{"id":646842,"date":"2024-10-02T00:00:00","date_gmt":"2024-10-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/02\/dragon-oil-is-looking-to-invest-more-in-egypt-news-from-un-el-gouna-aaib\/"},"modified":"2024-10-02T00:00:00","modified_gmt":"2024-10-02T00:00:00","slug":"dragon-oil-is-looking-to-invest-more-in-egypt-news-from-un-el-gouna-aaib","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/02\/dragon-oil-is-looking-to-invest-more-in-egypt-news-from-un-el-gouna-aaib\/","title":{"rendered":"Dragon Oil is looking to invest more in Egypt. News from UN, El Gouna, AAIB"},"content":{"rendered":"

ENERGY-<\/p>\n

Dragon Oil eyes more investments in Egypt:<\/strong> Emirates National Oil Company subsidiary Dragon Oil wants to up its production from the Al Wasl field, CEO Ali Al Jarwan told CNBC Arabia<\/a>. The company, which the government owes USD 200 mn in receivables, also plans to to acquire more concessions in Egypt and Iraq. <\/p>\n

\n

PRIVATIZATION- <\/p>\n

Al Ahly Pharos to work on CID, Misr Pharma offerings:<\/strong> State-owned pharma manufacturer HoldiPharma tapped Al Ahly Pharos to advise on the planned offerings of subsidiaries Chemical Industries Development (CID) and Misr Pharma, unnamed sources with knowledge of the matter told Hapi Journal<\/a>. The exact size of the stakes hasn\u2019t been determined, but majority stakes could be on the table if strategic investors make attractive offers.<\/p>\n

Remember: <\/strong>Unconfirmed reports out earlier this month<\/a> said HoldiPharma is looking to offer stakes in both companies on the EGX during the first half of 2025. The subsidiaries are on the government\u2019s list of 35 state-owned companies<\/a> earmarked for privatization<\/a> via stake sales to strategic investors, the EGX, or a mix of both. <\/p>\n

TAX-<\/p>\n

Egypt signs tax cooperation agreement with BRICS:<\/strong> The Egyptian Tax Authority signed a framework agreement for cooperation in tax matters with BRICS countries, the authority said in a statement<\/a>. The agreement aims to enhance collaboration among member states in updating tax laws, risk assessment, and developing strong databases for tax administration.<\/p>\n

\n

DEVELOPMENT FINANCE-<\/p>\n

Egypt, UN launch EUR 12.2 mn refugee support program:<\/strong> Egypt and a coalition of UN agencies launched a support program, backed by a EUR 12.2 mn grant from the EU, to improve health and education services for migrants and refugees in Egypt, according to a statement<\/a>. The program will be implemented by the UN Refugee Agency (UNHCR), the International Organization for Migration (IOM), Unicef, and the World Health Organization.<\/p>\n

\n

HOSPITALITY-<\/p>\n

Preatoni to expand resort in Sharm El Sheikh:<\/strong> Italian real estate conglomerate Preatoni Properties is looking to invest some EGP 7 bn to expand its existing Domina Coral Bay<\/a> resort in Sharm El Sheikh by developing a 750k sqm area behind the resort, Al Arabiya<\/a> reports, citing sources it says are close to the matter. The firm is currently holding talks with Egyptian investors and banks to contribute to financing the expansion.<\/p>\n

\n

M&A-<\/p>\n

HR solutions company<\/strong> Talent 360<\/a> acquired people development and training firm<\/strong> Wish-It<\/a> for an undisclosed amount, the company said in a statement (pdf)<\/a>. The acquisition is part of Talent 360\u2019s efforts to grow into a fully comprehensive HR solutions firm \u201cwith a focus on team development, soft skills enhancement, and internal communication.\u201d<\/p>\n

\n

REAL ESTATE-<\/p>\n

El Gouna unveils its newest district: <\/strong>Orascom Development\u2019s El Gouna has launched Tuban<\/a>, \u201cits largest multi-purpose district to date,\u201d according to a press<\/a>relea<\/a>se (pdf)<\/a>. Tuban is a district within the heart of the city that spans over one mn sqm. It will house marinas, a hotel, a commercial area, green spaces and parks, a waterfront promenade, and El Gouna\u2019s first complex for senior living. <\/p>\n

Remember:<\/strong> The project targets EGP 45 bn<\/a> in sales over a five-year period, with 40% of these revenues projected to come from outside the country. <\/p>\n

\n

DEBT- <\/p>\n

AAIB<\/strong> is on course to issue USD 500 mn worth of sustainability bonds: <\/strong>The Arab African International Bank (AAIB) plans to issue a USD 500 mn five-year sustainability bond program, according to a summary<\/a> from the International Finance Corporation, which has committed to invest USD 300 mn in the program. The bonds will support the expansion of \u201cgreen and sustainable related projects.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

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A conflicting report by\u2026","rel":"","context":"In "Speed Round"","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":592238,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/02\/mienta-to-invest-usd-5-mn-in-new-factory-in-sczone-plus-news-from-the-national-dialogue-dragon-oil-heliopolis-housing-banknbox\/","url_meta":{"origin":646842,"position":2},"title":"Mienta to invest USD 5 mn in new factory in SCZone. PLUS: News from the National Dialogue, Dragon Oil, Heliopolis Housing + BanknBox","author":"enterpriseam admin","date":"2 August 2023","format":false,"excerpt":"The factory will produce small home appliances and start operating in 2024","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/70.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573003,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/16\/carlyle-cairn-backed-consortium-dragon-oil-in-the-running-to-acquire-shell-egypt-onshore-assets\/","url_meta":{"origin":646842,"position":3},"title":"Carlyle, Cairn-backed consortium, Dragon Oil in the running to acquire Shell Egypt onshore assets","author":"enterpriseam admin","date":"16 July 2020","format":false,"excerpt":"M&A WATCH- Private equity firm Carlyle Group and a consortium backed by Cairn Energy are in the running to acquire Shell\u2019s onshore assets in Egypt, Reuters reports, citing two sources with knowledge of the matter. Previous reports had indicated that Cairn Energy was part of a consortium that initially included\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/125.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598429,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/26\/bp-close-to-selling-gupco-stake-to-dragon-oil-for-usd-600-mn\/","url_meta":{"origin":646842,"position":4},"title":"BP close to selling GUPCO stake to Dragon Oil for USD 600 mn","author":"enterpriseam admin","date":"26 May 2019","format":false,"excerpt":"M&A WATCH- BP is close to selling its stake in Gulf of Suez Petroleum Company (GUPCO) to Dubai-based Emirates National Oil Company (ENOC) subsidiary Dragon Oil for USD 600 mn, industry and banking sources said, according to Reuters. The move received initial approval from the Oil Ministry. The sources gave\u2026","rel":"","context":"In "Speed Round"","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":569240,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/18\/dragon-oil-to-invest-usd-650-mn-in-egypt-over-five-years\/","url_meta":{"origin":646842,"position":5},"title":"Dragon Oil to invest USD 650 mn in Egypt over five years","author":"enterpriseam admin","date":"18 February 2020","format":false,"excerpt":"INVESTMENT WATCH- Dragon Oil to invest USD 650 mn in Egypt over the next five years: UAE-based oil and gas company Dragon Oil plans to invest an additional USD 650 mn in Egypt over the next five years by acquiring operating assets in the Western Desert, COO Tayeb Huwair told\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/237.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/646842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=646842"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/646842\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/646819"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/646843"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=646842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=646842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=646842"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=646842"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=646842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}