Dragon Oil eyes 20% stake in Egypt’s Nargis offshore from Chevron
Dragon Oil eyes 20% stake in Egypt’s Nargis offshore from Chevron. UAE’s Dragon Oil aims to acquire a 20% share in Egypt’s Nargis Offshore concession in the Mediterranean, currently held by Chevron which owns 45% of the stake. This move follows Dragon Oil’s successful foray into Egypt’s oil sector in 2019, when it bought BP Egypt’s Gulf of Suez assets for $850 million. Notably, Italy’s energy company, Eni, possesses 45% of the Nargis Offshore Area, with Egypt’s Tharwa Petroleum Company holding 10%. (Asharq)
- Egypt freezes electricity prices until January 2024 amid heatwave measures.
The Egyptian government, following President Abdel Fattah El-Sisi's directives, has decided to maintain current electricity rates for consumers until January 2024. This announcement, made on August 17th, follows Egypt's efforts from July 27th to implement measures to alleviate stress on the national electricity grid due to the persisting heatwave. (Arab Finance)
- Egypt to tap UAE's $500 million funding for wheat imports from January.
Egypt anticipates utilizing a $500 million financing arrangement from the UAE for wheat imports starting next January. Minister of Supply, Ali Al-Moselhi, conveyed that this agreement, declared earlier this month, awaits the approval of the House of Representatives, anticipated by November. Al-Dhahra, an Emirati agricultural firm, will be authorized to present wheat for international tenders in Egypt, with payments facilitated by UAE's funding. Currently, Egypt's wheat reserves cover 4.7 months of domestic use, and vegetable oil stocks last for 3.9 months. (Arab Finance)
- Egyptian cabinet greenlights bonds, land allocations, and multiple international agreements.
The Egyptian cabinet has approved multiple financial and development initiatives. It has backed the Ministry of Finance's proposal for the International Finance Corporation to issue bonds in Egyptian pounds for international markets, supporting both the IFC's investments in Egypt and currency sources for the private sector. Land allocations in various cities for companies were confirmed, as well as international agreements, including one with Canada on climate-smart agriculture. Funding for the transformation of the Abu Qir railway line and agreements involving the New Administrative Capital were also endorsed. (Arab Finance)
- Sukkary Gold Mining aims to boost gold output by year-end.
Amr Hassouna, the Executive Director of Sukkary Gold Mining Company and Centamin Egypt, has announced plans to increase the Sukkary mine's gold production to 480,000 ounces by year-end, a growth from the previous 450,000 ounces. (Hapi Journal)
- Misr Digital Innovation seeks license for Egypt's first digital bank.
Misr Digital Innovation (MDI), an offshoot of Banque Misr, has applied for a license to launch Egypt's first digital bank, in line with the Central Bank of Egypt's (CBE) recent digital banking guidelines. The application includes a comprehensive feasibility study, IT strategies, and cybersecurity plans. Awaiting CBE's review and approval, the digital bank will operate without physical branches, allowing customers to open accounts quickly through mobile phone document uploads and facilitate various payment methods. (Arab Finance)
- City Edge plans to buy more Cairo lands in 2023 after West Cairo project completions.
Mohamed El-Dahan, the CEO of City Edge Real Estate Development Company, announced plans to acquire more land throughout various parts of Cairo in 2023. This move comes after the successful completion and handover of its ongoing projects in West Cairo. (Hapi Journal)
- Al-Ahly Pharos upgrades Talaat Moustafa share value after impressive H1 2023 sales growth.
Al-Ahly Pharos for Securities Brokerage has upgraded its fair value assessment for Talaat Moustafa Holding Group shares from 19.67 to 22.55 pounds per share. This revision follows the group's impressive sales growth in the first half of 2023, which totaled 32.9 billion pounds, surpassing expectations. The research department at Al-Ahly Pharos also highlighted anticipated growth in real estate sales and hotel revenue for 2023. Talaat Moustafa Group reported a 191% annual growth rate in sales for H1 2023, and its revenues and profits have seen significant increases due to growth in various sectors, including real estate, hotels, and service activities. (Economy Plus)
- Egyptian insurers see circular economy as key to attract eco-conscious younger generation.
The Egyptian Insurance Federation highlighted the rising interest of climate-conscious insurers in understanding younger generations, with a focus on environmental protection. A Deloitte survey of 10,000 global participants found that 23% would prefer products from companies emphasizing environmental issues. The Ellen MacArthur Foundation defines the circular economy as a strategy addressing global challenges like climate change by emphasizing reduction, reuse, and recycling. The federation sees the circular economy as pivotal for insurance companies' success, noting businesses like Omocom and Redwood Materials that incorporate circular economy principles in their operations. (Al Mal)
- Japan to fortify ties with GCC amid shifting Middle East influences.
Japan plans to hold a foreign ministers' meeting with Gulf Cooperation Council (GCC) nations in Saudi Arabia come early September, as reported by Kyodo News Agency. Japan seeks to fortify relations with oil-rich countries to guarantee consistent energy supply from the Middle East, amidst the declining US influence and China's growing presence. Japanese Foreign Minister Yoshimasa Hayashi is set to attend and may also visit Egypt and Jordan. The GCC comprises six countries. Previously, in July, Japanese Prime Minister Fumio Kishida visited the Middle East, marking the recommencement of free trade agreement discussions with the GCC. (Al Mal)
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