Natural Gas Prices Increase⬆️
Natural gas supplied to industrial activities saw a hike in prices up to 28%.
Who is affected🤷 Iron & steel factories, cement, fertilizers & petrochemicals will now pay $5.75 / MMBtu, instead of $4.5 / MMBtu, a 28% increase. Other industrial activities will pay $4.75 / MMBtu.
MMBtu = A million British Thermal Units – a standard unit of measurement for natural gas in financial contracts.
Why is this important🤔 The government reduced gas prices for industrial activities twice recently, the first in October 2019, & the second in March 2020 as part of a stimulus package to overcome the burdens of COVID-19. However, factories are constantly calling for a reduction in the price to be equal to global gas prices, which are less than $3 / MMBtu, to ease high production costs pressures on factories.
This Week: A Meeting to Discuss Procedures for Start of Trading on the Commodities Exchange🤝
Minister of Supply and Internal Trade Dr. Ali Al-Moselhi confirmed that a meeting will take place this week with EGX Chairman Dr. Mohamed Farid to discuss procedures for the start of trading on the commodities exchange (Egycomex).
Who is affected🤷 Al-Moselhi indicated that the meeting will announce the first commodities to start trading, & that trading is scheduled to start at the beginning of next year.
Why is this important🤔 Al-Moselhi stated that the Egycomex will provide a measure of protection for small farmers & producers. By collecting & classifying their production & making it available to all dealers on the Egycomex, competitiveness increases among small farmers & producers in a healthy & transparent way.
Startup Spotlight💡 – B2B e-Commerce Firm Kuzlo Raises Pre-Seed Funding
Kuzlo, a B2B marketplace based in Alexandria has raised an undisclosed pre-seed round led by Nama Ventures. Kuzlo connects fast-moving consumer goods (FMCG) small retailers with wholesalers available in their area.
Who is affected🤷 Kuzlo was founded in March 2021 by four co-founders Ayman, Tarek, Bassem, & Gebril, who believe digitalization is the main driver for the transformation of many industrial sectors and the B2B marketplace in Egypt.
Why is this important🤔 Kuzlo joins a rapidly-changing FMCG market due to high competition from mega stores and chains to traditional supermarkets and groceries. KUZLO provides FMCG players with a better supply network to ensure business success using technology.
Headlines We’re Watching👀
- Eastern Company (EAST) Sells 400,000 Treasury Shares
- Cleopatra Hospital (CLHO) Stops Buying Treasury Shares After Buying Back 17.9 Million Shares
Larry Fink & Bill Gates Think Climate Tech Companies are the Best Investments⚡
Blackrock CEO Larry Fink said he thinks the next 1,000 unicorns (start-ups worth at least $1 billion) will be involved in climate technology. While Microsoft co-founder Bill Gates believes climate tech will produce 8 to 10 Teslas, & Google, Amazon, & Microsoft-sized companies.
Larry Fink👴 “It is my belief that the next 1,000 unicorns won’t be a search engine, won’t be a media company, they’ll be businesses developing green hydrogen, green agriculture, green steel & green cement,” Fink said Monday at the Middle East Green Initiative Summit in Riyadh, Saudi Arabia.
Bill Gates🧓 Although Gates is bullish on climate tech, he said that a lot of money will get washed away in research & development, just like when the internet bubble popped, comparing the sector to “the early days of software & computing.” He also added that if you are an investor who can’t afford risk or expects near-term returns, you should look elsewhere.”
Huge amounts of capital along with encouraging governmental policies are crucial to the success of climate tech companies going forward.
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