Saudi Crown Prince Mohammad Bin Salman announced plans to build a new city on the Red Sea coast, promising a lifestyle not available in today’s Saudi Arabia as he seeks to remake the kingdom in a time of dwindling resources.
Arab countries began cutting off diplomatic relations with the Persian Gulf emirate of Qatar on Monday, accusing it in general terms of supporting terrorism. Egypt accused Qatar specifically of supporting the Muslim Brotherhood, Egypt's state news agency reported.
BP announced on Friday that it has agreed to buy from Eni a 10% interest in the Shorouk concession offshore Egypt, which contains the super-giant Zohr gas field, for US$375 million. On closing, BP will also reimburse Eni for BP's share of past expenditure. As part of the agreement, BP also has an option before the end of 2017 to buy a further 5% interest in the concession under the same terms.
More British tourists are set to spend their summer holidays in Spain and Portugal as demand for sunshine breaks in Tunisia and Egypt declines over fears of violence, travel agents said. Trade body the Association of British Travel Agents (ABTA) cited figures showing that bookings to Portugal were up 29%, while Spain was up 26% and Cyprus increased 18% compared to last year.
France has agreed to sell two Mistral helicopter carriers to Egypt for 950 million Euros after their sale to Russia was canceled in August, French officials said on Wednesday.
The first cargo ships passed through Egypt's New Suez Canal last weekend in a test-run before it opens next month, state media reported, eleven months after the army began constructing the $8 billion canal alongside the existing 145-year-old Suez Canal.
A consortium consisting of Royal Boskalis Westminster N.V. (Boskalis), Van Oord, NMDC (Abu Dhabi) and Jan de Nul (Belgium) has acquired a contract from the Suez Canal Authorities in connection with the expansion of the Suez Canal, which provides a vital shipping link between Europe and Asia.
Egypt plans to build a new Suez Canal alongside the existing 145-year-old historic waterway in a multi-billion dollar project aimed at expanding trade along the fastest shipping route between Europe and Asia.
Three years has seen the overturn of two government, the deaths of thousands of people and the destruction of much of the Egyptian economy. In the end, the mobs have changed nothing, except to make their own lives more miserable.
China Petrochemical Corporation, Sinopec, has agreed to buy a 33% stake in the Egyptian oil and gas business of US firm Apache Corporation. Sinopec will pay Apache 3.1bn dollars in cash for the stake. The deal is the latest in a series of similar moves by Chinese oil firms as they look to secure energy supplies to meet growing domestic demand.