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Output at Egypt's Zohr field fell to 1.9 Bcf/d by early 2024 due to foreign oil companies’ hesitance to invest

Egypt to ramp up gas output from major concessions

Egypt is planning to increase natural gas output from major concessions, including its largest field Zohr, petroleum minister Karim Badawi has said. The government intends to increase production at Zohr by drilling new wells starting in the first quarter of 2025, the ministry said in a statement. Average production from the field remained at two […]

Upper Egypt Railway Station

Giza mega station opening drives Egypt’s rail investments

The first passenger train arrived on Sunday at the new Upper Egypt Railway Station in Bashteel, Giza, as the country invests in developing its ageing rail network. Egypt’s President Abdel Fattah El Sisi opened the station on Saturday along with 19 other transport infrastructure projects across the country.  The new station is designed to serve […]

Egypt car makers

Global car makers expand Egyptian operations

Car makers in Egypt are expanding their operations after the conclusion of a long-running currency crisis earlier this year. The devaluation of the Egyptian pound in March has made the country a more attractive proposition both as a consumer market and a base from which to export. Among those who have announced expansion plans since […]

The Forbes Tower is designed by architects Adrian Smith and Gordon Gill with a facade by BMW's Designworks

Egypt’s Forbes Tower has designs on Burj Khalifa records

Egypt’s 50-storey Forbes Tower is a self-consciously Dubai-esque development. It will have the world’s tallest central atrium, the fastest elevator, and is due to be the first net-zero tower in the Middle East and North Africa.  Magnom Properties, the Egyptian-Saudi-owned developer, plans to spend $1 billion building the 240m tall tower, and has embraced comparisons […]

Regional and international hotel operators are keen to expand in Egypt, but it also needs to improve infrastructure such as airports to support its tourism ambitions

Infrastructure needed to support Egypt’s tourism ambitions

Regional and international hotel operators are keen to expand in Egypt, but the country needs to improve infrastructure such as airports to support its tourism ambitions, industry sources have said. Egypt aims to emulate the high-end hospitality and entertainment development that the UAE and other Gulf countries have pioneered, at the same time bringing in […]

Switzerland-based Barry Callebaut is the world's largest manufacturer of industrial chocolate, with about a 40 percent market share in volume terms

World’s largest chocolatier plans factory in Egypt

The world’s largest producer of chocolate has said it plans to build a $30 million factory in Egypt. Switzerland’s Barry Callebaut is the world’s largest manufacturer of chocolate, with about a 40 percent market share in volume terms, and is the largest processor of cocoa beans with about 20 percent market share. Vamsi Mohan Thati, […]

Egyprt cotton

Egypt’s cotton fields expand as demand grows

The amount of land in Egypt devoted to growing cotton has increased by almost a quarter as global demand for the crop rises. The area available nationwide for cotton has expanded by 23 percent from 255,000 acres to 311,700, the Ministry of Agriculture announced.  It said 70,584 acres of the land (22 percent) has been […]

Boat, Transportation, Vehicle

Suez Canal revenues fall by $6bn as unrest continues

Suez Canal revenues have fallen by $6 billion this year amid regional geopolitical issues, president Abdel Fattah El Sisi has said. The income from the waterway, connecting the Mediterranean and the Red Sea, declined by between 50 percent and 60 percent in the first eight months of 2024, local media reported, citing the president’s speech at […]

A student studies for his high school certificate exams at the Library of Alexandria during the power-off time that the government applied to overcome the overload amid a heatwave, as Egyptians experience frequent power cuts after the government said the lack of natural gas supplies feeding the country's electricity grid has fueled the crisis, in the Mediterranean city of Alexandria, Egypt, June 26, 2024. REUTERS/Mohamed Abd El Ghany

Egypt looks to Gulf investors to end power blackouts

Egypt’s energy blackouts have created new opportunities for Gulf investors, as the cash-strapped Cairo government tries to end the crisis and plug the gap in its electricity supply before next summer. Prime minister Mostafa Madbouly announced on September 19 that there would be no more power cuts over the coming period, potentially marking an end […]

ExxonMobil has been associated with the UAE since 1939 and became a joint venture partner in Zakum Development Company operating the Upper Zakum Oilfield

