{"id":551221,"date":"2022-06-02T13:25:23","date_gmt":"2022-06-02T13:25:23","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/this-evening-al-futtaim-to-invest-usd-1-bn-in-egypt-over-3-years-oil-slides-as-ksa-says-it-could-step-in-for-russian-production\/"},"modified":"2022-06-02T13:25:23","modified_gmt":"2022-06-02T13:25:23","slug":"this-evening-al-futtaim-to-invest-usd-1-bn-in-egypt-over-3-years-oil-slides-as-ksa-says-it-could-step-in-for-russian-production","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/this-evening-al-futtaim-to-invest-usd-1-bn-in-egypt-over-3-years-oil-slides-as-ksa-says-it-could-step-in-for-russian-production\/","title":{"rendered":"THIS EVENING: Al Futtaim to invest USD 1 bn in Egypt over 3 years + Oil slides as KSA says it could step in for Russian production"},"content":{"rendered":"<p><strong>Good afternoon, wonderful people.<\/strong> It is finally the weekend and if that weren\u2019t cause enough for celebration, we have good news on the business and investment front to leave you with.<\/p>\n<p><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>UAE\u2019s Al Futtaim Group is looking to invest around USD 700-USD 1 bn<\/strong><strong> in Egypt over the next three years<\/strong>, CEO Omar Abdullah Al Futtaim said today in a meeting with Prime Minister Moustafa Madbouly, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/417422997094793\">cabinet statement<\/a>. Al Futtaim has discussed boosting investments in Egypt with several global investors represented by the group, especially in the industrial sector, the statement quoted the chief executive as saying.<\/p>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Oil prices eased today after Saudi Arabia indicated it could step up oil<\/strong><strong> production if Russian output dips under sanctions<\/strong>, with international benchmark Brent crude falling 0.8% to USD 115.39 per barrel. The kingdom is \u201caware of the risks and that it is not in their interests to lose control of oil prices,\u201d the <a href=\"https:\/\/www.ft.com\/content\/cf18ce69-e46a-4802-9058-1340c5a2c94d\">Financial Times<\/a> reports, citing people it says are familiar with the matter. This comes after EU leaders agreed to ban 90% of Russian crude by the end of the year as part of the bloc\u2019s sanctions on Russia in retaliation for invading Ukraine, which initially pushed oil prices up.<\/p>\n<p><strong>The story is leading the conversation in the global business press this afternoon:<\/strong> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-01\/oil-declines-before-opec-ministers-meet-to-decide-supply-policy?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a> | <a href=\"https:\/\/www.reuters.com\/business\/energy\/opec-working-making-up-lower-russian-oil-output-2022-06-02\/\">Reuters<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/global-stocks-markets-dow-update-06-02-2022-11654159040?mod=hp_lead_pos1\">Wall Street Journal<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/06\/02\/oil-prices-eu-sanctions-russia-saudi-arabia-output-opec.html\">CNBC<\/a><\/p>\n<hr class=\"grey-line\">\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>State grain buyer GASC <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b942fd02-9eaa-4563-87e3-f3b7b635eb0b\">has purchased<\/a><\/strong><strong> 465k tons of wheat<\/strong> for shipment in July and August in a fresh international tender.<\/li>\n<li><strong>Gov\u2019t hikes customs exchange rate:<\/strong> The Customs Authority <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f98aac81-039e-4fbd-800d-533cb4a17ccc\">yesterday raised<\/a> the USD customs exchange rate to EGP 18.65 from EGP 17.00 in May.<\/li>\n<li><strong>Tullow and Capricorn in big oil merger:<\/strong> UK-listed energy firm Tullow Oil <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8243aacf-0536-4e50-9b1f-5d1e88971933\">is merging with Capricorn Energy<\/a> \u2014 formerly Cairn Energy \u2014 in an all-stock transaction that Reuters has valued at some USD 827 mn.<\/li>\n<\/ul>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>NEWS TRIGGERS you\u2019ll want to keep an eye on as the new month gets underway:<\/strong><\/p>\n<ul>\n<li><strong>PMI:<\/strong> May\u2019s purchasing managers\u2019 index figures for Egypt and Saudi Arabia will be released on Sunday, 5 June. The UAE\u2019s release is out tomorrow, Friday, 3 June;<\/li>\n<li><strong>Foreign reserves figures<\/strong> for May should be announced sometime next week;<\/li>\n<li><strong>Inflation figures for May<\/strong> are due out on Saturday, 9 June (from state statistics agency Capmas) and Sunday, 12 June (central bank figures);<\/li>\n<li><strong>Capmas\u2019 monthly bulletin covering the price of key building materials<\/strong> is due out on 5 June;<\/li>\n<li><strong>The Central Bank of Egypt holds its policy meeting<\/strong> on Thursday, 23 June.