Egypt’s Suez Canal EZ signed initial agreement with Germany’s H2-Industries to build US$4 billion waste-to-hydrogen facility at greenfield site in Port Said targeting production capacity of 300,000 tpy of green hydrogen. Suez Canal expects US$3.5 billion in revenues in H1 up 23% in May compared to May 2021 to reach US$657 million. Higher revenues due to global economy and trade recovery, pricing policy and Canal’s fee rise. Egypt’s PMI posted 47 points in May, up from 46.9 in April according to S&P. Business conditions of non-oil private sector remain weak.
Source: Deloitte Middle East
