Egypt signs 7 green hydrogen deals worth a potential $40bn 

Egypt signs 7 green hydrogen deals worth a potential $40bn 
Egypt’s Prime Minister Mostafa Madbouly witnessed the signing of the deals. Presidency of the Egyptian Council of Ministers/Facebook
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Updated 29 February 2024
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Egypt signs 7 green hydrogen deals worth a potential $40bn 

Egypt signs 7 green hydrogen deals worth a potential $40bn 

RIYADH: Over $40 billion of green hydrogen and renewable energy investments could be on the way to Egypt’s Suez Canal Economic Zone after a host of new agreements. 

The North African country’s government signed seven memorandums of understanding with international developers which could see the money arrive over a 10-year period. 

Investment of about $12 billion is expected for a pilot program, followed by a further $29 billion for the first phase. 

Ayman Suleiman, CEO of the Sovereign Fund of Egypt, was one of those present for the signing of the agreements.  

He said: “The Fund receives constant and increasing interest from investors in green hydrogen projects, and today’s signature reflects the increasing interest of companies to join the Egyptian Green Hydrogen Program, which reflects the state’s going in the right direction by creating a landmark, fully funded program.” 

Egypt’s Prime Minister Mostafa Madbouly also witnessed the signing of the deals, which included agreements with the General Authority for the Suez Canal Economic Zone, and the New and Renewable Energy Authority. 

Representatives from the private sector included Kofi Osu Bembah, CEO of Bash Global; Jawo Kunha, CEO of operations at Smart Energy; and Ihab Damian, from Gamma Construction & Meridiam.

Other businesspeople present were Mohammed Tawakkul, board member of Al-Tawakkul Gila; Yahya Abu Al-Hassan, business development manager of IMM Power, and Kamel Abdulhamid Al-Sawi, president of Egypt branch of United Energy Group.

Planning Minister Hala El-Said added that Egypt’s sovereign fund is seeking to promote the country as a regional hub for green energy. 

The minister also set out how the fund has already succeeded in launching Africa’s first integrated green ammonia production plant, and the latest deals mark the beginning of new investment partnerships and projects that all contribute to achieving the goals of the National Green Hydrogen Strategy. 

That plan, agreed in November, is part of a drive to see Egypt contribute 5-8 percent to the global hydrogen market. 

The strategy also targets reducing carbon emissions by 40 million tonnes per year by 2040. 

Also in November, the first shipment of renewable ammonia was sent from Fertiglobe’s factory in Egypt, in what was described as a “breakthrough in producing and supplying renewable ammonia to the world” by the company’s CEO Ahmed El-Hoshy.  

In what was a landmark month for Egypt’s green energy plans, November 2023 also saw the Suez Canal Economic Zone sign a $15.6 billion agreement with prominent Chinese companies to boost renewable fuel manufacturing initiatives.   

The agreements are set to produce around 9,000 job opportunities and encompass the establishment of 11 projects. 


Dogecoin soars as Trump announces a government efficiency group nicknamed DOGE

Dogecoin soars as Trump announces a government efficiency group nicknamed DOGE
Updated 14 November 2024
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Dogecoin soars as Trump announces a government efficiency group nicknamed DOGE

Dogecoin soars as Trump announces a government efficiency group nicknamed DOGE
  • Dogecoin got a bump after US President-elect Trump named Tesla’s Elon Musk as one of the heads of a new “Department of Government Efficiency,” which is not a government agency but does have the acronym DOGE

