2024-03-17 20:00:30
Egyptian Natural Gas Holding Co. (EGAS) has established a subsidiary in Saudi Arabia with an initial capital of 2 million SAR ($530,000), the Egyptian Oil Ministry said on Sunday.
80% owned by EGAS, the new natural gas company “Modern Gas” Saudi Arabia is part of the Egyptian company’s offshore expansion strategy, particularly in the Gulf Cooperation Council (GCC) countries, aiming to attract foreign currency inflows into Egypt.
Egypt is struggling to attract foreign currency to address a shortage that has dampened local business activity and led to delays at ports and delays in payment for goods.
Since the start of 2022, when the foreign exchange shortage worsened, the pound has lost more than two-thirds of its value against the dollar in a series of staggered devaluations.
Earlier this month, Egypt concluded an expanded $8 billion deal with the International Monetary Fund, as well as a $1.2 billion loan for environmental sustainability, bringing its total borrowing from from the IMF to more than 9 billion dollars.
Previously, Egypt reached a $35 billion investment deal with Emirati sovereign wealth fund ADQ for the development of a peninsula on the Mediterranean coast and other projects, which helped ease the foreign exchange shortage foreign.
(1 $ = 3.7502 Riyals)
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