The Egyptian Natural Gas Holding Co. (EGAS) has made a strategic move by establishing “Modern Gas” Saudi Arabia, a subsidiary in the Kingdom with EGAS holding an 80% ownership stake. This expansion into Saudi Arabia is part of EGAS’s broader offshore strategy, particularly focusing on Gulf Cooperation Council (GCC) countries.
Egypt faces economic challenges, including a shortage of foreign currency, resulting in operational difficulties for local businesses such as port backlogs and delayed payments for commodities. To address this, Egypt recently secured an $8 billion deal with the International Monetary Fund (IMF) and a $1.2 billion loan for environmental sustainability.
In pursuit of foreign investment, Egypt finalized a $35 billion agreement with Emirati sovereign fund ADQ, primarily for infrastructure projects along the Mediterranean coast. EGAS’s expansion into Saudi Arabia not only diversifies its market presence but also aligns with Egypt’s economic objectives.
As EGAS ventures into Saudi Arabia’s energy sector, it solidifies its position as a key player in the global natural gas industry, demonstrating resilience and adaptability amidst evolving market conditions. This move reaffirms EGAS’s commitment to driving innovation and sustainable development while capitalizing on growth opportunities both domestically and abroad.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
18th March, 2024
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