NEW YORK: Wow, much bull market.
Dogecoin, the cryptocurrency whose mascot is a super-cute dog that muses things like “much wow,” has been racing higher in value since Donald Trump won the presidential election last week. It got another bump after Trump named Tesla’s Elon Musk as one of the heads of a new “Department of Government Efficiency,” which is not a government agency but does have the acronym DOGE.
All this makes sense and is maybe humorous for anyone who’s chronically online. For others, here’s some explanation about what’s going on:
What is dogecoin?
It’s a cryptocurrency, whose value rises and falls against the US dollar based on however much people will pay for it.
At first, it was seen as a joke. But over time, dogecoin has amassed a group of fans who have periodically sent its price soaring. Like other cryptocurrencies, supporters say it could be used to buy and sell things on the Internet without having to worry about a central bank or government affecting how many are in circulation.
How much has dogecoin climbed?
One dogecoin — which is pronounced dohj-coin — was worth less than 16 cents just before Election Day. It’s since more than doubled to nearly 38 cents, as of Wednesday afternoon, according to CoinDesk. It briefly got above 43 cents earlier Wednesday.
Why is it climbing so much?
Cryptocurrencies have generally been shooting higher since Trump’s election. Bitcoin, which is the most famous digital currency, has set an all-time high above $93,000 after starting the year below $43,000.
Excitement is racing because Trump has embraced crypto and said he wants the United States to be the “crypto capital of the planet” and create a bitcoin “strategic reserve.”
What does Elon Musk have to do with any of this?
Musk has become one of Trump’s close allies. He’s also been one of the most famous fans of dogecoin. In 2021, Musk played a character on “Saturday Night Live” who went by the nickname, the “Dogefather.”
In 2022, Musk made more headlines when he suggested Twitter should perhaps accept dogecoin as payment for subscriptions.
It all came to a head Tuesday, when Trump announced the “Department of Government Efficiency,” which will work from outside the government to offer the White House “advice and guidance” and will partner with the Office of Management and Budget to “drive large scale structural reform, and create an entrepreneurial approach to Government never seen before.”
It has the acronym DOGE, which is also the ticker symbol under which dogecoin trades. Musk will lead it, along with former GOP presidential candidate Vivek Ramaswamy.
This all sounds weird.
Dogecoin’s history is interesting.
In 2021, on April 20, dogecoin fans tried but failed to get its value above $1 on what they were calling “Doge Day.”
April 20 has long been an unofficial holiday for marijuana devotees, and Musk himself has referred to 420 several times in his career, including his tweet in 2018 saying he had secured funding to take Tesla private at a price of $420 per share.
Is the Shiba Inu whose picture is in the meme getting special treats because of all this?
Sadly, no. The dog, whose real name was Kabosu, passed away in Japan earlier this year at 18 years old. Much rest, may she have.


Number of active mining licenses in Saudi Arabia reaches 2,295

Number of active mining licenses in Saudi Arabia reaches 2,295
Updated 13 November 2024
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Number of active mining licenses in Saudi Arabia reaches 2,295

Number of active mining licenses in Saudi Arabia reaches 2,295
  • The goal is to transform mining into the third pillar of the national industry and leverage the Kingdom’s vast mineral wealth, estimated at around SR9.3 trillion

RIYADH: Saudi Arabia’s Ministry of Industry and Mineral Resources issued 35 new mining licenses in September, the Saudi Press Agency reported on Wednesday citing the National Center for Industrial and Mining Information.

These permits included 24 exploration licenses, seven quarry licenses for building materials, three reconnaissance licenses, and 1 mining exploitation and small mine license.

Official spokesperson for the ministry, Jaraah bin Mohammed Al-Jaraah, explained that by the end of September 2024, the total number of active mining licenses in the sector had reached 2,295. The majority of these licenses are quarry licenses for building materials, with 1,461 issued, followed by 566 exploration licenses, 203 mining exploitation and small mine licenses, 42 prospecting licenses, and 23 surplus mineral resource licenses.

Al-Jaraah emphasized that the Ministry of Industry and Mineral Resources is focused on protecting and enhancing the value of the mining sector in alignment with Saudi Arabia’s Vision 2030. The goal is to transform mining into the third pillar of the national industry and leverage the Kingdom’s vast mineral wealth, estimated at around SR9.3 trillion.


Saudi Arabia’s CMA approves regulatory changes to strengthen debt market

Saudi Arabia’s CMA approves regulatory changes to strengthen debt market
Updated 13 November 2024
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Saudi Arabia’s CMA approves regulatory changes to strengthen debt market

Saudi Arabia’s CMA approves regulatory changes to strengthen debt market

RIYADH: Saudi Arabia’s Capital Market Authority has approved its largest regulatory overhaul to date for the sukuk and debt instruments market, marking a significant step in the country’s financial sector development.

