Egypt’s Q1-2022 GDP Growth Rate Highest in Two Decades💪
Egypt’s GDP grew 9.8% during Q1-2022, the highest quarterly growth rate over the past two decades, compared to a growth rate of 0.7% during Q1-2021.
More details🧐 Minister of Planning & Economic Development Dr. Hala Al Saeed reviewed economic indicators in yesterday’s cabinet meeting, adding that the annual growth rate will be between 5.5-5.7% by the end of FY 2022, driven by the strong start in Q1-2022.
Why is this important🤔 Restaurants & hotels contributed the most with a 182% quarterly growth rate, reflecting the sector’s recovery from the effects of the pandemic. The Suez Canal achieved a 20% growth rate. Other major contributors include the telecommunications, manufacturing, & construction sectors, which achieved growth rates of 16%, 15%, & 10.5%, respectively.
SODIC’s Biggest Shareholders to Meet on Sunday🤝
SODIC’s (OCDI) biggest shareholder, a consortium between Act Financial, Hassan Allam Properties, & Concrete Plus will meet on Sunday to give a decision on the received mandatory tender offer (MTO) which the FRA recently approved.
Who is affected🤷 There are three different options for the consortium regarding their 17.16% stake in SODIC: 1) partial sale, 2) complete sale or 3) no sale at all.
Why is this important🤔 The consortium’s decision will be largely based on what other shareholders decide to do in the days leading up to Sunday.
Orascom Construction Joins the Green Hydrogen Alliance🟢
Orascom Construction (ORAS) will help establish the largest factory for production of green hydrogen in Egypt.
What is green hydrogen🟢 Hydrogen is mostly used in petroleum refining & fertilizer production. Green hydrogen is hydrogen that is generated entirely by renewable energy, so it’s environmentally friendly.
More details🧐 ORAS, alongside Scatec, Nassif Sawiris’ OCI NV, Fertiglobe, & The Sovereign Fund of Egypt, will build a 100 MW green hydrogen facility in Ain Sokhna, Egypt. The hydrogen will be used to produce green ammonia.
Why is this important🤔 This will be the largest green hydrogen & ammonia application globally. Construction is expected to follow an accelerated schedule to showcase the facility during COP27 in Sharm El Sheikh in November 2022, highlighting Egypt’s & ORAS’s commitment to a greener future.
U.S. to Release Oil From Reserves to Lower Gas Prices🛢️
The U.S. is releasing 50 million barrels of oil from its reserves in an attempt to bring down soaring energy & petrol prices globally.
More details🧐 U.S. President Joe Biden has repeatedly asked the OPEC+ group of oil-producing nations to boost output more rapidly. But OPEC+ has stuck to an agreement to only increase production gradually. The coordinated release between the U.S., India, China, Japan, Republic of Korea & the United Kingdom is the first such move of its kind.
What is OPEC+🤨 OPEC stands for Organization of the Petroleum Exporting Countries. OPEC+ controls over 50% of global oil supplies & about 90% of proven oil reserves.
Why is this important🤔 The release is aimed at addressing the lack of oil supply around the world, but its actual effect may be limited. President Biden said, “it will take time, but before long, you should see the price of gas drop, & in the longer term, we will reduce our reliance on oil as we shift to clean energy.”
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