Good morning, friends. We have a brisk issue for you as the news cycle slowdown continues, but first…

FIVE DAYS TO GO until we see some of you at the Enterprise Finance Forum, which takes place 18-19 September (Monday and Tuesday) at the St. Regis Hotel on the Nile Corniche. This flagship forum is the latest in our must-attend series of invitation-only events, where CEOs, bankers, investors, founders, and corporate leaders will meet to discuss the trends shaping the future of banking, finance, NBFIs, and fintech — and of their clients.

What to expect: Join Todd Wilcox (CEO and deputy chair, HSBC Egypt), Akef El Maghraby (vice chairman, Banque Misr), Tarek El Nahas (group head of international banking, Mashreq), Hazem Hegazy (CEO and vice chairman, Al Baraka Bank),Fadi Abi-Nader (VP — One Demand, Global Emerging Markets, Mars-Wrigley), Bahaa Alieldean (senior and managing partner, ALC Alieldean Weshahi & Partners) and many others for talks on everything from what’s driving transformation in the banking and finance sector to how a can bank can transact in uncertain times.

Tap or click here to view the FULL AGENDA with SPEAKERS.

There will be plenty of parking available at the venue for all those attending.

** We are honored to count some of the region’s most important financial institutions as

our partners for this special event. The Enterprise Finance Forum could not take place without the support of our partners including Banque Misr, Al Baraka Bank, FAB Misr, HSBC, Mashreq, Banque Du Caire, CI Capital, Global Corp, Visa, Hassan Allam Utilities, the IFC, and Post for Investment.

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OUR TOP CLIMATE STORY- The Emirates Nuclear Energy Corporation has signed an MoU with Orlen Synthos Green Energy to look into potential investments in small modular reactors for deployment across Europe.

^^ We have more on this story in the news well, below.

HAPPENING TODAY- The Hydrogen Egypt Summit is kicking off today in Cairo. The two-day event will bring together members of the local and global hydrogen industry to discuss optimizing hydrogen and green hydrogen development in MENA, serving as a platform for the local industry to discuss potential investments with global investors, operators, and technology providers.

THE BIG CLIMATE STORY OUTSIDE THE REGION- EU accelerated renewable energy targets are now binding: EU lawmakers have given their final approval to raise the legally binding renewables energy target to 42.5% by the end of the decade, up from 32%. The bill initially faced some backlash from some member states including France, which only agreed to the new law after it received assurances that nuclear energy can be included in renewables targets in some cases, the newswire said. 470 lawmakers voted in favor, 120 voted against, and 40 abstained. The new targets — which include specific goals to increase renewable use in transport and industry — aim to significantly increase investments in wind and solar. EU member countries must still approve the final bill before it officially enters into force.

The approval got ink in the international press: Reuters | AP | The Financial Times

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OVER IN COPLAND- More consultations ahead of COP28: COP28 President-Designate Sultan Al Jaber has asked environment ministers from a number of countries to conduct informal consultations on his behalf on mitigation, adaptation, and means of implementation, along with informal consultations on the Global Stocktake, according to a letter (pdf) by the UNFCCC Secretariat. Egypt’s Environment Minister Yasmine Fouad was among the ministers named in the letter, tasked with the means of implementation pillar. “The COP28 President Designate encourages all Parties and Groups and constituencies to actively

engage with these ministers during the informal consultations,” the letter read.

WATCH THIS SPACE- Egypt and the Netherlands are partnering on a green fuels: Head of Egypt’s Suez Canal Economic Zone (SCZone) Walid Gamal El Din signed a cooperation agreement with a consortium of Dutch-based green hydrogen developers to establish a corridor facilitating the export of green fuels from Egypt to the Netherlands, according to a statement. The unnamed Dutch developers will invest in setting up several green hydrogen plants in the SCZone with plans to funnel the low-carbon fuels through the Port of Amsterdam for export to the EU market, the statement notes. The green fuels would be transported to export markets through subsea interconnectors, with a portion of the green hydrogen allocated for use for ship refueling operations for vessels transiting through the Suez Canal. Last month, Dutch-based chemicals producer OCI Global completed a six-hour refueling operation in SCZone for the world’s first green methanol-powered ship.

The Dutch are also interested in the UAE: The Port of Amsterdam is similarly eying green fuel imports from the UAE, signing an agreement earlier in January with UAE renewables giant Masdar to set up a green hydrogen corridor between the Emirates and the EU.

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WORTH READING- Some aren’t really jumping on the clean hydrogen bandwagon: Some hedge funds are shorting the hydrogen sector pegging it as a losing bet for those looking for a return on their investment in the short term, Bloomberg reports, citing an interview with Argonaut Capital Partners founder Barry Norris. “It’s a complete waste of time, unfortunately,” he said, adding the skepticism arises from a lack of confidence in business models and the amount of capital needed — especially in building electrolyzers — to get projects off the ground and running, Norris said, adding that “to pay back on that capital cost, capacity utilization has to be very high.”

Looking the other way: Norris argues that the only form of hydrogen generation that’s “remotely competitive in terms of cost is that which is produced either by fossil fuels, hydro or nuclear energy,” adding that hydrogen produced by weather-dependent renewable power is risky.

Give it some time, others argue: Impax Asset Management CEO Ian Simm says that while US President Joe Biden’s climate bill was a “potential game change changer” for hydrogen, there was still unpredictability about how the subsidies would be implemented on ground. “There have been times recently when valuations of green hydrogen-related stocks have been priced in an efficient, speedy policy transition to support green hydrogen,” Simm said. “That’s probably been over-optimistic.” Impax, which is among the world’s largest low-carbon fund managers, remains hopeful about hydrogen in the near future. “We’re very bullish about hydrogen with a 10- to 15-year horizon because it’s one of the key ways that we will be decarbonizing industrial heat,” he said. “But in the short term, it’s really hard to see a rapid expansion of demand to a scale that we would invest in”.

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NON-CLIMATE REGIONAL HEADLINES:

• UAE: UAE’s economy grew by 3.8% in 1Q 2023 and is expected to continue to expand. The growth was attributed to the transportation and storage (10.9%), construction (9.2%), and accommodation and food services (7.8%). (Wam)
• Egypt: Qatar Investment Authority is reportedly close to snapping up a portion of Telecom Egypt’s 45% stake in Vodafone Egypt by the end of the month. (Al Borsa)

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CIRCLE YOUR CALENDAR-

Morocco will host the World Power-to-X Summit from Tuesday 19 September to Thursday 21 September in Marrakech. The event brings together policymakers, industry leaders, and innovators in green hydrogen to showcase success stories in the carbon-free industry. It will also explore scaling-up projects throughout the Power-to-X value chain and hold discussions on harmonizing roadmaps of contiguous countries and adjacent regions.

Saudi Arabia will host the MENA Climate Week from Sunday, 8 October to Thursday, 12 October in Riyadh. The four-day summit will discuss climate solutions ahead of COP28. It aims to provide a platform for policymakers, businesses, and others to exchange climate solutions as well as discuss obstacles and avenues in different regions. It considers four major systems-based tracks: energy systems and industry, cities, urban and rural settlements, infrastructure and transport, land, ocean, food and water, societies, health, livelihoods, and economies. You can register here.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.