The newly approved changes introduce key amendments to the rules on the offer of securities and continuing obligations, particularly related to the issuance of debt instruments.

These adjustments simplify prospectus requirements for public, private, and exempted offerings, streamlining the process and reducing regulatory burdens.

These changes will take effect as soon as they are published and are designed to attract a wider range of issuers and foster deeper investment in the market.

“By facilitating the listing requirements for debt instrument, we are increasing the attractiveness of the local debt capital market to drive increased participation from issuers and investors,” Mohammed Al-Rumaih, CEO of the Saudi Exchange, said.

The amendments to the listing rules of debt instruments mark a significant milestone in the continued development of Saudi Arabia’s debt capital market, further reinforcing our commitment to building a globally competitive and sophisticated debt capital market.”

The reforms aim to strengthen Saudi Arabia’s regulatory framework for debt instruments, creating a more dynamic and accessible market. Notably, the amendments allow the Kingdom’s development funds, sovereign wealth funds, and development banks to issue debt instruments through exempt offerings, subject to specific conditions.

This flexibility will enable these institutions to better align their financing strategies with Saudi Arabia’s broader development goals.

“As we move forward, the Saudi Exchange remains focused on providing a robust platform for debt financing that supports the Kingdom’s Vision 2030 ambitions, specifically the Financial Sector Development Program aspirations in deepening the debt capital market,” Al-Rumaih said.

The new regulations also simplify the documentation process for public offerings, reducing prospectus requirements by more than 50 percent.

A dedicated section for public offerings will improve regulatory clarity, ensuring that all material information is disclosed to investors while maintaining investor protection.

In addition to easing public offering requirements, the changes introduce more flexibility for private offerings. The CMA has eliminated the prior requirement for advance notification before launching an offering.

Issuers can now notify the CMA and immediately proceed with their offerings, a change that is expected to expedite the financing process and improve efficiency.

These regulatory enhancements are part of Saudi Arabia’s broader efforts to develop its sukuk and debt markets as a crucial funding channel for businesses.

By improving access to financing, the reforms are expected to drive greater economic growth and help position the sukuk and debt markets as central components of the Kingdom’s financial ecosystem.

The reforms align with Saudi Arabia’s Vision 2030 strategy, which seeks to diversify the economy and enhance the capital markets. They also reflect the CMA’s ongoing commitment to improving market transparency, protecting investors, and increasing market participation.

In parallel, the CMA recently invited public feedback on amendments to the investment funds regulations, which are also part of efforts to refine the framework for private and foreign investment funds, particularly in retail markets. These changes aim to better protect retail investors, addressing risks that emerged from a 2021 regulation allowing individual retail investments up to SR200,000 ($53,245).

The consultation period for these proposed changes will run for 30 calendar days.

With these far-reaching regulatory reforms, Saudi Arabia is poised to further strengthen its sukuk and debt markets, positioning them as key drivers of economic growth and investment. The CMA’s efforts to enhance transparency and investor protection are expected to boost both domestic and international confidence in the Kingdom’s financial markets.


Saudi PIF to offer 2% of Saudi Telecom Co. shares to investors

Saudi PIF to offer 2% of Saudi Telecom Co. shares to investors
Updated 13 November 2024
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Saudi PIF to offer 2% of Saudi Telecom Co. shares to investors

Saudi PIF to offer 2% of Saudi Telecom Co. shares to investors
  • Goldman Sachs Saudi Arabia and SNB Capital are acting as joint global coordinators and bookrunners for PIF
  • Remaining shares held by PIF represent 62% of the firm’s issued share capital

RIYADH: Saudi Arabia’s Public Investment Fund has announced the offering of 2 percent of its Saudi Telecom Co.’s stake, amounting to 100 million shares, to qualified institutional investors locally and globally.

