Latest news with #Egypt
Reuters
an hour ago
- Business
- Reuters
Vodacom's first-quarter service revenue rises 11.4% on Egypt growth
JOHANNESBURG, July 23 (Reuters) - South Africa's biggest mobile operator Vodacom Group (VODJ.J), opens new tab reported a rise of 11.4% in first-quarter service revenue on Wednesday compared to the same period last year, supported by growth in Egypt and group financial services. Vodacom, majority-owned by Britain's Vodafone (VOD.L), opens new tab, said group service revenue rose to 32.3 billion rand ($1.84 billion)in the three months to June 30. On a normalised basis, group service revenue jumped 13.8%, tracking favourably against its medium-term target of double-digit growth, Vodacom said. Service revenue in Egypt grew at 43.8% in local currency, making it a star performer. The South Africa market delivered a 3% increase, supported by contracts, while Tanzania, Democratic Republic of Congo and Lesotho contributed significantly to normalised growth of 12.4% in its international business. Service revenue outside of mobile services, such as from fintech, was a key growth driver and contributed 6.9 billion rand in the quarter, equating to 21.4% of the group and was "well on track to reach our target contribution of 30% by 2030," Vodacom Group CEO Shameel Joosub said in a statement. Group financial services revenue of 3.9 billion rand was supported by strong growth from the insurance business in South Africa, "excellent" growth in Egypt of 44.3%, and a 17.4% increase from the international business on the back of improved performance in Mozambique, Joosub said. Including Kenya's Safaricom ( opens new tab, in which it owns a stake, Vodacom now processes $460 billion in mobile-wallet transaction value annually, he said. ($1 = 17.5463 rand)
Zawya
an hour ago
- Business
- Zawya
Dana Gas reports successful results at the ‘Begonia-2' appraisal well and progress on ‘Balsam-3'
Begonia-2 confirms 9 bcf of gas reserves and will produce 5 mmscfd Balsam-3 recompletion underway with 4 bcf in expected reserves and 3 mmscfd in additional production Kicks off an 11-well drilling program to boost gas recovery and long-term production Sharjah, UAE: Dana Gas PJSC (the 'Company'), the Middle East's largest regional private sector natural gas company, announces successful initial results from the Begonia-2 appraisal well and the initiation of recompletion works at the Balsam-3 well in Egypt's onshore Nile Delta. These milestones mark the first stage of Dana Gas's $100 million investment programme to support domestic gas production, increase reserves, and meet growing energy demand. 'Begonia-2' is the first appraisal well within the Begonia development area and the first of eleven appraisal and exploration wells planned under the programme. Drilling and logging results indicate that the well contains 9 billion cubic feet (bcf) of gas as an initial estimate, which is subject to increase. Begonia-2 will produce an additional 5 million cubic feet per day. The well is located in the "New El-Manzala" concession and is operated by the Joint Venture, El-Wastani Patrolmen Company (Wasco). The $100 million investment programme is expected to significantly increase Dana Gas's long-term production in Egypt and add approximately 80 bcf in recoverable gas reserves over the course of the two-year plan. Drilling is being carried out using the EDC-54 rig, and the next well is expected to spud in August. In parallel, the Company has also begun to re-complete several wells in other geological layers, which are expected to add more reserves and enhance production. Work is currently underway on the Balsam-3 well, where Dana Gas has redeployed the EGYPTCO rig from its plug-and-abandonment (P&A) mode. Estimated reserves from the recompleted well are 4 bcf, with an anticipated additional production of 3 million cubic feet of gas per day. The successful recompletion of Balsam-3 is expected to reduce the risk associated with drilling exploration wells in the area and further enhance output. Richard Hall, CEO, Dana Gas, said: ' The successful drilling of the appraisal well 'Begonia-2' and the recompletion of the 'Balsam-3' well marks a significant strategic milestone. It signals the first steps in our ambitious US$ 100 million investment program in Egypt, which includes drilling 11 new wells. We have been developing and producing gas in Egypt for over a decade, and the signing of the concession area consolidation agreement with the Egyptian Natural Gas Holding Company (EGAS) late last year has allowed us to acquire additional areas under improved financial terms, enabling us to launch this new phase. ' The success of drilling this well opens vast prospects for gas production in the 'Begonia' area and presents promising future opportunities for expansion and growth. It will also extend the operational life of our assets in Egypt. We are fully committed to making every effort to ensure the success of the program and its efficient and timely execution. Dana Gas reaffirms its strong commitment to reinvesting the payments it receives from the Egyptian government into executing this ambitious program and supporting future development projects in the country. Regular and timely payments from our partners are crucial to sustaining these investments.' Earlier this month, H.E. Eng. Karim Badawi, the Egyptian Minister of Petroleum and Mineral