GlobalConnect’s Acquisition of a 25% Share in Abu Sennan Approved
The Egyptian government approved GlobalConnect’s acquisition of a 25% stake in the Abu Sennan Concession.
News / Egypt
IFC to Invest up to $700M in Renewable Energy Projects
The International Finance Corporation (IFC) plans to invest approximately $700 million in renewable energy projects in Egypt during the current fiscal year.
EBRD, ICD to Provide $57 million for Solar Project
The European Bank of Reconstruction and Development (EBRD) will provide $28.5 million in financing for a solar plant in Aswan.
El Sisi Approves Nuclear Cooperation with Saudi Arabia
President Abdel Fattah El Sisi approved a nuclear-cooperation agreement with Saudi Arabia.
El Molla Pushs Oil Exploration and Drilling
Egyptian companies must prioritize exploration and drilling for oil, the Minister of Petroleum and Mineral Resources, Tarek El Molla, said.
Badr City Depot to Open in November
 The petroleum-storage facility in Badr City is nearing completion and will begin operations in November 2019.
El Garhy: No Fuel Subsidy Cuts in FY 2017/2018
The government has no plans to cut fuel subsidies during fiscal year (FY) 2017/2018.
Cyprus Presidential Candidate: We could build a pipeline from Aphrodite to Damietta
Academics from Egypt, Greece, and Cyprus promoted a roundtable in Cairo on September 25th to discuss ways of enhancing the countries' cooperation in the natural gas market. The discussion, which tackled innovative ideas to translate the tripartite partnership into synergies and common projects, counted with the special participation of the presidential candidate and president of the Democratic Party of Cyprus, Nicholas Papadopoulos.
AMOC Invited to Cross List on Dubai Exchange
Nasdaq Dubai proposed that Alexandria Mineral Oils Company (AMOC) cross list some of its shares on the Dubai stock market.
Egypt to Receive $2B Tranche after Second IMF Review
The International Monetary Fund (IMF) expects to release the third tranche of its $12 billion loan to Egypt after the completion of a second review of Egypt’s compliance with the loan agreement later this year.
