INVESTMENT-

Apache to spend big next year: US oil producer Apache plans to invest USD 1.4 bn on exploration and production in Egypt in 2024, cabinet said yesterday. The company, Egypt’s largest oil producer, is also interested in exploring for gas in the Mediterranean, the Oil Ministry said separately. This came during meetings between the company’s CEO John Christmann, Prime Minister Moustafa Madbouly and Oil Minister Tarek El Molla yesterday.

Remember: The company has a wider plan to spend USD 3.5 bn in the Egyptian oil and gas sector by 2027. Christmann in May told El Molla that the company wants to obtain new concessions in the Western Desert to drill more oil wells.

INFRASTRUCTURE-

Cairo Int’l airport gets a new terminal + a digital revamp: Cairo International Airport Company signed two MoUs yesterday with US companies to work on the construction of the fourth terminal at Cairo International Airport, the Civil Aviation Ministry said in a statement. Infrastructure consulting firm Aecom and tech security company Pangiam will work on the new terminal while the second MoU was signed with Pangiam to conduct a feasibility study on upgrading the airport’s digital systems.

COMMODITIES-

GASC wants more int’l wheat: State grain buyer GASC has launched an international tender for an undisclosed amount of wheat for delivery on 5-20 October and 10 and /or 15-30 November on a free-on-board basis, Reuters reports. The International Islamic Trade Finance Corporation is providing the finance. Interested traders need to submit their bids today.

ENERGY-

Gov’t launches tender for five solar power plants on the north coast: The Egyptian Electricity Holding Company (EEHC) has launched a tender for the construction of five concentrated solar power (CSP) plants to power water desalination plants on the north coast, according to an EEHC document (pdf). The plants are expected to require USD 270 mn of investment and will be established under a 25-year build-own-operate (BOO) contract. Bidders need to purchase tender documents at a cost of USD 500 by 30 August, and should submit their offers by 12 pm on 27 September.

The specs: The power generated will be connected to the national electricity grid and purchased by the Electricity Ministry, Al Mal reports, citing sources at the ministry. The plants will have a combined capacity of 250 MW and will help desalinate over 400k cubic meters of water per day.

REAL ESTATE-

P rivate inve stors eye Kafr El Sheikh development: A consortium of local, Gulf, and Chinese companies are in talks with the government’s Urban Development Fund to invest in a large mixed-use residential and commercial development in Kafr El Sheikh, Al Shorou k reports, citing Fund head Khaled Siddiq. The public-private partnership project could see investments worth up to EGP 54-55 bn, Siddiq said.

The Fund is no longer pursuing bank financing and instead wants to focus on raising funds for its projects from the private sector, Siddiq is quoted as saying. Earlier plans to borrow EGP 53 bn stalled as the fund needs approval from the central bank to receive a guarantee from the Finance Ministry, Siddiq told Enterprise in April.

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