News | - Part 75

PepsiCo to invest $500 mln in Egypt this year

SHARM EL SHEIKH, Egypt (Reuters) – PepsiCo will invest $500 million in Egypt this year to expand production, its business unit manager for North East Africa said on Saturday.Ahmed El Sheikh told Reuters at an investment conference in Sharm El-Sheikh that the investment comes after the global food and beverage company achieved sales of $1.2 billion in Egypt during 2014.Egypt hopes the weekend conference will project an image of stability and improve investor confidence hit…

Egypt’s Qalaa sees opportunities in energy sector reform

Posted on by The Editorial Team

SHARM EL-SHEIKH, Egypt, March 13 (Reuters) – Qalaa Holdings, one of Egypt’s largest investment companies, said on Friday its investment strategy would focus on opportunities presented by reforms in the energy sector.Speaking at an investment conference in the Red Sea resort of Sharm El-Sheikh, Qalaa chairman Ahmed Heikal said he was highly encouraged by the government’s decision last year to cut fuel subsidies that had drained state coffers.”If you remove the source of the original…

Nigerian parliament committee finishes key oil law report

Posted on by The Editorial Team

ABUJA (Reuters) – A Nigerian House of Representatives committee has finalised a key report on a new National Petroleum Industry bill, recommending that the president’s power to grant oil licences should be removed, according to a document seen by Reuters.An executive summary of the report also said the government should float 30 percent of the state oil company, NNPC, on the Nigerian stock exchange.The summary did not say when the report would be submitted to…

Kerry urges firms to invest in Egypt, praises economic reforms

Posted on by The Editorial Team

SHARM EL-SHEIKH, Egypt (Reuters) – U.S. Secretary of State John Kerry on Friday urged business executives to invest in Egypt, praising the government of President Abdel Fattah el-Sisi for “bold” economic reforms aimed at restoring investor confidence.Addressing the U.S. Chamber of Commerce in Egypt on the sidelines of an investment conference in the Red Sea resort of Sharm El-Sheikh, Kerry said more private investment could help Egypt’s economy achieve annual growth rates in double digits.He…

Uganda to spend $365 mln to revamp main airport

Posted on by The Editorial Team

KAMPALA (Reuters) – Uganda will spend $365 million over the next six years to upgrade its sole international airport to accommodate growing passenger numbers, a senior official said on Friday.Uganda is at various stages of implementing several multi-billion dollar infrastructure projects, including two hydro power dams, a refinery, express highways and a railway line to expand its economy and prepare for oil production around 2018.Rama Makuza, the managing director of state-run Civil Aviation Authority (CAA),…

Chile’s ENAP to build $30 mln oil pipeline in Egypt

Posted on by The Editorial Team

SHARM EL SHEIKH, Egypt (Reuters) – A subsidiary of Chile’s state oil company ENAP will invest $30 million to build a 90 km oil pipeline in Egypt’s Western Desert, the country’s ambassador told Reuters at an international conference on Friday in the Red Sea resort of Sharm El Sheikh.Jose M. De la Cruz said the pipeline would allow the company to extract oil from a new discovery west of Cairo and sell it to the…

GE delivers turbines to Egypt as part of $1.9 bln dea

Posted on by The Editorial Team

SHARM EL-SHEIKH, Egypt (Reuters) – General Electric Co has delivered a shipment of gas turbines to Egypt as part of a $1.9 billion deal to boost power capacity, and will invest $200 million in a planned economic zone near the Suez Canal, the firm said on Friday.The announcements were made at a conference where Egypt hopes to secure billions of dollars in investment after years of political turmoil, focusing on energy and the Suez Canal…

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