REAL ESTATE-

SODIC plans to expand North Coast Caesar project: Leading real estate developer SODIC has made a downpayment on 180 acres of land south of its North Coast project Caesar and is finalizing negotiations with the New Urban Communities Authority (NUCA), it said in an EGX disclosure (pdf) yesterday. The company plans to invest over EGP 10 bn in the Caesar extension, which it expects to start work on later this year.

ENERGY-

#1- Scatec meets Sisi: President Abdel Fattah El Sisi yesterday met with a delegation from Scatec to discuss progress on renewables projects, according to a statement from Ittihadiya. The company is working with Fertiglobe and Orascom Construction on Egypt’s first green hydrogen facility and is planning to construct a 1 mn ton-per-year green ammonia plant. It also recently signing an MoU to study an Egypt-Europe electricity interconnection project and this week inked an agreement to set up a green methanol plant in Damietta alongside several local firms.

#2- Apache wants to expand: Egypt’s largest oil producer, Apache, wants to obtain new concessions in the Western Desert to drill more wells, the company’s CEO John Christman told Oil Minister Tarek El Molla in a meeting yesterday, according to a ministry statement.

FYI- Apache’s production fell in 1Q 2023: Apache produced 149.9k barrels of oil equivalent per day in the January-March quarter, down 3% from the same period last year, the company said in its recent earnings release (pdf). Oil production dipped 1% to 85k barrels per day while natural gas output was down 5% to 386.6 mn cubic feet per day.

HOSPITALITY-

IHG plans new Egypt hotels: Intercontinental Hotels Group (IHG) will open two new hotels in Sheikh Zayed between 2026 and 2028, adding 390 rooms to its portfolio, it said in apress release yesterday. Situated at Arkan Palm for Real Estate Investment’s 205 project, Voco West Cairo 205 will feature 140 rooms and open by June 2026 and the InterContinental West Cairo 205 will have 250 keys and is scheduled to open in January 2028.

IHG currently operates seven hotels in Egypt under four brands: InterContinental, Crowne Plaza, Holiday Inn, and Staybridge Suites.

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