( Read)Īmr Adeeb had some strong words for what he perceives as a lack of preparation for the March investment summit, which he noted is only 75 days away. The ENI-KOGAS consortium exploring offshore gas in Cyprus’ EEZ will begin exploratory drilling in the Amathusa field sometime in the first half of this month.

Markit / HSBC PMI reports for Egypt, the UAE and Saudi Arabia will be released early morning on Tuesday, 6 January. For more on this story, check our special Spotlight before On Your Way Out. We expect to see significant investment activity in the country over the coming months given Egypt’s attractive underlying growth potential and its recent positive economic traction.”Įgypt’s Balance of Payments recorded a surplus of USD 410 mn in 3Q14 (an 89.1% y-o-y drop from 3Q13’s USD 3.75 bn), according to the Central Bank of Egypt with the current account dropping USD 2.05 bn from 3Q13 to a deficit of USD 1.44 bn. Abraaj is positive on the long-term prospects of the consumer sector specifically, and the investment opportunities in general, in Egypt. Notable highlights from a classy New Year’s Eve press release bowing out of the bidding: “Abraaj believes that the fair, orderly and transparent bid process for BiscoMisr clearly validates the growing investor interest in Egypt. The story has won wide international attention, with examples here in the Wall Street Journal and Bloomberg. That left Kellogg’s EGP 89.86 per share offer the highest outstanding bid to acquire Bisco Misr in a transaction that should be worth USD 144 mn. Kellogg has won the bidding war for BiscoMisr after Abraaj announced it would not again raise its bid.

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