First Independent Mena Newspaper
Italian energy group Eni has discovered a major natural gas at Narges-1 exploration well in the Narges Offshore Area Concession in the Eastern Mediterranean, offshore Egypt, the company announced Sunday in a press release. The multinational firm said it discovered 200 net feet (61 meters) of milocene and oligosin gas-bearing sandstones in the Nargis-1 well […]
MA’ADEN, a Saudi state-owned mining company headquartered in Riyadh, is planning to invest in the Egyptian mining sector, as part of strategies by the Gulf’s largest miner to invest in mining assets around world. The announcement was made by Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla told Asharq Business in an interview. Representative […]
South Korean airlines operated last Friday two charter flights to Cairo International Airport following several years of suspension. The first flight, operated by Asiana Airlines, came from Seoul with 295 passengers onboard, while the second flight was operated by Korean Air, Egypt Today reported. In November, South Korea’s Ambassador to Egypt Hong Jin Wook affirmed […]
US plane maker Boeing will manufacture 12 CH-47F Chinooks for Egypt as the Arab country moves to modernize its military helicopter fleet. The US Army has awarded Boeing a $426 million contract for the aircraft. The contract comes more than seven months after the US State Department approved the foreign military sale on May 26 […]
The Egyptian Minister of Transport, Kamel El-Wazir, announced the arrival of the third and fourth luxury Talgo trains made in Spain. The newly-arrived high-speed trains are part of seven trains contracted with Spanish train manufacturer Talgo. The contract valued at €157 million includes maintenance and supply of spare parts. Each of Talgo trains consists of […]
The Central Bank of Egypt (CBE) abolished a February 2022 circular requiring the use of letters of credit for imports, and allowed the use of collection documents instead, Arab Finance reports. The CBE in a late December circular scrapped the letter of credit which provides an irrevocable guarantee to the exporter that the importer’s bank […]
Egypt’s President Abdel Fattah al-Sisi on Thursday approved a document outlining 62 economic activities the state will withdraw from and turn over to the private sector, a cabinet statement said. The document’s approval was required by the International Monetary Fund, which this month approved a $3 billion financial support package for Egypt. The statement said […]
Japan will release to Egypt $301 million to finance the implementation of phase one of Cairo Metro’s fourth line. The related agreement was signed between Egypt’s Minister of International Cooperation, Rania El-Mashat and the Minister of Transport, Kamel El-Wazir, and Japan’s Embassy in Egypt and the Japan International Cooperation Agency (JICA), Mubasher reports. The funds […]
An Egyptian-Qatari Business Forum will be launched during the first quarter (Q1) of 2023, Mubasher reports citing sources familiar with the matter. Egypt’s General Authority for Investment and Free Zones (GAFI) has been mandated to arrange the event, the sources indicated noting that the forum will be launched at the Gulf country’s recommendation. A number […]
The World Bank has granted Egypt a new development financing of $500 million to support the “Takaful and Karama” program according to the Arab country’s Minister of International Cooperation Rania Al-Mashat. Takaful and Karama program supports the most vulnerable classes against the implications of the global economic crises and external shocks. The financing will support […]