Resources, made a site visit to the 'Begonia-2' drilling location to closely observe the commencement of operations and monitor the project's progress. This visit comes as part of the comprehensive incentive packages launched by the Ministry of Petroleum and Mineral Resources to boost domestic natural gas production, strengthen the national energy system, and drive economic development through the optimal utilization of resources in cooperation with regional partners. About Dana Gas Dana Gas is the Middle East's first and largest regional private sector natural gas Company established in December 2005 with a public listing on the Abu Dhabi Securities Exchange (ADX). It has exploration and production assets in Egypt, Kurdistan Region of Iraq (KRI) and UAE, with 2P reserves exceeding one billion boe and average production of approximately 55 Kboepd in 2024. With sizeable assets in KRI and Egypt, and further plans for expansion, Dana Gas is playing an important role in the rapidly growing natural gas sector of the Middle East, North Africa and South Asia (MENASA) region. Visit: Communication & Investor Relations Contact Mohammed Mubaideen Head of Investor Relations IR@
Zawya
an hour ago
- Business
- Zawya
Vodacom's first-quarter service revenue rises 11.4% on Egypt growth
JOHANNESBURG - South Africa's biggest mobile operator Vodacom Group reported a rise of 11.4% in first-quarter service revenue on Wednesday compared to the same period last year, supported by growth in Egypt and group financial services. Vodacom, majority-owned by Britain's Vodafone, said group service revenue rose to 32.3 billion rand ($1.84 billion)in the three months to June 30. On a normalised basis, group service revenue jumped 13.8%, tracking favourably against its medium-term target of double-digit growth, Vodacom said. Service revenue in Egypt grew at 43.8% in local currency, making it a star performer. The South Africa market delivered a 3% increase, supported by contracts, while Tanzania, Democratic Republic of Congo and Lesotho contributed significantly to normalised growth of 12.4% in its international business. Service revenue outside of mobile services, such as from fintech, was a key growth driver and contributed 6.9 billion rand in the quarter, equating to 21.4% of the group and was "well on track to reach our target contribution of 30% by 2030," Vodacom Group CEO Shameel Joosub said in a statement. Group financial services revenue of 3.9 billion rand was supported by strong growth from the insurance business in South Africa, "excellent" growth in Egypt of 44.3%, and a 17.4% increase from the international business on the back of improved performance in Mozambique, Joosub said. Including Kenya's Safaricom, in which it owns a stake, Vodacom now processes $460 billion in mobile-wallet transaction value annually, he said. ($1 = 17.5463 rand)
Arab News
an hour ago
- Politics
- Arab News
Egyptian activist locks nation's embassy gates in The Hague to protest Gaza siege
AMSTERDAM: An Egyptian activist on Tuesday locked the outer gates of his country's embassy in The Hague to protest Cairo's alleged closure of the Rafah crossing which has prevented aid from entering Gaza for besieged Palestinians. Livestreaming his actions, content creator and social media personality Anas Habib locked two sets of gates at the embassy with what appears to be bike locks. Habib said his actions were symbolic and he wanted to draw attention to the ongoing siege of Gaza that was resulting in the starvation of Palestinians. A post shared by Anas Habib - أنس حبيب (@ 'It's been two years of us hearing this same excuse, it's closed from their side and not ours, they couldn't handle a lie and a siege for one second, imagine how everyone in Gaza is feeling hearing your lies every day for the past two years,' he said. 'I'll stay standing here until the police arrive, because I won't open it until Gaza is opened. Let them break the lock themselves,' Habib said. There has been no response yet from the Egyptian government to Habib's actions and the video which has gone viral on social media. Egypt has reportedly in the past pointed out that the Rafah crossing has been closed on the Gaza side by the Israeli military.
Zawya
2 hours ago
- Business
- Zawya
Saudi Mobily's capex hits $719mln in H1 2025: Report
The capital expenditure (capex) of Saudi-listed Etihad Etisalat Co. (Mobily) surged more than 285 percent in the first half of 2025 as it continues to build its infrastructure. Capex hit 2.7 billion Saudi riyals ($719.73 million) in the first six months of the year, compared to SAR 700 million a year ago, Mobily CEO Nizar Banabeela told CNBC Arabia. The telco spent SAR 566 million to enhance its infrastructure, develop frequency spectrums, and expand its 5G network in the second quarter of 2025, according to its financial statement. In November, Mobily and state-backed Telecom Egypt signed a cooperation agreement to land the first Saudi submarine cable linking Saudi Arabia and Egypt. The new cable, wholly owned by Mobily, will pass through the Red Sea, connecting Saudi Arabia and Egypt and opening the way for expansion and access to Europe through various connectivity options. Mobily reported a 26 percent year-on-year increase in net profit to SAR 830 million in the second quarter of 2025, with revenues rising 8.1 percent annually to SAR 4.8 billion. (Editing by Anoop Menon) (
