Home > Insights > Egypt will import 3.55 BN USD worth of liquefied natural gas (LNG) in 2015-2016.
Tuesday, 21 Apr 2015

Egypt will import 3.55 BN USD worth of liquefied natural gas (LNG) in 2015-2016.


Insights MENA

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Economic Outlook

Economic Outlook

 Egypt will import 3.55 BN USD worth of liquefied natural gas (LNG) in 2015-2016. The EGAS state gas board has agreed to import 35 LNG cargoes from Russia’s Gazprom over five years.  Egypt is preparing for the biggest budget in the history of the housing sector, ranging between 1.8-2 BN USD. The ministry of housing is currently working on the first budget for the Social Housing Finance Fund.  Jordan’s inflation rate has dropped by 0.9% in Q1 2015 compared to the same period last year. The decline was due to the drop in prices of several sectors: transportation, fuel and lighting, and vegetables and legumes. On the other hand, exports from Jordanian free zones of goods and machinery gained 293 MM JOD on March 2015.  Bank Muscat, Oman’s largest lender achieved 8.9% increase in net profit in Q1 2015. The bank achieved profits of 43.3 MM OMR at the end of March compared to 39.8 MM OMR a year earlier.  Qatar’s population is expected to increase by 7% in 2015; this will lead to higher economic growth by boosting aggregate demand and investment in housing and services. On the other hand, Qatar announced the launch of a massive poultry project with the participation of the private sector for the first time in the nation’s food security program. The program’s annual production capacity is 40,000 tons of poultry and 7,500 tons of eggs with coverage of 5.7 Km2 , while the cost of the project is not determined yet.  Saudi Investment Bank achieved net profits amounting to 366.7 MM SAR in Q1 2015, which increased by 9% compared to the same period of the last year.  A trial run of the Haramain Express Railway will be conducted soon on the sector between Madinah and the King Abdullah Economic City in Rabigh. The high speed train will link Makkah and Madinah through Jaddah and will also operate between Madinah and Rabigh.  Dar Al Ber society will build 30 mosques across the UAE with a cost of 1.2-1.3 MM AED. The first phase of the project will commence with construction of 10 mosques in Muwaihat, Zahra and Humaiday-1 areas located in Ajman. The second phase of the project will be in specific areas in the emirate of Ras Al Khaimah by building 10 mosques, while the last 10 mosques will be specified in the future according to the donations made by the public.  Exports of Dubai Chamber of Commerce and Industry’s members increase by 7% in Q1 2015 compared to the same time in 2014. As the results indicate that the value of exports by Dubai Chamber members increased from 71.1 BN AED in Q4 2014 to 76.1 BN AED in Q1 2015.  Egypt has signed deals with Kuwait’s Alghanim International for two energy-related projects worth 1.6 BN USD. It will be four gas-powered plants converted to operate on combined cycle, while the other would establish gas-powered plants with total capacity of 900 megawatts.  Lebanese farmers are being forced to decrease the prices of their crops due to oversupply in the local market and the closure of the Nasib border crossing as it is the only functioning crossing between Jordan and Syria which is important for the transportation of goods from Lebanon and Syria to Jordan and the Gulf states. Jordan closed its border with Syria on April 1st due to the heavy clashes between rebels and the Syrian government near Nasib crossing.
Political Events

Political Events

 Jordan rejected Israeli’s plan to build the Timna airport at the Jordanian border near King Hussein Airport in Aqba. The rejection came because of the impact on Jordan’s sovereign airspace and public safety in that area.  Egypt and Saudi Arabia have discussed holding a “major military maneuver” in Saudi Arabia with other Gulf States. The Egyptian naval and air forces are already participating in the campaign against Houthi militias in Yemen. During the meeting it was agreed to form a joint military committee to discuss the implementation of a major strategic maneuver in the territory of Saudi Arabia with the participation of a joint Arab force which includes troops from Egypt, Saudi Arabia and the Gulf states.  Saudi Arabia had banned its citizens from travelling to Syria, for security concerns as they don’t want to put the lives of Saudi nationals at risk and the ban would be lifted when the security situation improves there.  Kuwait will donate 500 MM USD towards Syria’s humanitarian crisis. The United Nations said that the aid will help 18 million people both in Syria and scattered through the region. The number of people needing humanitarian aid has increased by 2.9 million in just 10 months.
Companies Transactions

Companies Transactions

 Arab Contractors, Swiss firm to build Upper Egypt's 1st Phosphate Fertilizer Plant Egypt’s leading construction firm, Arab Contractors (AC) cooperates with a Swiss-based company to build the first phosphate fertilizer plant in Upper Egypt. The Swiss company will provide production and operation equipment’s as AC will not carry out the plan project only but will also participate in operating in advanced stages.  60 MM OMR contracts signed for two major industrial estates in Oman Agreements were signed by the Public Establishment for Industrial Estates (PEIE) to develop Sumail and Sohar Industrial Estates. One of the agreements was signed with Larsen and Toubro – Oman for infrastructure implementation in Sumail Industrial Estate in Al Dakhiliyah Governorate with a cost of 39.6 MM OMR.  Habtoor Leighton Group (HLG) wins 2.2 BN QAR Kahramaa reservoir project HLG, one of the leading diversified contractors in MENA has awarded a contract worth 2.2 BN QAR by Qatar General Electricity and Water Corporation (Kahramaa) to build the world’s largest reinforced concrete reservoirs that will have a capacity of 100 million gallons each. HLG will be responsible for the construction, testing and commissioning of five reservoirs as well as the pumping stations.  Zamil Central Air Conditioners signs 348 MM SAR contract with Al-Fouzan Zamil Central Air Conditioners Co. Ltd., a wholly-owned subsidiary of Zamil Industrial Investment Co. signed a new contract worth 348 MM SAR with Fouzan Trading & General Construction Co. to supply custom chiller systems for the Saudi Real Estate Development Company (Dar Al-Hijrah) project, owned by the Public Investment Fund (PIF) of the Ministry of Finance.  UAE's Ducab wins 44 MM AED contract for Venetian Resort extension in Macao CABLE Company Ducab has signed a contract worth 12 MM AED with the Venetian Resort owned by the Sands Group in Macao, Hong Kong. The Venetian hotel and resort in Macao have undertaken an extension to include a new property, The Parisian.  Drake & Scull Engineering (DSE) awarded 334 MM AED contract for Palm Jumeirah project DSE, the subsidiary of Drake & Scull International has been awarded a 334 MM AED contract for mechanical, engineering and plumbing (MEP) works for a mixed use hotel and residences project to be built on Palm Jumeirah. The company will complete the supply, installation, testing, commissioning and handover of detailed MEP works for the leading hotel.

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