Page 16 - DMEA Week 44 2022

DMEA NEWS IN BRIEF DMEA

business new africa bna/IntelliNews

TERMINALS & TRANSPORT

Suez Canal revenues

jump 27% y/y on higher
traffic and volumes

Suez Canal revenues jumped by 27% y/y to
$552.9mn in October 2022 on higher ship traf-
fic as well as trade volumes, Al Mal newspaper
reported, citing the Suez Canal Authority as a
source.
Traffic through the canal got a boost from higher
oil and natural gas tanker movements via the
strategic waterway as growing volumes of crude
oil from Russia made its way to Asian buyers and
European demand for oil and natural gas from
the Gulf spiked following Europe’s search for
alternative fuel sources to Russia.
Overall vessel traffic in October grew by
14.6% y/y to 1,847 ships carrying 126.5mn tons
of goods (up 12.6% y/y).
The Suez Canal is a key foreign exchange
generator for the Egyptian economy. It earned
$7bn for Egypt in fiscal year 2021/2022, up from
$5.9bn in the previous fiscal year.
Suez Canal revenues are expected to take a
further boost in the current fiscal year when a
15% tariff hike on most types of vessels, exclud-
ing dry cargo and passenger cruise ships, comes
into effect as of January 1st 2023. Egypt’s fiscal
year runs from July 1 to June 30.
bna/IntelliNews, October 31 2022
unit; some of its output will be allocated for the Nigerian Stock Exchange, Dangote Cement
exports at a later stage, according to Daily News CEO Michel Puchercos also noted that Dangote
REFINING & FUELS Egypt. had commissioned its power planet in Okpella,
The QIA investments will include the acqui- while work to deploy grinding plants in Ghana
Qatar’s sovereign fund to sition of shares of two or three Egyptian firms in and Cote d’Ivoire was progressing smoothly.
In the same speech, Pucharcos also noted that
fintech and renewable energy. Observers say the
build $1bn green hydrogen deals will conclude in a few weeks. Dangota Cement recorded an increase of 6.2% in
QIA has negotiated to acquire a 20% stake in cement sales in Q3 2022.
facility in Egypt Vodafone Egypt from Telecom Egypt (ETEL) To mitigate the impact of the significant
in a deal that would cost $2.5bn, Bloomberg increase in energy and AGO costs, we are
Qatar’s sovereign wealth Fund the Qatar Invest- reported on October 19. strengthening our efforts to ramp up the usage of
ment Authority (QIA) is currently studying a Saudi Arabia’s sovereign wealth Fund PIF will alternative fuels,” Puchercos said, explaining that
proposal to construct a $1bn green hydrogen also buy a stake worth $215mn in Egypt’s Misr Dangote was seeking to save money in energy
project in Egypt’s Suez Canal Economic Zone Aluminium within weeks. It will also to acquire costs. “So far this year, we have co-processed
(SCZone), the Daily News Egypt reported on a stake in a hospitality firm within two months 101,553 tonnes of waste representing a 77%
Wednesday, November 2. bna/IntelliNews, November 2 2022 increase over 9M 2021. We are on track to com-
Sovereign Funds of both countries agreed mission our Alternative Fuel feed system at Oba-
on the facility in October this year as part of Dangote Cement says jana lines I and V, and Ibese line II in November.
Egypt’s plan for the renewable energy transition. In addition, we are ramping up our investment
Observers believe there will be a flow of Qatari it plans to move into in Compressed Natural Gas (CNG), to reduce
investments in Egypt in the short term into clean our AGO usage”
energy and other sectors as political tensions alternative fuels Dangote Cement has an overall production
between the two countries ease, and business capacity of 51.6mn tonnes per year across 10
delegations have started mutual visits. In June, Dangote Cement, Sub-Saharan Africa’s lead- countries, making it the largest cement producer
Egypt’s President Abdel Fattah El-Sisi and Qatari ing cement company, is to move into alterna- in Sub-Saharan Africa. It is part of the Dangote
Emir Sheikh Tamim held talks in Cairo during tive fuels to reduce energy costs, Nigeria’s The Group, an industrial conglomerate owned by
his first visit in nearly seven years. Guardian has revealed. Aliko Dangote, Africa’s richest man
The new facility will include a green ammonia During a reveal of third quarter results at bna/IntelliNews, October 31 2022

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