Latest news with #CNBCArabia
Egypt Today
26-05-2025
- Business
- Egypt Today
$25B of US investment in Egypt, mostly petroleum sector
Petroleum Industries in Egypt - FILE CAIRO - 22 May 2025: Omar Mehanna, Chairman of the Egyptian-American Business Council, said Monday the value of American assets invested in Egypt has reached $25 billion, mostly in the petroleum sector. In an interview with CNBC Arabia, he said there is growing interest from U.S. companies in renewable energy, consumer goods, and chemicals, explaining that this interest stems from a genuine desire by U.S. investors to inject new investments into the Egyptian market in the coming period. He explained that the U.S. presence in the Egyptian market is not new, but rather an extension of decades of successful partnerships. He emphasized that "most, if not all U.S. companies operating in Egypt are achieving good results, and this constitutes a strong attraction for other companies to expand and invest in Egypt." This comes as the Egyptian-U.S. Economic Forum is held in Cairo on Monday.
Zawya
10-03-2025
- Business
- Zawya
Egypt's Palm Hills unveils consolidated profits in 2024, regional expansion plans
Cairo: Palm Hills Developments Company registered 106% higher consolidated net profits after tax and minority interest at EGP 3.25 billion in 2024, compared to EGP 1.58 billion. Earnings per share (EPS) increased to EGP 1.12 last year from EGP 0.53 in 2023, according to the financial results. The sales hit EGP 27.16 billion at the end of December 2024, higher by 56% year-on-year (YoY) than EGP 17.45 billion. Yasseen Mansour, Executive Chairman of Palm Hills, commented: "We anticipate that any favorable policy shifts will contribute to stimulating both the economy and the sector in 2025.' Standalone Business The real estate developer logged standalone net profits after tax amounting to EGP 261.52 million as of 31 December 2024, marking an annual drop from EGP 928.16 million. Non-consolidated EPS plunged to EGP 0.08 in 2024 from EGP 0.31 at the end of December 2023, while the revenues climbed to EGP 6.21 billion from EGP 5.74 billion. In the first nine months (9M) of 2024, Palm Hills recorded sales momentum of EGP 130 billion. Regional Expansion Plans In a statement to CNBC Arabia, Hazem Badran, Co-CEO and Managing Director of Palm Hills, unveiled the company's plans in the Gulf countries. Badan stated that the EGX-listed developer has 16 projects under implementation, with investments exceeding EGP 15 billion by 2025. This is in addition to a land portfolio of 35 million square metres. Palm Hills is currently establishing a fully owned limited liability firm in the Abu Dhabi Global Market (ADGM), marking its entry into the UAE. In August 2024, Magid Ahmed Sami Mohamed Sherif was named the CEO of Palm Hills' business in Saudi Arabia.
Argaam
09-02-2025
- Business
- Argaam
Saudi Arabia logs SAR 1.3B in mining exploration spending in 5 yrs
Saudi Arabia invested SAR 1.3 billion in mineral exploration over the past five years, a significant sum in the sector, according to Abdulrahman Al-Balooshi, Deputy Minister for Mineral Resources at the Ministry of Industry and Mineral Resources. Drilling activity in the Kingdom exceeded 500,000 meters in 2023 alone, Al-Balooshi told CNBC Arabia. The number of exploration companies surged from six to 133 between 2018 and 2023, driven by improved geological data access and ministry incentives such as financial support and land allocations. The ministry's focus is to expand geological data availability and attract more exploration firms to meet industrial needs. Saudi Arabia's geological survey program has completed 80% of its fieldwork, with 60% of the data now accessible via the National Geological Database. Access to data, land, and financing is key for explorers and investors. The ministry plans to offer 50,000 square kilometers of mineralized belt areas for exploration this year, including gold and copper reserves, Al-Balooshi previously told Argaam.
Zawya
31-01-2025
- Business
- Zawya
Syria turns to intermediaries for oil imports after low interest in tenders, sources say
LONDON - Syria is seeking to import oil via local intermediaries after its first post-Assad import tenders garnered little interest from major oil traders due to ongoing sanctions and financial risks, several trade sources told Reuters. Syria's caretaker government issued tenders to import 4.2 million barrels of crude oil, as well as 100,000 metric tons each of fuel oil and diesel "as soon as possible", according to copies of the tender documents. The tenders, which closed on Monday, have not been awarded and the government is now negotiating with local companies to meet the requirement, the sources said. Difficulties in finding large fuel suppliers could compound energy security issues the new authorities in Syria are facing, after Iran appears to have suspended the regular deliveries of oil it was previously sending. Reuters could not confirm the names of the local companies, or which companies might be able to sell them the large volumes of oil sought in the tender. Syria's petroleum ministry did not immediately respond to an emailed request for comment. Syria's newly appointed president, Ahmed al-Sharaa, said on Thursday he will form an inclusive transitional government representing diverse communities that will build institutions and run the country until it can hold free and fair elections. Major oil traders did not participate in the tenders, with sources at the firms citing sanctions and financial risks. "There is still no clarity on whether the EU sanctions have been lifted. This is also compounded by broader banking issues," a Middle East trader familiar with the tender said. The EU said on Monday it had agreed a roadmap to ease sanctions on Syria to kickstart its recovery, but that it should take a gradual and reversible approach to retain leverage. Payment terms also deterred potential sellers, the sources said. These included selling on open credit for later repayment, and sellers having to make a $200,000-500,000 performance bond to a Syrian bank as a guarantee for the delivery of oil, a term that traders said is uncommon. Syria's 13-year civil war decimated the country's energy industry and the new government faces an uphill battle to restore energy security. Oil output in areas under government control stands at 10,000 barrels per day, the country's oil minister Ghiath Diab told CNBC Arabia earlier this month, versus about 383,000 bpd before international sanctions imposed in 2011. No crude shipments have arrived from Iran since November, according to data from shipping analytics firm Kpler. Some fuel is being produced in Syria's two refineries, the minister told CNBC. Syria also issued an import tender for 20,000 tons of LPG, which closed on Jan. 20. Reuters was not able to confirm the result of that tender. (Reporting by Robert Harvey, Ahmad Ghaddar, Jonathan Saul and Enes Tunagur in London, Editing by Alex Lawler and David Evans)
