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According to a statement by the Egyptian Supply Minister, Khaled Hanafi, Orascom is going to build five logistics areas in the five Egyptian governorates of Cairo, Ismailia, Sharqia, Assuit and Menya . The project includes establishing goods and commodities logistics areas across the country as well as a modern transport network. Hanafi and Sawiris, Executive Chairman of Orascom, have also planned the creation of a special port directly connected to these logistics hubs, with an investment of about $130 million, which could create up to 6,000 new jobs. The project will be carried out by a consortium that includes Orascom and Aramex, in cooperation with the Authority for the Development of Domestic Trade.
Economy Minister Aryeh Deri resigned from his post, opening the way for the government to green-light a multibillion dollar gas deal with US energy giant Noble Energy, a statement from the Prime Minister’s Office said. The long-expected resignation will likely end a drawn-out affair during which Deri has refused to sign off on bypassing anti-trust regulations regarding the deal. “We are taking today a big step toward advancing gas delivery to the State of Israel. Gas is the number one engine for economic growth in Israel for the coming years,” Netanyahu said at the weekly cabinet meeting. Under the terms of the deal, the government plans to give an international consortium led by Israel’s Delek Group and the American company Noble Energy rights to the largest gas reserve yet found in Israeli territorial waters, the Leviathan field, in exchange for a scaling back of their involvement in the currently operational Tamar field and the smaller Tanin and Karish fields.
Turkey plans to invest $125 billion into energy by 2023, as the country’s energy demands continue to increase tremendously, Turkish Energy Minister Ali Rıza Alaboyun said during a speech at the Atlantic Council Energy & Economic Summit in Istanbul. “Energy demand in Turkey increases 7 percent per annum. To achieve this goal, Turkey is planning to invest $125 billion into the energy sector by 2023,” Alboyun said. Turkey plans to roughly double its current 72,000 megawatt (MW) energy capacity to 130,000 MW by 2023, he noted, adding the country was planning to diversify its energy mix and was determined to reduce its dependency on natural gas for electricity generation.
Abu Dhabi Fund for Development (ADFD) has played an active role in supporting sustainable development in the Kingdom of Morocco since 1976. Over the past 40 years, the fund has implemented several successful development projects in Morocco, accelerating economic development throughout the country.
In 2013, the UAE offered AED 4.6 billion (US$ 1.25billion) to Morocco, within the framework of the Gulf Development Fund, in line with the GCC countries’ US$5 billion grant programme to finance development projects in Morocco over a five-year period. The UAE grant, managed by ADFD, focused on sectors vital to the economic and social development of Morocco.
With this, the total value of the concessionary loans and government grants administered by ADFD in Morocco reached AED 7.3 billion allocated towards the funding and managing of a total of 64 development projects.
Related to key economic sectors, the projects have helped Morocco achieve social and economic development in areas such as transportation, water and agriculture, healthcare, housing, education and electricity.
Jafza is currently home to 736 leading multinationals in oil and gas sector that have setup their regional base in the Free Zone to serve all key oil and gas markets in the region. The sector in Jebel Ali Free Zone has generated trade worth over AED 52 billion (USD 14.3 billion) in 2014, up 13% over its trade in the preceding year.
Jafza is the only free zone in the world, which is located between the two largest trade enablers namely Jebel Ali Port, the largest container terminal, and Al Maktoum International Airport, the biggest cargo and passenger airport, in the region. The Free Zone is also just 30-minutes’ drive away from the Dubai International Airport.
Stressing on the role of Jebel Ali Free Zone (Jafza) as the logistics hub for serving all key markets in the wider Middle East region, which spans from West Asia, the CIS, Africa and the Indian Subcontinent, Ibrahim Mohamed Al Janahi, Jafza Deputy CEO and Chief Commercial Officer, reported of 266 billion dollars capital of Arab investments.
In its 2015 report, the Oxford Business Group discussed Morocco’s strategy to build new ports in an attempt to drive regional economic development. In its strategy to spur wider economic growth and improve trade, Morocco plans to construct five major new ports by the end of 2030.
Under the framework of the “Stratégie Nationale Portuaire 2030,” launched in late 2012, Morocco aims to expand the number and improve the efficacy of its ports, which will enable it to enhance trade with its key trade partners and place itself as an economic gate to the African continent.
