Dragon Oil doubles down on Egypt with USD 3 bn investment plan

Dragon Oil is “committed to investing no less than USD 3 billion in the next few years, God willing,” CEO Abdulkarim Almaazmi told the Oil Ministry’s Petrocast podcast (watch, runtime; 7:42). Almaazmi is bullish on their Gulf of Suez presence, pointing to the Emirati company’s recent discovery at the North Safa field — the first in two decades — followed by another discovery at its East Crystal-1 well as evidence of the area’s investment potential.

PRE Group plans 10k-key hospitality expansion through global partnerships

PRE Group is preparing to sign agreements with eight international hotel brands to develop and operate eight hotels, adding nearly 10k rooms and serviced units to its hospitality capacity, according to a company statement (pdf). The planned expansion includes around 4k hotel rooms and 6k serviced apartments, spanning projects across East and West Cairo, the North Coast, Ain Sokhna, and Marsa Alam, including Hadaba, Ivoire East and West, BBD, Telal North Coast, and Telal Sokhna.

What’s next? The first phase is expected to begin with three hotels in Ain Sokhna, with initial operations targeted within around 18 months.

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