{"id":586724,"date":"2023-05-16T00:00:00","date_gmt":"2023-05-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/16\/sodic-to-acquire-180-acres-to-expand-north-coast-caesar-project-plus-scatec-meets-sisi-apache-wants-more-blocks-ihg-to-open-2-hotels-in-sheikh-zayed\/"},"modified":"2023-05-16T00:00:00","modified_gmt":"2023-05-16T00:00:00","slug":"sodic-to-acquire-180-acres-to-expand-north-coast-caesar-project-plus-scatec-meets-sisi-apache-wants-more-blocks-ihg-to-open-2-hotels-in-sheikh-zayed","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/16\/sodic-to-acquire-180-acres-to-expand-north-coast-caesar-project-plus-scatec-meets-sisi-apache-wants-more-blocks-ihg-to-open-2-hotels-in-sheikh-zayed\/","title":{"rendered":"SODIC to acquire 180 acres to expand North Coast Caesar project. PLUS: Scatec meets Sisi, Apache wants more blocks, IHG to open 2 hotels in Sheikh Zayed"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">REAL ESTATE- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">SODIC plans to expand North Coast Caesar project:<\/span><span style=\"\"> Leading real estate developer <\/span><span style=\"\">SODIC <\/span><span>has made a downpayment on 180 acres of land so<\/span><span>uth of its North Coast project <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.sodic.com\/SodicProject\/Caesar\" style=\"\">Caesar<\/a><\/span><span> and is finalizing negotiations with the New Urban Communities Authority (NUCA), it said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/818.pdf\" style=\"\">an EGX disclosure (pdf)<\/a><\/span><span> yesterday<\/span><span style=\"font-weight:400;\">. The company plans to invest over EGP 10 bn in the Caesar extension, which it expects to start work on later this year.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">ENERGY- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#1- Scatec meets Sisi:<\/span><span style=\"\"> President Abdel Fattah El Sisi yesterday <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/twitter.com\/EGPresidency_AR\/status\/1658051293984747522?s=20\" style=\"\">met<\/a><\/span><span style=\"\"> with a delegation from Scatec <\/span><span>to discuss progress on renewables projects, according to a statement from <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/44ZV3wS\" style=\"\">Ittihadiya<\/a><\/span><span>. The company is working with Fertiglobe and Orascom Construction on Egypt\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3b3e6cad-637c-4ca8-afe6-94472fcc12d4\" style=\"\">first green hydrogen facility<\/a><\/span><span> and is <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/385ee449-1e59-4897-88ea-75f283938d30\" style=\"\">planning to construct<\/a><\/span><span> a 1 mn ton-per-year green ammonia plant. It also recently <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6e7111e3-755b-4f7c-abd6-4bd511c2f72e\" style=\"\">signing an MoU<\/a><\/span><span> to study an Egypt-Europe electricity interconnection project and this week <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/47413417-b184-4c5b-9675-832759b90a72\" style=\"\">inked an agreement<\/a><\/span><span> to set up a green methanol plant in Damietta alongside several local firms.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#2- Apache wants to expand:<\/span><span style=\"\"> Egypt\u2019s largest oil producer, Apache, wants to obtain new <\/span><span>concessions in the Western Desert to drill more wells, the company\u2019s CEO John Christman told Oil Minister Tarek El Molla in a meeting yesterday, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptMOP\/posts\/pfbid02sa6bH9wGSLXHHsoY8D5YgTZJqYsKKYG8z3ELsD3h547XP8MH6LbwQSFRGSBpGgwHl?__cft__[0]=AZW8rad45AiSEXXxWEYs_-2KeGNFP70zgjcBz3H1216Z4u0m2eboUda2fA1ndVqiwAbDQvIBXpAt6QO2c8qrACkoamguGB3bnQs20JVuCP5by7BROSsRvYH25v2dPTBGruFf18BSs2b6kEbXtoAigdiwrAooTF6Q1XXhoh-4bS3KLaFsjHfRUwGQBhgtArKPh8k&__tn__=%2CO%2CP-R\" style=\"\">ministry statement<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">FYI- Apache\u2019s production fell in 1Q 2023:<\/span><span style=\"\"> Apache produced 149.9k barrels of oil equivalent <\/span><span>per day in the January-March quarter, down 3% from the same period last year, the company said in its recent <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/868.pdf\" style=\"\">earnings release (pdf)<\/a><\/span><span>. Oil production dipped 1% to 85k barrels per day while natural gas output was down 5% to 386.6 mn cubic feet per day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">HOSPITALITY- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">IHG plans new Egypt hotels: <\/span><span style=\"\">Intercontinental Hotels Group <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ihg.com\/destinations\/us\/en\/egypt-hotels\" style=\"\">(IHG<\/a><\/span><span style=\"\">) will open two new hotels in <\/span><span>Sheikh Zayed <\/span><span>between 2026 and 2028, adding 390 rooms to its portfolio, it said in a<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ihgplc.com\/en\/news-and-media\/news-releases\/2023\/ihg-continues-to-strengthen-egypt-portfolio-with-two-new-signings-in-cairo\" style=\"\">press release<\/a><\/span><span> yesterday. Situated at Arkan Palm for Real Estate Investment\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/arkanpalm.com\/\" style=\"\">205 project<\/a><\/span><span style=\"font-weight:400;\">, Voco West Cairo 205 will feature 140 rooms and open by June 2026 and the InterContinental West Cairo 205 will have 250 keys and is scheduled to open in January 2028.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">IHG currently operates seven hotels in Egypt <\/span><span style=\"\">under four brands: InterContinental, Crowne <\/span><span style=\"font-weight:400;\">Plaza, Holiday Inn, and Staybridge Suites.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The real estate firm has made a downpayment for the land and is finalizing negotiations with NUCA<\/p>\n","protected":false},"author":1,"featured_media":586725,"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":[7209],"tags":[111,915,68,93,72,955,91,371,83,151,573,312,195],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586724","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-apache","tag-egx","tag-energy","tag-enterpriseam","tag-hospitality","tag-oil-and-gas","tag-oil-ministry","tag-real-estate","tag-renewables","tag-scatec","tag-sodic","tag-tarek-el-molla","wpautop","entry"],"acf":{"mongo_id":"e43f6dc8-f379-4241-8a3e-e7e27d3ac60c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/878.jpg","photo_position":"above","homepage_title":"","full_issue_title":"SODIC to acquire 180 acres to expand North Coast Caesar project. 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