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Egyptian businessman says Cairo should fire slack civil servants

SHARM EL-SHEIKH (Reuters) – One of Egypt’s top businessmen said on Saturday the country needs to fire inefficient civil servants to attract investment and strengthen the economy.Speaking at an international investment conference in the Red Sea resort of Sharm El-Sheikh, billionaire Naguib Sawiris, chairman of Orascom TMT Holding, said firm action was needed.”Unfortunately, the structures under the ministers are not working as fast and efficient as our current ministers,” Sawiris told the economic summit.”We’re lucky…

Islamic Trade Finance Corp signs $3 bln oil products deal with Egypt

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SHARM EL-SHEIKH, Egypt (Reuters) – Islamic Trade Finance Corporation signed a $3 billion deal with Egypt on Saturday to help it import refined petroleum products.The agreement was announced at an international investment conference in the Red Sea resort of Sharm El-Sheikh, where billions of dollars in commitments have boosted President Abdel Fattah al-Sisi’s efforts to delivery an economic recovery.

UAE’s Dana Gas to invest $350 mln in Egypt

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SHARM EL SHEIKH, Egypt (Reuters) – Dana Gas will invest $350 million in Egypt over the next 30 months and expects to receive outstanding arrears from the government by the end of 2016, the United Arab Emirates company’s chief executive said on Saturday.The investments include drilling nearly 40 new development wells, a similar number of workovers on existing wells, building new pipelines and debottlenecking an existing plant, Patrick Allman-Ward told Reuters at a weekend investment…

Nigeria should curb president’s oil licensing powers – lawmakers

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ABUJA (Reuters) – The Nigerian president’s power to grant oil licences should be removed and the government should float 30 percent of the state oil company, lawmakers recommended in a report on a bill aimed at cleaning up the industry in Africa’s top crude producer.An executive summary of the report by the Nigerian House of Representatives committee also said the new bill should not affect the “sanctity” of existing petroleum licences, allaying industry concerns that…

Eni signs heads of agreement with Egypt worth $5 bln over 4-5 years

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SHARM EL SHEIKH, Egypt (Reuters) – Italian oil major Eni signed heads of agreement with the Egypt worth $5 billion over 4-5 years, the oil minister and the company said on Saturday at a weekend investment summit in the Red Sea resort of Sharm El-Sheikh.Oil Minister Sherif Ismail said he expected the investment in several discoveries would generate production of 900 million standard cubic feet of gas.He said the investment was for concessions in the…

Egypt plans to build new administrative capital east of Cairo

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SHARM EL-SHEIKH, Egypt (Reuters) – Egypt plans to build a new administrative capital east of Cairo within five to seven years at a cost of $45 billion, its housing minister said on Friday.Announcing the project at an international investment conference, Mostafa Madbouli said the goal included creating 1.1 million housing units. “We are talking about a world capital,” he said.The new capital, planned to be the size of Singapore, will house government buildings, diplomatic missions…

Gulf Arab allies pledge $12 billion to Egypt at summit

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SHARM EL-SHEIKH (Reuters) – Gulf Arab allies pledged a further $12 billion of investments and central bank deposits for Egypt at an international summit on Friday, a big boost to President Abdel Fattah al-Sisi as he tries to reform the economy after years of political upheaval.Kuwait, Saudi Arabia and the United Arab Emirates each offered $4 billion to Egypt, which is grappling with Islamist insurgents as it attempts to improve the investment climate four years…

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