Egypt | - Part 40

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

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…

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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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…

African Market Watch: Friday, 13th March 2015

Posted on by The Editorial Team

Ghana: The trading on Ghana bourse close on a positive note today. The benchmark Composite index climbed by 7.33pts to 2,189.46pts; this brings its year-to-date to -3.17%. Likewise, the financial index dropped 10.14pts to 2,183.59pts (-2.68% year-to-year performance). The market capitalization was recorded at GHS63.624billion. A market activity measured by volume was recorded at 1,144,828 in thirteen shares. Ecobank Translational, UT Bank, Ghana Commercial Bank, SIC Insurance and Societe Generale were the top five most…

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…

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…

« 1 … 38 39 40 41 42 … 44 »