ENERGY-

BP to drill five new gas wells in the Mediterranean? UK energy giant BP could drill five new deepwater gas wells in the Mediterranean under an MoU inked with state-owned EGAS, the Oil Ministry said in a statement. The agreement, inked at BP’s London headquarters during a visit by Oil Minister Karim Badawi, would see drilling begin next year. The news got ink from Reuters.

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REMEMBER- Prime Minister Moustafa Madbouly said last month that the government aims to boost its gas production to 6.6 bn cubic feet per day by 2027, up from the current 4.1 bn cubic feet per day. The government is also preparing a new bidding round to attract energy investors and is seeking to increase natural gas production by developing several fields to produce some 300 to 350 bn cubic feet of gas, a government source previously told us. The plan to increase production will reduce the import bill for petroleum products for the current fiscal year by approximately USD 1.5 bn, according to the source.

AI-

Homegrown Prime Group and Oman’s Afouq launched the sultanate’s first artificial intelligence and advanced technologies zone in Muscat in partnership with Oman’s Transport and CIT Ministry, according to a statement (pdf). The project aims to position “Oman as a regional and global leader in technology and innovation, while strengthening the country’s status as a hub for tech start-ups and future-oriented investment.” The zone will cost some USD 265 mn, Prime Group CEO Mahmoud Farrag told EnterpriseAM.

OUTSOURCING-

Customer experience outsourcing company Foundever opened a new contact center in Luxor as part of its expansion plan in Egypt, according to a company statement (pdf). The site targets Upper Egypt’s multilingual talent pool, offering local professionals access to global customer experience roles without the need to relocate. The Luxor branch is part of Foundever’s plan to create 5k jobs in Egypt over the next three years.

DIPLOMACY-

El Sisi, CENTCOM chief stress Gaza ceasefire push: President Abdel Fattah El Sisi met US Central Command leader Brad Cooper in Cairo yesterday, where they underscored the importance of joint mediation efforts with Qatar to secure a ceasefire in Gaza, ensure the release of detainees, and allow humanitarian aid into the strip, according to an Ittihadiya statement.

AND- Foreign ministers from the Arab-OIC Committee on Gaza categorically rejected Israeli statements about displacing Palestinians, in a joint statement. The ministers condemned Israel’s expanding military campaign in Gaza, its use of blockade and starvation as weapons of war, and the repeated targeting of civilians and infrastructure, warning that these policies risk fueling wider regional instability. The ministers reiterated their demand for an immediate ceasefire.

DEBT WATCH-

EBRD, EU, GCF extend USD 50 mn financing package to Suez Canal Bank: The European Bank for Reconstruction and Development (EBRD), together with the EU and the Green Climate Fund (GCF), will extend USD 50 mn in financing to the Suez Canal Bank to boost green lending and trade finance, the lender said on its website. The package includes a USD 25 mn loan under the EBRD’s Green Economy Financing Facility — with USD 3.75 mn co-financed by the GCF — and an uncommitted USD 25 mn to the bank’s trade finance limit.

Half of the facility will be on-lend to households and SMEs investing in climate technologies, while the other half will support import-export transactions through guarantees and cash advances. The EU is also contributing USD 2.9 mn to "benefit eligible sub-borrowers who complete projects successfully and to compensate borrowers for the cost of adopting higher-performing technologies.”

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