Emirates NBD to launch new SME unit in Egypt next week
Published 2016-10-24 13:58:29| Mohamed Hamdy & Sayed Badr
Emirates NBD will be launching in Egypt a new division for the small and medium sized industries by next week, said General Manager of Retail Banking and Wealth Management, Fredrick de Melker on Monday. The Egyptian arm of the UAE lender is determined to focus on funding micro, small, and medium-sized projects in the country in the coming period in line with the Egyptian government and central bank’s strategies that support this sector, De Melker told Amwal Al Ghad. De Melker further said his bank intends to open up 30 new branches in Egypt in the coming three years, to eventually have a total network of 100 branches across the country.
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Egypt’s Misr Insurance has won a tender to provide insurance coverage for BP’s latest find, the Atoll deepwater gas field located in the Mediterranean Sea. Mohamed Sayed Abdel Fattah, General Manager for Oil Department at Misr Insurance, told Amwal Al Ghad on Sunday that the insurance policy for Atoll field is with total sum insured of $1.3 billion. The insurance policy, which will be two-year renewable term, involves $750 million for the whole Atoll project and $1.1 billion as insurance liability for two wells, Abdel Fattah added. The policy includes coverage for contractors all risks (CAR), control of well insurance, and civil liability, Abdel Fattah added. The Atoll discovery in the North Damietta Offshore Concession was announced in March 2015. BP decided in November to fast-track the development of Atoll, estimated to contain 1.5 trillion cubic feet of gas and 31 million barrels of condensates. BP said the field was on track to deliver its first gas in the first half of 2018, set to pump 300 million cubic feet a day of gas to the Egyptian market.
The Federation of Arab Contractors has launched its first publication, Al-Moqawel Al-Araby (The Arab Contractor) to trace the developments of the construction industry in the Arab world, the federation chief Fahad Al Hammadi announced Sunday. The Arab Contractor magazine is a quarterly bilingual; Arabic and English, dedicated mainly to supporting the higher interests of Arab contractors. The magazine’s main focus revolves around providing audience with the most updated info about construction and building materials sectors from news, analyses, projects, and tenders. It will also monitor the construction sector and major building projects in Arab countries with special focus on building materials exhibits.
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