<\/li>\n<\/ul>\n<p><strong>Conference season continues next week:<\/strong><\/p>\n<ul>\n<li><strong><a href=\"https:\/\/www.africahealthexcon.com\/\">Africa Health ExCon<\/a><\/strong><strong> runs from Sunday-Tuesday, 5-7 June<\/strong> at Al Manara International Conference Center, Egypt International Exhibitions Center, and the St. Regis Almasa Hotel in the new administrative capital.<\/li>\n<li><strong>Technology conference <\/strong><strong><a href=\"https:\/\/www.eventbrite.com\/e\/tech-invest-4-tickets-338929546397\">Tech Invest 4<\/a><\/strong><strong> will take place next Tuesday, 7 June<\/strong> at the Grand Nile Hotel in Cairo.<\/li>\n<\/ul>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>We\u2019re maintaining our mild heat wave over the weekend with daytime highs of 37-38\u00b0C on Friday and Saturday and nighttime lows of 22\u00b0C, our favorite weather app tells us.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good afternoon, wonderful people. It is finally the weekend and if that weren\u2019t cause enough for celebration, we have good news on the business and investment front to leave you with. THE BIG STORY TODAY UAE\u2019s Al Futtaim Group is looking to invest around USD 700-USD 1 bn in Egypt over the next three years, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7213],"tags":[317,633,125,281,90,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-551221","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-commodities","tag-enterprisepm","tag-investment-watch","tag-moustafa-madbouly","tag-uae","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"870eb7c6-f0ba-475f-b205-1c5eb761caac","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[551219],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS EVENING: Al Futtaim to invest USD 1 bn in Egypt over 3 years + Oil slides as KSA says it could step in for Russian production - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/this-evening-al-futtaim-to-invest-usd-1-bn-in-egypt-over-3-years-oil-slides-as-ksa-says-it-could-step-in-for-russian-production\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: Al Futtaim to invest USD 1 bn in Egypt over 3 years + Oil slides as KSA says it could step in for Russian production\" \/>\n<meta property=\"og:description\" content=\"Good afternoon, wonderful people. It is finally the weekend and if that weren\u2019t cause enough for celebration, we have good news on the business and investment front to leave you with. 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Bejjani had told\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591421,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/05\/majid-al-futtaim-to-invest-egp-16-bn-in-egypt-in-the-next-2-3-years-ceo\/","url_meta":{"origin":551221,"position":2},"title":"Majid Al Futtaim to invest EGP 16 bn in Egypt in the next 2-3 years -CEO","author":"enterpriseam admin","date":"5 December 2019","format":false,"excerpt":"INVESTMENT WATCH- Majid Al Futtaim to invest EGP 16 bn in next 2-3 years: Emirati real estate developer and retail giant Majid Al Futtaim (MAF) will invest EGP 16 bn in Egypt over the next 2-3 years, CEO Alain Bejjani told Reuters. The company will put EGP 14 bn into\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":576100,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/10\/al-futtaim-real-estate-to-invest-egp-5-5-bn-in-real-estate-developments-in-2021\/","url_meta":{"origin":551221,"position":3},"title":"Al Futtaim Real Estate to invest EGP 5.5 bn in real estate developments in 2021","author":"enterpriseam admin","date":"10 November 2020","format":false,"excerpt":"INVESTMENT WATCH- Al Futtaim Real Estate will invest EGP 5.5 bn in real estate developments in 2021, Managing Director Ashraf Ezz El Din said during a presser yesterday, according to Al Mal. The company is also eyeing developing 1 mn sqm of land in East Cairo, he said, without disclosing\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593520,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/01\/majid-al-futtaim-opens-egp-6-8-bn-city-center-almaza-in-heliopolis\/","url_meta":{"origin":551221,"position":4},"title":"Majid Al Futtaim opens EGP 6.8 bn City Center Almaza in Heliopolis","author":"enterpriseam admin","date":"1 October 2019","format":false,"excerpt":"INVESTMENT WATCH- Majid Al Futtaim opens EGP 6.8 bn Heliopolis mall: UAE-based real estate developer and retail giant Majid Al Futtaim (MAF) opened yesterday its EGP 6.8 bn City Center Almaza shopping mall in Heliopolis, Al Mal reported. The mall includes 260 retail shops, a cinema and a Carrefour hypermarket.\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597360,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/24\/majid-al-futtaim-to-open-usd-437-mn-heliopolis-mall-in-september\/","url_meta":{"origin":551221,"position":5},"title":"Majid Al Futtaim to open USD 437 mn Heliopolis mall in September","author":"enterpriseam admin","date":"24 July 2019","format":false,"excerpt":"Majid Al Futtaim will open its USD 437 mn City Centre Almaza in East Cairo in September, the company said in a statement (pdf). 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