Pre-Trading Thoughts

UAE’s AMEA Power will set up a USD600 million, 5 GW wind power project in the Gulf of Suez in cooperation with the Egyptian Electricity Transmission Company and the New and Renewable Energy Authority (NREA). There is a plan to launch renewable projects with a combined capacity of 10 GW and combined investments of USD10 billion from 2023-2028 under the government’s Nexus for Food, Water, and Energy initiative (NWFE). The EGP fell to EGP50.90 against the greenback at some banks on Thursday, dow...