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ENERGY-
#1-Emirati firm Dana Gas is planning to reinvest USD 58 mn of receivables in Egypt to drill more wells and increase production, the company’s CEO Richard Hall told Asharq Business.
ICYMI- Dana Gas said in November that it plans to invest USD 43 mn in Egypt in 2024, as part of an “intensive” natural gas drilling program. The company said it wants to drill 11 development wells and three exploratory wells in 2024, with the aim of increasing production by some 30 mn cubic feet per day.
#2- Ades gets extensions for three local jackup rigs: Egypt-born and Tadawul-listed oil and gas drilling company Ades Holding has received extensions for three of its local offshore jackup rigs, it said in a statement (pdf) last week. It said it expects the extensions for its Admarine III, Admarine VI, and Admarine V contracts to be executed in the coming weeks following the approval of the General Petroleum Corporation (GPC). “The extensions further solidify the group’s position in the Egyptian market and add visibility to the business with a total estimated backlog of c.SAR 450 mn (USD 120 mn),” it said.
HEALTHCARE-
Saudi German Hospital opens branch in Alexandria: Middle East Healthcare has opened a new Saudi German Hospital in the company’s medical complex in Alexandria — dubbed Batterjee Medical City — the company said in a Tadawul disclosure. The hospital will include 300 beds and 45 specialized clinics.
TRANSPORT-
Transport Ministry is on the hunt for a USD 1 bn loan for Cairo Metro Line 4: The Transport Ministry is gearing up for talks with international lenders to obtain a soft loan of USD 1 bn for the construction of Cairo Metro Line 4’s second phase — which runs from Fustat to New Cairo — Al Mal reports, citing sources it says are in the know.
LEGISLATION-
El Sisi ratifies law boosting military role in protecting critical facilities: President Abdel Fattah El Sisi ratified a law increasing the role of the armed forces in protecting critical facilities and infrastructure — power grids, gas pipelines, oil fields, railways, roads and bridges, according to a decision published in the Official Gazette. The law was passed by the House last month.
