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ENERGY-
Enap Sipetrol has big plans for Egypt: Chile’s Enap Sipetrol plans to invest USD 70 mn this year to drill four development wells and three exploratory wells in its East Ras Qattara concession, located in the Western Desert, according to a statement from the Oil Ministry.
ICYMI- Enap is well acquainted with the Egyptian market, having been awarded a contract to explore and extract oil from the Gulf of Suez in September, as well as one of eight oil and gas exploration blocks in the beginning of 2022.
MANUFACTURING-
Chinese firm takes over the operations of Delta Steel’s billet factories: China’s Shengli (Fujian) Investment and Development Company will be in charge of managing and operating state-run Delta Steel’s billet factories, under an agreement signed yesterday with the Metallurgical Industries Holding Company, according to a cabinet statement. The move comes in a bid to boost the factories’ production to its full capacity of 500k tonnes annually to meet local market needs. The government is reportedly looking to sell up to 40% of Delta Steel and a number of local players are interested.
EMPLOYMENT-
Labor Ministry launchesinitiative to accredit laborers: Young people working as plumbers, electricians, automobile mechanics, carpenters, and welders can now sign up for an examination to gain a five-year accreditation in their profession free of charge, according to a statement from the Labor Ministry. The purpose of the program is to accredit skilled workers so they can work across the region and the world, with a specific focus on the Saudi labor market.
REAL ESTATE-
Madinet Masr triples contracted sales in 2023: Real estate developer Madinet Masr recorded EGP 35 bn in contracted sales in 2023, up from just over EGP 11 bn in 2022, the EGX-listed company said in a press release (pdf). The company attributed the increase in sales to its adoption of a new strategy in the beginning of the year that focuses on “developing its diverse land portfolio,” as well as the launch of new partnerships and projects.
