Business news |

What can $300 billion buy in Egypt? A new capital or a pipedream

CAIRO (Reuters) – It is a project as ambitious as Egypt’s ancient pyramids. Built from scratch to escape Cairo’s choking pollution, a planned new capital will feature an airport larger than London’s Heathrow, a building taller than Paris’s Eiffel Tower and more than 10,000 km (6,200 miles) of boulevards, avenues and streets.The city, meant to be built within just seven years, was unveiled last week at the Sharm El-Sheikh economic summit, where President Abdel Fattah…

MOPCO in talks to hire financial advisor for IPO

Posted on by The Editorial Team

State-owned Misr Fertilizers Production Company (MOPCO) is in talks to appoint an independent financial advisor to set the stock’s fair value in preparation for listing on the local stock market, said Chairman Hassan Abdel Alim. The Egyptian Exchange said it received a request on Thursday from the state-owned fertiliser producer to list on the stock market with EGP 2.3 billion capital. The portion of shares to be floated has not been defined yet, the top…

Nigeria’s Dangote group expects $9 bln refinery to start by 2017

Posted on by The Editorial Team

CAPE TOWN (Reuters) – A new $9 billion oil refinery producing 500,000 barrels per day being developed by Africa’s richest man, Aliko Dangote, is expected to come onstream in Nigeria by 2017, a senior Dangote Group official said Tuesday. The refinery, to be located in Lagos, will cut reliance on international markets for Africa’s largest oil producer, which imports more than 80 percent of its fuel needs. The lack of sufficient refining capacity is a…

South Africa mining assets up for sale should go to local companies: minister

Posted on by The Editorial Team

LONDON (Reuters) – Anglo American and other companies looking to sell some of their mining assets in South Africa should sell to national champions, or companies owned by local communities and by their workers, South Africa’s mining minister said on Monday.Anglo American is looking at selling some of its coal assets in South Africa and has been considering options for its Rustenburg platinum mines.â€œAt the moment, for example, Anglo American is looking to dispose of…

Egypt’s Sawiris to diversify Orascom, invest $500 mln in Egypt

Posted on by The Editorial Team

SHARM EL SHEIKH, Egypt (Reuters) – Top Egyptian businessman Naguib Sawiris said he was ready to invest $500 million in Egypt and was diversifying his telecoms business into infrastructure, energy and transportation, sectors which need major funds in the country.Sawiris, a billionaire from a powerful Coptic Christian family, said the investment conference in the Red Sea resort of Sharm El-Sheikh had been a success but that the government would need need to make efforts to…

Sisi confident after investment summit; now for the hard part

Posted on by The Editorial Team

SHARM EL-SHEIKH, Egypt, March 15 (Reuters) – President Abdel Fattah al-Sisi was so confident after Egypt signed billions of dollars of deals at an investment summit that he publicly joked on Sunday about haggling with the world’s top chief executives. Yet the real challenge has only just begun.”To Egyptian and international partners, if you really want to contribute to developing this country, you must work night and day and, as for the cost, please give…

BP signs $12 billion energy deal in Egypt

Posted on by The Editorial Team

SHARM EL-SHEIKH, Egypt (Reuters) – Oil company BP has signed an agreement to invest $12 billion in Egypt that will produce 3 billion barrels of oil equivalent, a joint statement from the company and the government said on Saturday.The deal, finalised at an international investment conference in the Sharm El-Sheikh resort, will help Egypt as it tackles its worst energy crisis in decades.The agreement will include a West Nile Delta project, exploration and resource appraisal…

« 1 … 8 9 10 11 12 … 14 »