Goldman Sachs Saudi Arabia and SNB Capital, acting as joint global coordinators and bookrunners for PIF, announced that the share price, or offer rate, would be determined through an accelerated book-building process, according to a statement on the Saudi Stock Exchange.

This falls in line with PIF’s vision, which has about $925 billion assets under management, of becoming a global investment powerhouse and the world’s most impactful investor, enabling the creation of new sectors and opportunities that will shape the future global economy, while driving the economic transformation of Saudi Arabia.

The Tadawul statement said that following the completion of the offering, the remaining shares held by PIF in the company, representing 62 percent of the firm’s issued share capital, will be subject to a 90-day contractual lock-up undertaking.

The company will not receive any proceeds from the issuance, and the offering will not dilute the shares of the organization’s additional shareholders.

The statement also said that the final number of offer shares, price, and results will be announced by Nov. 14. 

The sale will be executed through off-market negotiated deals on Nov. 14 before market opening, under the Negotiated Deals Framework stipulated under the Trading and Membership Procedures issued by the Saudi Exchange.

The offering will be available to institutional investors within the Kingdom, qualified foreign institutional backers in line with the Rules for Foreign Investment in Securities, and institutional beneficiaries of swap agreements made with a Capital Market Authority-authorized person to trade shares on the Saudi Exchange on their behalf. 

It will also be open to Gulf Cooperation Council investors, including companies and funds authorized to trade in Saudi shares.


Closing Bell: Saudi Arabia’s TASI closes in red, down 0.97%

Closing Bell: Saudi Arabia’s TASI closes in red, down 0.97%
Updated 13 November 2024
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Closing Bell: Saudi Arabia’s TASI closes in red, down 0.97%

Closing Bell: Saudi Arabia’s TASI closes in red, down 0.97%
  • MSCI Tadawul 30 Index declined 15.60 points to close at 1,500.54 points
  • Parallel market Nomu closed the day at 29,205.53 points, reflecting an increase of 95.12 points

RIYADH: The Tadawul All Share Index in Saudi Arabia concluded Wednesday’s trading session at 11,930.45 points, marking a decrease of 117.22 points or 0.97 percent. 

MSCI Tadawul 30 Index also declined 15.60 points to close at 1,500.54 points, a 1.03 percent decrease. 

The parallel market Nomu closed the day at 29,205.53 points, reflecting an increase of 95.12 points, or 0.33 percent.

TASI reported a trading volume of SR5.540 billion ($1.474 billion), with 52 stocks gaining and 178 falling.

The best-performing stock was Shatirah House Restaurant Co., whose share price surged 10 percent to SR20.24.  

Other top performers include Saudi Cable Co. and Alkhaleej Training and Education Co., whose share prices soared by 5 percent and 4.08 percent to SR88.20 and SR30.60, respectively.

Other top performers include Bawan Co. and Middle East Specialized Cables Co.

The worst performer was Ash-Sharqiyah Development Co., whose share price dropped by 5.18 percent to SR19.40.

Other worst performers were United International Transportation Co. and National Medical Care Co., whose share prices dropped by 3.87 percent and 3.33 percent, respectively, to stand at SR79.50 and SR168.60.

Saudi Tadawul Group Holding Co. was another worst performer, whose share price dropped by 3.08 percent to SR232.60.   

On the parallel market Nomu, Leaf Global Environmental Services Co. was the top gainer, with its share price surging by 8.68 percent to SR98.90.

Other top gainers on the parallel market were Fad International Co. and Al Mohafaza Co. for Education, with their share prices surging by 7.24 percent and 6.04 percent to reach SR81.50 and SR28.10, respectively.

Rawasi Albina Investment Co. and Amwaj International Co. were the other top gainers on Nomu.

Al-Razi Medical Co. was the major loser on this market, as the company’s share price slipped by 7.98 percent to SR47.85.  

First Avenue for Real Estate Development Co. and Obeikan Glass Co. were other major losers on Nomu, with share prices dropping by 6.18 percent and 6.01 percent, reaching SR8.35 and SR49.25, respectively.