THIS EVENING: Dana Gas has its eyes on fresh oil + gas tenders, with plans to invest USD 100 mn in Egypt
Good afternoon, ladies and gents. It’s a relatively quiet Monday afternoon, and we’re grateful for this mini-breather.
THE BIG STORY TODAY
The UAE’s Dana Gas is planning to invest USD 100 mn in Egypt this year and next, CEO Patrick Allman-Ward said on the sidelines of the Egypt Petroleum Show, according to Asharq Business. The company is also “keeping an eye on” the three new international oil and gas tenders Egypt plans to launch this year, Allman-Ward said, after Prime Minister Moustafa Madbouly announced yesterday there will be new exploration blocks on offer.
THE BIG STORY ABROAD
We’re not done reporting on spy balloons: China has accused the US of sending 10 balloons into Chinese airspace without approval since the beginning of 2022, after the US shot down a fourth unidentified flying object near the US-Canada border yesterday. The story is getting front-page play in the international business press this afternoon, with the Financial Times, the Wall Street Journal, Reuters, and Bloomberg all taking note.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- The state’s new hotel company is ready to go to market: A new state-owned company that will own a portfolio of seven five-star properties nationwide could offer as much as 20-30% of its shares to private investors as part of the government’s privatization program
- Public Enterprises Minister defended privatization plans — a long-running point of contention between the government and some opposition MPs. The House Health Committee also discusses the country’s rising population.
- Moody’s has downgraded the long-term deposit ratings of five Egyptian banks on the back of its downgrade last week of the country’s sovereign credit rating.
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???? WE HAVE TWO CALENDARS NOW- Our Weekend Edition and EnterprisePM calendar (at the bottom of this email) include a full rundown interesting events coming up in Cairo, from art exhibitions to concerts and marathons.
Find our regular business calendar, which includes a comprehensive listing of upcoming news events and news triggers, in EnterpriseAM and on the web.
⛅TOMORROW’S WEATHER- It’s going to be much like today — just with less sun: The capital city is expected to see a daytime high of 17°C with a mix of sun and clouds before the mercury cools to 8°C in the evening, our favorite weather app tells us.