Arab Finance: Egypt's Cabinet has approved a draft resolution to establish a 506-feddan investment zone within the Madinaty development in New Cairo for the mixed-use "The Spine" project, which will include residential, commercial, administrative, hotel, entertainment, tourism, medical, and other complementary activities, as per a statement.
The project, to be developed by a specialized urban development company, is expected to attract investments of around EGP 1.4 trillion and create approximately 55,000 direct jobs.
In a separate decision, the Cabinet authorized the Alexandria Port Authority to proceed with contracting procedures with Trident Logistics and Services, an Egyptian joint-stock company operating under the special free zone system that is currently being established.
The agreement covers the licensing of a plot of land in the hinterland of Alexandria Port to develop a logistics project for receiving, unloading, storing, packaging, and re-exporting bulk chemical raw materials after meeting domestic market demand.
The project supports the government's strategy to develop an integrated transport and logistics network and aligns with presidential directives to position Egypt as a regional hub for transport, logistics, and transit trade.
The Cabinet also approved a draft presidential decree on the government agreement between Egypt and the European Investment Bank (EIB) to help finance the expansion and modernization of the country's electricity grid, including technical assistance grants.
This project aims to strengthen the Egyptian electricity transmission network through the construction of new transformer substations and the installation of advanced transmission lines, enabling greater integration of renewable energy into the national grid.
In the renewable energy sector, the Cabinet approved a power purchase agreement (PPA) between the Egyptian Electricity Transmission Company (EETC) and UAE-based renewable energy developer Alcazar Energy, under which EETC will purchase electricity generated by Alcazar's planned 407-megawatt wind project in Zafarana. The project will be developed under a build-own-operate (BOO) model.
