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Author: Steven Sahiounie
The Saudi drilling services provider ADES Holding Company is planning to complete the drilling of six production wells within the second half (H2) of 2024 at an oilfield affiliated to Egypt’s General Petroleum Company (GPC) in the Gulf of Suez’s Ras Ghareb region, an official told Al Arabiya Business.
The acquisition is part of Invictus Investment’s long-term strategy to expand its geographic presence in key African markets, develop new strategic partnerships, and acquire specialised know-how and operational capabilities in downstream segments
Egyptian Minister of Trade and Industry Ahmed Samir has met with a delegation from Elaraby Group. The group specializes in manufacturing home appliances and is headed by Mohamed Mahmoud Elaraby, the CEO, and Mohamed Abd Elgayed Elaraby, a member of the Executive Board and Head of Operations. During the meeting, they discussed the company’s current and future investment plans for expanding into the Egyptian market.
GASC has said that it is still reviewing offers on Monday and traders said more purchases could be expected
The DoS report also highlighted that the Industrial Producer Price Index decreased by 1.84 per cent in February 2024
The Central Bank of Nigeria said it is pegging the minimum capital base for commercial banks with international authorization at $353.32mln
The UAE Central Bank has projected a 5.2 per cent GDP growth forecast for 2025 but revised down projection for 2024.
About 178,000 new jobs – direct, indirect and induced – will be created in the next six years, boosting the contributions of Abu Dhabi’s tourism sector to the economy, according to the Abu Dhabi Tourism Strategy 2030.
The insurance sector comprised 23 traditional national companies, 10 Takaful national and 27 foreign companies
Stocks markets in the Gulf ended higher on Monday, after upbeat China manufacturing data raised optimism about demand in the world’s second largest economy. China’s manufacturing activity expanded at the fastest pace in 13 months in March, with business confidence hitting an 11-month high, a private survey showed on Monday.
