News | - Part 7

Kenya’s Standard Group 2014 profit up 8 pct on advertising boos

NAIROBI (Reuters) – Kenyan media company Standard Group posted an 8.4 percent rise in pretax profit for 2014 due to growth in print, TV and radio advertising.The publisher of Kenya’s oldest and second-largest daily paper, the Standard, and an operator of a radio and TV station, said profit before tax climbed to 326 million shillings ($3.6 million), while revenue nudged marginally lower.Standard Group said it was optimistic about 2015 and wants to tap into Kenya’s…

Egypt’s Sawiris to diversify Orascom, invest $500 mln in Egypt

Posted on by The Editorial Team

SHARM EL SHEIKH, Egypt (Reuters) – Top Egyptian businessman Naguib Sawiris said he was ready to invest $500 million in Egypt and was diversifying his telecoms business into infrastructure, energy and transportation, sectors which need major funds in the country.Sawiris, a billionaire from a powerful Coptic Christian family, said the investment conference in the Red Sea resort of Sharm El-Sheikh had been a success but that the government would need need to make efforts to…

Egypt signs MOUs with developers for $12.7 bln in projects-minister

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SHARM EL-SHEIKH, Egypt (Reuters) – Egypt has signed preliminary deals with four Arab real estate developers for four projects worth a total of $12.7 billion, the country’s housing minister said on the sidelines of an economic summit on Sunday.The Arab world’s most populous country faces a persistent housing shortage, with population growth outstripping new construction of affordable housing units.Moustafa Madbouly said that the housing ministry had signed MOUs with Egypt’s Mountain View and Saudi Arabia’s…

Sisi says Egypt needs $200-$300 billion to develop

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SHARM EL-SHEIKH, Egypt (Reuters) – Egypt needs $200-$300 billion to develop, President Abdel Fattah al-Sisi said at an international investment conference on Sunday, pressing his campaign to lift the Arab world’s most populous country from years of economic turmoil.Egypt, with a population of about 90 million, has been hit hard by economic and political upheaval since an uprising that toppled autocrat Hosni Mubarak four years ago. Investment shrivelled, tourism dwindled as did foreign currency reserves.With…

BP signs $12 billion energy deal in Egypt

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SHARM EL-SHEIKH, Egypt (Reuters) – Oil company BP has signed an agreement to invest $12 billion in Egypt that will produce 3 billion barrels of oil equivalent, a joint statement from the company and the government said on Saturday.The deal, finalised at an international investment conference in the Sharm El-Sheikh resort, will help Egypt as it tackles its worst energy crisis in decades.The agreement will include a West Nile Delta project, exploration and resource appraisal…

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

Posted on by The Editorial Team

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…

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