UAE’s Dana Gas to pump 100 million USD investments in Egypt
UAE’s Dana Gas to pump 100 million USD investments in Egypt. The Emirati Dana Gas will inject $100 million in investments into the Egyptian market in 2023 and 2024, CEO Patrick Allman Ward said. He added, on the sidelines of the sixth edition of the Egypt International Petroleum Exhibition and Conference (EGYPS 2023), that his company is “very interested” in the bids Egypt intends to launch soon for oil and natural gas exploration. On February 12th, Egyptian Petroleum minister Tarek El-Molla revealed that Egypt plans to launch three international bids for oil and gas exploration this year. (Bloomberg Asharq)
Egyptian, Saudi bourses ink MoU to boost cooperation
The Egyptian Exchange (EGX) and the Saudi Tadawul Group have signed a memorandum of understanding (MoU) to strengthen joint cooperation. The MoU was signed on the sidelines of the Saudi Capital Market Forum, which is being hosted by Riyadh from February 12th to 14th. Ramy El Dokany, Chairman of the EGX, has welcomed bilateral cooperation with the trading group, especially in the fields of fintech, as well as the joint exchange of experiences to develop human resources in the two markets. (Zawya)
Qatari Diar commences construction of CityGate New Cairo’s 1.75 billion EGP new phase
Contracts of the new phase’s construction have been signed between Bawabat Al-Sharq New Cairo Real Estate Investment, a subsidiary of Qatari Diar in Egypt, and Consolidated Contractors Company (CCC). The new phase covers the construction of Opal 3D-A and Garnet 3D-B at CityGate New Cairo, a self-sustaining city in the heart of New Cairo that is 30 minutes in proximity to Cairo International Airport. (Zawya)
A new state-owned company that will own a portfolio of seven five-star properties nationwide could offer as much as 20-30% of its shares to private investors
As part of the Madbouly government’s privatization program. The seven hotels are now owned by the state’s Holding Company for Tourism and Hotels (HOTAC) and are being transferred to a newly established holding company, HOTAC chief Adel Wali told the newspaper. The Sovereign Fund of Egypt is managing the transaction. (Hapi Journal)
The seven hotels on offer include the Cairo Marriott Hotel in Zamalek and Marriott Mena House next to the pyramids complex
The other five names haven’t yet been confirmed, but former public enterprises minister Hisham Tawfik last year reportedly said Aswan’s Sofitel Legend Old Cataract and the Steigenberger Cecil Hotel in Alexandria would be included alongside the two Marriott hotels. All four locations are owned by HOTAC. (Hapi Journal)
The state is planning to offer three international gas and oil exploration tenders this year
Oil Minister Tarek El Molla said. The ministry kicked off an international oil and gas tender for 12 exploration blocks in the Mediterranean and Nile Delta at the end of last year as it works to boost output for export. “An ambitious plan has been developed with international partners until 2025 to drill over 300 exploration wells,” El Molla added. Oil demand is set to surpass pre-pandemic levels this year to reach 102 mn barrels a day. Demand is forecast to grow further to 110 mn barrels per day by 2025. (Reuters)
Hitachi Energy launches power quality solution to back Egypt’s grid expansion
Hitachi Energy announced the launch of its latest energy quality assurance solution, SVC Light®, to boost network efficiency and improve transmission capacity in the strategic Owainat Development area in southwest Egypt, where desert wasteland is being reclaimed for agricultural use. Moreover, Hitachi Energy provided an engineering solution that guarantees energy quality, completely designed based on SVC Light static synchronous compensator technology (STATCOM) to enhance network capacity and provide more energy to serve rural development. (Arab Finance)
Saudi ASG, Egypt’s SIAC pens 500 million EGP contract for Cairo’s Shepheard Hotel renovation
Under the signed contract, the first phase covers the construction work of an annex building on an area of 1,000 square meters with 14 storeys, including a four-storey garage, in addition to the development of the main building of the hotel. The rehabilitation works of Shepheard Hotel’s come in accordance to the standards requested by the international Mandarin Oriental Hotel Group. (Arab Finance)
Germany’s Siemens and French firms Alstom and Colas submitted separate offers late last year in a government tender to develop Cairo’s oldest metro line
Italian consulting and transport firm Italferr is reportedly helping the National Authority for Tunnels evaluate the bidders. The three firms are bidding for a contract to develop the line’s signaling, communication and central control systems, electromechanical and electrical works, and track, at an expected cost of 400 million USD. The Line 1 project is being part-funded by the EU, the European Investment Bank, the European Bank for Reconstruction and Development, and the French government. Alstom has already secured a contract to supply the line with 55 new trains. (Al Mal)
Karachi-based renewables startup Netline Group signed an agreement with Saudi Arabian power company Tamheed Energy to develop solar power plants
Generating a total of 20 MW in Neom and other parts of the kingdom, Netline managing director Umair Zavary told Gulf News. The estimated price tag for the projects is 10 million USD. The company has around 400 solar power systems deployed across KSA with a 10 MW generation capacity and has a 3 million USD agreement in place with Neom for the design of the city’s electric power system. (Arab News)
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