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Thursday, 12 May 2022

Dana oil output falls + Uh, which Gourmet was that, again?

Did we just say no to Brazil’s request for fertilizer? A meeting between Egyptian and Brazilian officials resulted in an agreement covering “agricultural research, livestock, capacity-building and trade exchange,” the Agriculture Ministry said in a statement. The chief aim of the Brazilian delegation was to seal an agreement for more Egyptian fertilizer but the statement makes no mention of the discussions.

Our friends at Etisalat Misr will provide the tech infrastructure for El Sewedy Industries’ U Venues mixed-use development in New Cairo. (Hapi Journal)

Wait, which Gourmet are you talking about? Retailer Carrefour has inaugurated its first Carrefour Gourmet store in Egypt in Downtown Katameya. The hyperchain’s name is eerily similar to that of Gourmet Egypt, the local chain that created and now leads the high-end grocery market. (Statement, pdf)

Other things we’re keeping an eye on this morning:

  • Dana Gas’ oil production in Egypt fell 7% to 27k barrels in 1Q 2022 due to natural field depletion. Dana collected AED 62 mn (USD 17 mn) in receivables from Egypt during the quarter, which the company called a “significant improvement.” (Earnings release, pdf)
  • Lafarge Egypt has signed a long-term contract worth USD 93 mn with AP Moller Capital’s Lumika Renewables Egypt to supply solar energy to its factory. The agreement will come into effect in 1Q 2024. (Statement, pdf)

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