WASTE MANAGEMENT-

Emirati sustainability firm Beeah plans to invest AED 500 mn (c. USD 136 mn) in Egypt’s waste management and sustainability, according to a statement. The firm wants to build multilateral partnerships with local and foreign partners and work with investment funds to reduce risk. This came during a meeting between company representatives and Environment Minister Yasmine Fouad, during which they discussed potential investments available in the local market — medical waste management and agricultural waste recycling.

Beeah is no stranger to Egypt: The firm was tapped in December to develop the solid waste management infrastructure in the new capital. The firm, together with the Administrative Capital for Urban Development, plans to allocate up to EGP 1 bn to the first phase of the project.

ENERGY-

Egypt's natural gas output dropped to 4.3 bn cubic meters in May, its lowest level in over six years, according to data from global energy data repository the Joint Organisations Data Initiative (JODI). The fall in output comes as daily electricity consumption has risen 12% from 2023.

What this means: “The decline is a sign that Egypt will struggle to replicate the gas export boom it saw two years ago, and is likely to become more reliant on imports of liquefied natural gas,” Bloomberg writes.

BP to drill two new wells in its Raven gas field: Global energy giant BP plans to invest some USD 200 mn to drill two new wells at its Raven natural gas field at the North Alexandria concession, according to a statement from the Oil Ministry. The new wells will allow the company to add some 200 mn cubic feet of gas and 8k barrels to its overall output by the third quarter of the fiscal 2024-205.

More to come: The company also plans to invest USD 120 mn to drill two wells in its Giza andFayoum fields.

MANUFACTURING-

An update on Lionsbridge’s phosphoric acid plant: Wesson Group’s financial consultancy firm Lionsbridge is looking to set up a USD 3 bn phosphoric acid production factory in the Abu Tartour port, according to a statement. The project would be carried out in multiple phases — the first USD 395 mn phase will have a production capacity of 350k tons a year and the second phase will see its capacity doubled. Later phases of the project will see it expand its product range.

Not the first we hear of this: The project first saw the light last year — back then it had a USD 875 mn price tag and was to be carried out by a consortium including Lionsbridge and electrical contractor Westech.

TOURISM-

The Tourism Ministry launched Tourism Alive 365, a two-month campaign promoting various tourist destinations throughout the country targeting Arab tourists.

Tags: