-Trading Thoughts
Show Notes

The Qatar Investment Authority (QIA), Qatar’s sovereign wealth fund, has deposited USD1 billion into the Central Bank of Egypt.

Egypt has signed a number of partnerships with international finance institutions and development partners to implement projects worth USD15 billion under its Nexus on Water, Food and Energy (NWFE) program.

The EGX yesterday announced it would set up Africa’s first voluntary carbon market on the sidelines of COP27. 

GB Auto’s Raouf Ghabbour passed away yesterday at age 69.  We extend our condolences to the entire Ghabbour family.

ORAS announced that its consortium with ENGIE (France) and Toyota Tsusho Corporation (Japan) has signed a Memorandum of Understanding (MOU) with the Egyptian Electricity Transmission Company (EETC) and the New & Renewable Energy Authority (NREA) to build, own and operate (BOO) a 3 GW wind farm in Egypt. ORAS would have an unspecified equity stake in the project and would execute the construction of the wind farm.

PACH announced that Universal Building Materials and Chemicals Company (Sipes) dropped its rival bid to acquire Pachin. 

TAQA Aribia, a subsidiary of CCAP, is studying distributing natural gas and electricity in Saudi Arabia.

EFIH announced leveraging the latest IBM Power servers, to upgrade its current infrastructure as a service (IaaS) and streamline business processes to optimize performance. 

ETRS intends to launch a new company under the name “Egytrans for Logistics Solutions” during 1Q23. This company will be managing the sea and air freight and customs clearance services that are currently carried out by ETRS.