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ENERGY-
Chevron to kick off production in Nargis next year: US energy giant Chevron will startproducing gas from the offshore Nargis gas field during the first half of 2025, an unnamed government official told Asharq Business. Chevron will initially produce some 600 mn cubic feet (cf) during the first phase of production, with output expected to ramp up to 1 bn cf within two years, the source added.
ICYMI- Chevron will reportedly investUSD 3 bn over two years starting in 1H 2024 to develop the Nargis gas field, according to unconfirmed reports from Asharq Business. The field holds an estimated 2.5 tn cf of gas.
REAL ESTATE-
Bonyan expands portfolio: Bonyan Development — a real estate developer acquired byCompass in 2018 — has bought an EGP 1 bn property from Redcon Properties, Compass Capital managing partner Tarek Abdel Rahman told Enterprise. The under-construction building in Redcon’s Golden Gate project in the Fifth Settlement will span 6.8k sqm and be used for administrative and commercial work. Al Borsa was the first to pick up on the story.
FINTECH-
PaySky wants to invest more + expand offering: Local e-payments firm PaySky wants toinvest EGP 3 bn over the coming three years and hold an eight-figure financing round set to be announced within six months, founder and CEO Waleed Sadek told Al Borsa. The Al Falaj Investment – and TBN Investment-backed company wants to acquire a consumer finance license and set up a buy now, pay later online platform in partnership with a local financial institution during the first half of the year, Sadek added. PaySky is also in the market to obtain a digital banking license and wants to expand its product offering to include consumer financing and saving and investing tools via its Yalla Super App.
CONSTRUCTION-
New capital gets its first three administrative towers:China State ConstructionEngineering Corporation (CSCEC) along with Income Egypt and other local partners have completed the construction of the first three administrative towers in the Central Business District (CBD) of the New Administrative Capital (NAC), according to a cabinet statement. A total of 20 administrative, commercial, and residential towers are being built by CSCEC, including the 400-meter-tall Iconic Tower.