According to OBG, Morocco is investing substantially in its port infrastructure, as around 98% of Morocco’s external trade currently takes place via ports – equivalent to more than 100m tons per year, with maritime ties between the country and its economic partners growing significantly.
In October French container shipping giant CMA CGM announced plans to launch five new shipping lines by the end of the year starting from Agadir and stopping at several other Moroccan ports, including Casablanca and Tangier.
The strategy, which includes upgrades of associated logistics and industrial hubs, seeks to build major new port facilities at Nador, Kenitra and Dakhla, as well as the commodity-focused ports in Safi and Jorf Lasfar, in part to help facilitate the development of existing industries and comparative advantages in the surrounding regions.
Italian energy group Eni has discovered what it says is a “supergiant” gasfield off the coast of Egypt, the largest ever found in the Mediterranean Sea and which could provide a much-needed boost for the country’s economy.
Eni, one of Europe’s biggest oil and gas companies, said on Sunday that the Zohr discovery “could become one of the world’s largest natural-gas finds” and would play a “major” role in meeting Egypt’s natural gas demand for decades once fully developed.
The field held a possible 30tn cubic feet of gas, or 5.5bn barrels of oil equivalent (boe), said the company, which has examined well results and geophysical data from the Zohr 1X NFW well located in 1,450 metres of water in the Shorouk exploration block. It covers an area of 100 square km, about 200km off the coast of Egypt.
Claudio Descalzi, chief executive of Eni, discussed the results with Egyptian president Abel Fattah Al-Sisi in Cairo on Saturday.
Source: Financial Times, www.ft.com
Travco Group, one of the leading destination management companies in Egypt, is planning to inject new investments worth EGP 3.8 billion in the hotels sector, as a result of witnessing a growth in Egypt’s tourism sector.
In particular, the plan contemplates the development of 11 hotels, with two hotels to be established during 2015 in Sharm Al-Sheikh and Hurghada at an investment cost worth EGP 750 million, and another 9 hotels to be established during the coming period in different areas include Safaga, Marsa Alam, Sharm Al –Sheikh and Hurghada.
Chairman of the company, Hamed El Chiaty, said that the recent Economic Summit had plenty in favour of the tourism sector. He further said that the time is right for promoting Egyptian tourism using modern methods in order to increase Egypt’s share in the global tourism market, reaching 30 million tourists over the next few years.
Egypt expects a planned economic zone near the Suez Canal to eventually make up about a third of Egypt’s economy, said the Investment Minister Ashraf Salman during a recent news conference.
According to the Suez Canal Authority Chairman Mohab Mamish, Egypt’s Suez Canal development project will allow “most types of ships” to pass through; besides, during a speech at Egypt’s Economic Development Conference, Mamish said when the project is complete, revenues from the Suez canal will multiply. The project will include developing the canal area, building infrastructure and building a “comprehensive commercial city.” This will allow for the creation of more than 1 million jobs. In order to manage and coordinate the activities related to the development of the Canal, an international industrial and logistics centre will be created. It will stretch across the three governorates of Port Said, Ismailia, and Suez and include six sea ports.
The project will include three economic zones covering an area of 500 square kilometres as follows:
The East Port Said zone which will house a transshipment port and an industrial area of 40 square kilometres for light and medium industries. Crucially, it will include the new East Suez Port, the first phase of which has been completed.
The Qantara zone which will house food industries because of its proximity to agricultural land, SMEs, textiles industry, and housing and real estate.
The Ain Al-Sokhna zone which encompasses 80 square kilometres in north west Suez, and include a port which will act as Egypt’s gate to the GCC, connecting the Gulf with Africa and Asia. It will also include medium and heavy industries.
Egypt will establish an authority to oversee the Suez Canal Zone on behalf of the state, to be regulated by the recently amended law for special economic zones.
Cairo, March 5 2015. Egypt’s cabinet approved a long-awaited draft law on investment on Wednesday aimed at making deals less vulnerable to legal disputes or changes in government, and reducing stifling bureaucracy.
The government is seeking to address foreign business concerns before an investment conference in Sharm el-Sheikh set for mid-March, when Egypt hopes to secure domestic and foreign investment of up to $12 billion.
Announcing the new law, Prime Minister Ibrahim Mehleb said in a statement the government held discussions with investors, an industry association, law advisors and members of civil society when drawing up the legislation.
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