ENERGY-

#1- Italy’s Eni and the UK’s BP will drill an exploratory gas well in the Temsah concession off the Mediterranean in November with USD 70 mn in investments, a government official told Asharq Business. The well aims to tap new gas layers to extend production at the field, which saw production levels sharply decline over the past decade.

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ICYMI- BP signed an agreement earlier this week with state-owned Egas to drill five new deepwater gas wells in the Mediterranean.

#2- Khalda Petroleum kicked off gas production at the new NUT-1 well in its Western Desert concession at a capacity of 50 mcf/d, according to a statement from the Oil Ministry. The additional flows are the equivalent of two monthly shipments of LNG, according to the statement.

EXPANSION-

Elsewedy Electric looks to further its presence in Algeria with a USD 2.5 bn investment commitment, which it signed with the Algerian Agency for Investment Promotion, it said in an EGX disclosure (pdf). The agreement covers cooperation on industrial projects, technology transfer, and expanding investments, with sustainability as a key focus.

The Egyptian player is no stranger to the Algerian market, and has several operational factories in the country, producing transformers, cable accessories, and cables. Products manufactured by Elsewedy Electric in the country serve the Algerian market and are exported across the continent and into Europe.

DEBT WATCH-

Magic Land Al Hokair secured EGP 1.2 bn in financing from the National Bank of Egypt to fund 60% of its planned EGP 2.1 bn Tanza City development in 6th of October, according to a statement (pdf). The credit facility has a 7.5-year tenor.

REMEMBER- Magic Land Al Hokair — a joint venture between Saudi Arabia’s Al Hokair Group, Egyptian Media Production City, and local developer Al Kayan Developments — launched the project in March of last year with an initial investment target of EGP 1.1 bn. The 2.5 sq km venture is an integrated entertainment and commercial hub encompassing seven entertainment zones — a dolphinarium, a forest, a cinema and a theater, a kids area, sports games, racing, and adventure-based attractions.

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