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ENERGY-
BP plans fresh investment: BP will invest USD 3.5 bn on exploration and production operations in Egypt over the next three years, Ittihadiya said yesterday. This came during a meeting between BP CEO Bernard Looney and President Abdel Fattah El Sisi yesterday.
BP is a key player in Egypt’s gas industry: BP with its partners currently produces around 60% of the country’s gas. The company was awarded two exploration blocks — Northwest Abu Qir and Bellatrix-Seti East — in the Eastern Mediterranean last year.
M&A-
Middle East Glass greenlights due diligence for investors eyeing Gulf Capital’s stake: The board of EGX-listed bottle maker Middle East Glass (MEG) gave the greenlight to unnamed investors eyeing Gulf Capital’s 37% stake in the company to conduct due diligence, according to an EGX disclosure (pdf) yesterday. The board also appointed Bahaa-Eldin Law Office as its legal advisor on the transaction.
REMEMBER- Gulf Capital earlier this week requested that MEG allow the potential investors to commence the due diligence process ahead of a potential sale. Arqaam Capital is acting as the sell-side advisor.
Who owns what? Parent firm MENA Glass Holding holds 53% of MEG, while Gulf Capital’s 37% stake (owned through special purpose vehicle MTM Packaging 2) makes it the second-largest shareholder. ICG Holdings owns 6%.
TRANSPORT-
Cairo-Tokyo direct flights are returning: EgyptAir will resume direct flights between Cairo and Tokyo in September, theCivil Aviation Ministry said yesterday. The flag carrier will run one flight a week to the Japanese capital.
EDUCATION-
New visas + financial incentives for international students: The Higher Education Ministry yesterday announced a new scholarship program and visas for international students. Under the EGYAID initiative, foreign students will receive discounts on air fares with EgyptAir and cheaper tickets to cultural events and touristic sites. Foreigners will also now be able to apply for student visas, granting them residence in Egypt for the duration of their courses. The deadline for applications for EGYAID is 15 September.
