REAL ESTATE-

Emaar and Eagle Hills eye defunct gov’t buildings: UAE real estate developers Emaar Properties and Eagle Hills have submitted requests to the government to build and restore government-owned properties in Cairo, Emirati businessman Mohamed Alabbar — who is the founder of Emaar and chairman of Eagle Hills — told Al Arabiy a.

Emaar’s sights are set on the North Coast: Emaar wants to increase the number of hotel rooms in Egypt to 3k rooms with a focus on the North Coast, where growth rates in recent years have exceeded the company’s expectations, Alabbar said.

The companies’ local arms are intertwined: Emaar Misr in August 2022 acquired 25% of Eagle Hills Egypt’s capital following an agreement to partner up on a project on the North Coast, according to an EGX disclosure (pdf).

ENERGY-

Cheiron discovers oil in Gulf of Suez: Oil and gas player Cheiron Energy, one of the country’s largest independent producers, has made a new oil discovery in the Geisum and Tawila West concession in the Gulf of Suez, according to statements by the company and the O il Mini stry. The GNN-11 exploration well is currently producing more than 2.5k barrels per day, taking the concession’s total output to 23k bpd.

More drilling to come: The well is the fourth to be completed from a potential seven in total, according to the statements. Cheiron in March said that it had started pumping oil from the first of the new oil wells at the field, which it discovered in 2019.

Who owns what? Cheiron holds a 60% working interest in the concession. The remainder is owned by Kuwait Foreign Petroleum Exploration Company (Kufpec).

The news got ink in the international business press: Reuters.

INFRASTRUCTURE-

El Sisi signs off on new terminal at East Port Said port: President Abdel Fattah El Sisi has ratified the bill allowing the Suez Canal Economic Zone to give a 30-year contract to Sky Logistics and Reliance Logistics to establish a new multipurpose terminal worth USD 65 mn at the East Port Said port. The decision was published in the Official Gazette on Monday. The companies will be responsible for the design, construction, management, operation and maintenance of the terminal, which will feature a 900-meter container berth.

COMMODITIES-

Romanian wheat incoming: GASC has purchased 60k metric tons of Romanian wheat in a tender for shipment between 5-20 October, Reuters reports, citing a statement from the state grains buyer. The Romanian supplier submitted the lowest bid in the tender, offering to sell the grain at USD 270.25 on a free-on-board basis. The purchase is being funded by the International Islamic Trade Finance Corporation (ITFC).

TRANSPORT-

Bidding for Alexandria Raml tram extended: Companies interested in operating and maintaining the Alexandria Raml tram project now have until September to bid in a National Tunnels Authority tender, Al Mal reports, citing a source it says is in the know. The tender had initially been set to close in June.

REMEMBER- Work to overhaul the tram line was awarded to a consortium including French companies Systra and Egis Rail, and Egypt’s ACE Moharram Bakhoum and Projacs in 2020.

TOURISM-

Budget flights from London to Cairo: Easyjet will launch a new route between London Luton and Cairo’s Sphinx Airport this winter, the budget airline said yesterday. The airline will operate three flights a week starting 31 October.

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