UAE: Arab Energy Companies to Inject Investments in Egypt

UAE: Arab Energy Companies to Inject Investments in Egypt

Two Arab Energy Companies are willing to expand their work in the Egyptian petroleum sector, Al Borsa informed.

UAE’s Safwan Company devoted $2m for initial investments in the Egyptian oil market. The company’s Vice President, Hussein Al-Hashimi, said that it has been agreed with Tanmeya Company to conduct tests for its oil wells. He also added that the required equipment will arrive from India within two months.

Al- Hashmi praised investment laws in Egypt that accommodate a suitable environment to establish  an integrated plan for the company to invest in Egypt.

On the other hand, Saudi’s Al Mousa Specialized Cables Company said that it is targeting to achieve sales of $35m during 2017 in the Egyptian market. Chief Financial Officer of the company, Hesham Monier, said that the company has received  an approval from the Egyptian companies including Orascom Constructions Company, Arab Contractors Company and Petrojet  to supply cables and wires.

Dr. Mahinaz El-Baz 318 Posts

Mahinaz El Baz received her PhD degree in International Economics from Helwan University in 2022. She has +10 years of experience in journalism and economic analysis. She received the "Best Economic Article Award" in 2016 from CFA Society Egypt.

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