UAE tops list of tax payments from ExxonMobil

US energy giant ExxonMobil paid the UAE $7.4 billion in taxes and royalties last year, more than it paid any other country in the world. From declared annual earnings of almost $41 billion, Exxon paid $49 billion of global tax and duties, including more than $16 billion in income taxes, according to a regulatory filing […]

To meet Egypt's growing demand, more gas will come from Leviathan, Israel's largest gas field

Egypt to increase gas imports from Israel

Egypt plans to increase natural gas imports from Israel by 20 percent from October, to meet its fast-growing domestic demand for electricity. Imports will reach 1.2 billion cubic feet per day (cfpd), according to reports. They were already up 18 percent in September from 850 million cfpd in July. The two countries have agreed to […]

Saudi Arabia is investing in the development of a sports culture and infrastructure; the first of Melee's Al Khobar social sports club is scheduled to be completed first

Egyptian developer invests $1bn in Saudi sports clubs

Egyptian real estate developer Melee will spend SAR4.5 billion ($1.2 billion) to establish three new sports clubs in the Saudi cities of Riyadh, Jeddah and Al Khobar, according to a company executive. The club in Al Khobar is slated to be first in line for completion before the end of the year, Gasser Bahgat, Melee […]

Emaar Misr's Alamein hotel in Marassi

Dubai’s Emaar pledges Egypt development worth $1 billion

Property developer Emaar plans to invest $1 billion in Egypt in the next 12 months, according to a senior executive. Mohamed Alabbar, the Dubai-based company’s founder, shared the news in an interview with an Arabic-language news outlet, saying the new injection of funds by Egyptian affiliate Emaar Misr Development would build on about $20 billion […]

United Bank’s total assets increased to EGP106 billion ($2.2 billion) in June 2024 from EGP72 billion in 2021

Egypt to sell United Bank stake next year

Egypt’s central bank intends to list the state-run United Bank on the local stock exchange in the first quarter of 2025. The central bank is working to secure approvals from the Financial Regulatory Authority and the Egyptian stock exchange to launch the initial public offering (IPO), the UAE state-run Wam news agency reported. Details of […]

Workers at Egypt's Zohr gas facility. It is unclear if the drop in output is due to technical issues or lack of investment

Egypt plans to restore full gas output in 2025

Egypt plans to restore its natural gas production to normal levels by June 2025, the prime minister has said.  The country has become a net importer of fuel amid declining domestic output and increasing energy demand.  Falling output from Zohr – Egypt’s largest natural gas field developed by Eni of Italy – led to daily […]

Saudi Arabia’s new investment of $5bn will be separate from its deposits with the central bank, Egypt's prime minister Mostafa Madbouly said

Egypt explores new mega deals like Ras El-Hekma

Egypt is planning new developments along the Red Sea coast, with at least five new areas identified for deals similar to Ras El-Hekma, prime minister Mostafa Madbouly has said. The UAE sovereign fund ADQ unveiled plans in February to invest $35 billion to build the “largest new city” in Egypt to promote tourism and drive […]

Egypt hotel Jaz Belvedere

Plan announced to build six new hotels in Egypt

Plans to open six new hotels in Egypt in 2025 at a cost of $215 million have been revealed by the CEO of an Egyptian hotel company. Alaa Akel, chief executive of Jaz Hotel Group, a subsidiary of the Egyptian travel and tourism company Travco, said the group will open two new hotels on Egypt’s […]

Scuba diving in the Red Sea off Egypt. The Ras Banas headland is close to the St John's coral reef system, a scuba-diving hotspot

Egypt offers Red Sea peninsula for development

Egypt has started promoting another sizeable Red Sea peninsula, the Ras Banas headland, to tourism developers. Egypt’s minister of housing and urban communities Sherif El Sherbiny said on Saturday that the area is being offered in a deal similar to the Ras El Hekma scheme on the Mediterranean coast agreed in February.  The state retained […]

Egyptian prime minister Mostafa Madbouly and Saudi crown Prince and prime minister Mohammed bin Salman meet in Riyadh on Monday

PIF to initiate $5bn investment in Egypt

Saudi Arabia’s Public Investment Fund (PIF) will pump $5 billion into Egypt in a first investment phase. The directive was given by crown prince Mohammed bin Salman during his meeting with Egyptian prime minister Mostafa Madbouly, the Egyptian cabinet said in a statement. No other details were given on the planned investment. NewsletterGet the Best […]