EgyptSat Auto lands golden license to locally manufacture EVs: The Egyptian Cabinet has granted a golden license to private company EgyptSat Auto to build and operate a EGP 300 mn EV production plant in 10th of Ramadan City, according to a statement on Wednesday. The 50k sqm factory is set to start producing electric passenger cars, buses, motorcycles, and charging stations by the end of 2024, and is expected to create 500 jobs, the statement read.

Golden license? A golden license effectively serves as one single approval covering everything from project establishment, including land allocation and building licensing, through to project operation and management. Check out our explainer on it here.

This isn’t the first we’re hearing of EV incentives: Last year, Egyptian Prime Minister Moustafa Madbouly launched a national strategy to support the emerging industry. The Egyptian Automotive Industry Development Program (AIDP) encourages EV localization with the aim of enhancing the country’s existing assembly and manufacturing capabilities, and of encouraging new investment into the sector.

Egypt’s state-owned Banqe du Caire is teaming up with the International Finance Corporation (IFC) to develop a new climate finance framework, according to an IFC statement. The framework is designed to help protect Banque du Caire from climate risk, promote green investment options and accelerate the decarbonization of Egypt’s economy. This comes in line with the Egyptian government’s Nationally Determined Contributions (NDCs), which hope to see GHG emissions reduced by 37% within the next seven years.

About the partnership: IFC will conduct an internal assessment of Banque du Caire’s operations, which will include reviewing its portfolio of existing climate finance assets and screening its portfolio against climate risk, with the aim of transforming the lender’s current finance strategy into an actionable climate-friendly workplan, the statement read.

Oman signs 2 MoUs to explore geological hydrogen: Oman’s Energy and Minerals Ministry signed two MoUs with Eden GeoPower and Earth Sciences Consultancy Centre to facilitate scientific discussions on conducting preliminary studies on exploring geological white hydrogen and identifying sites for conducting experimental research, Oman News Agency reports. Oman is among the countries to have found deposits of geological hydrogen this year. The gas can be found in abundance in layers of continental and oceanic crusts, geysers, and hydrothermal systems and can supply vast amounts of net zero energy.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• FAB partners with UAE’s Blue Carbon to boost investments in carbon offsetting: Dubai-based carbon management company Blue Carbon has signed an MoU with First Abu Dhabi Bank (FAB) to facilitate financing of carbon reduction initiatives including managing carbon credits. Blue Carbon currently has operations in Africa and Asia. (Statement)
• GV Investments to launch ready-made factories initiative in Egypt’s Tarboul: Egyptian industrial developer GV Investments has set aside an area of 500k sqm to build ready-made industrial complexes for medium and small-sized projects in Tarboul City, the largest sustainable industrial city in Egypt. (Zawya)
• UAE to increase investment in DR Congo’s green energy mining: Abu Dhabi-based Primera Group will increase its investment in mining important green-energy minerals including copper and cobalt in DR Congo — the world’s biggest cobalt producer — after starting a gold venture with the government in January. (Bloomberg)
• Abu Dhabi is exploring more green collaboration with France and Germany: A delegation from Abu Dhabi’s energy department met with a number of high-ranking government officials and stakeholders in France and Germany’s energy sectors to discuss green partnerships and knowledge exchange for the energy transition. (Wam)
• ENOWA trials using helicopters instead of carbon-heavy equipment: NEOM’s water and electricity subsidiary, ENOWA, installed high-voltage transmission line towers by airlifting individual tower components using helicopters to the NEOM mountains and assembling them at the tower base, eliminating the need for carbon-intensive trucks, cranes, and heavy equipment. (Statement)