The decision by Egypt, north Africa’s largest economy, to open its natural gas market will help fuel growth and investment from exploration and production.
Egyptian president Abdel Fattah El Sisi signed a new law this week that established a natural gas regulatory authority to oversee licensing and development of opening the gas market – a step that fits in with Egypt's reform narrative.
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Read more:
Egypt's foreign reserves surge to record as confidence returns
Egypt says $10bn FDI target may be topped
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This has been more than two years in the making and while expected, "still long overdue," said Allen Sandeep, director of research at Cairo-based Naeem Brokerage.
The push towards a more open market will be a boon to the country which was rocked by the 2011 Arab uprisings and led to the end of former president Hosni Mubarak's rule. The turmoil unsettled investors, exacerbated unemployment and augmented capital flight. The Egyptian pound lost half its value against the US dollar after the central bank devalued the currency last November in order to secure a US$12 billion loan from the International Monetary Fund. As part of the country's rebound, its adhering to a structural reform programme, which through subsidy cuts and new taxes will help check the government's fiscal deficit.
From an industry perspective, the move to a more open gas market translates into winners across the board from upstream to mid and downstream.
The exploration and production companies have historically negotiated contract prices with the government in advance, which adds a layer of risk as unforeseen circumstances could increase the price to drill or extract. If this happens, a company could still be required to executive activities at a deficit. “That definitely makes a lot of flexibility which will increase foreign investments,” Mr Sandeep said.
Sharjah-based Dana Gas is one company that stands to benefit from the new law with first quarter output from its El Wastani onshore gas processing plant at nearly 41,000 barrels of oil equivalent per day. Dana Gas said that this was a welcome development keeping in line with recent reforms in Egypt’s hydrocarbon sector.
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Read more:
Dana Gas shares soar with Egyptian arrears reduced further
Pay trickles from Egypt for Dana Gas
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There had been a degree of liberalisation of gas pricing or “at least a pragmatic realisation that gas prices had to be increased to stimulate domestic exploration and production, with successful results”, according to Dana Gas chief executive, Patrick Allman-Ward.
“This is the logical next step to allow market forces of supply and demand to come into play in the domestic market,” he said. “I would expect this to also be a healthy and successful development for both suppliers and consumers.”
Companies were getting a standard price from the Egyptian Natural Gas Holding Company (Egas) at US$2.65 per million British thermal unit (btu), though there had already been some variation for pricing structures based on individual cases. This was particularly true for offshore assets that have recently come online, requiring higher prices to justify the economics. But instead of the government dictating the structure, now the market will determine the true prices on a case-by-case basis.
The other opening is for private companies to supply natural gas to households through their own mechanisms, providing customers the ability to bargain for better pricing.
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Read more:
It's a buyer's market for LNG
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Though president Sisi’s decree also includes the ability for private companies to import natural gas, Mr Sandeep said this was likely further off in the future.
"To import liquefied natural gas, companies will need to gain access to the national grid,” he said adding that it wouldn’t be a simple process. “And the pricing tariffs charged on the pipeline should also be flexible as a result,” he said.
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ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Global state-owned investor ranking by size
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Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
Mohammed bin Zayed Majlis
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Killing of Qassem Suleimani
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
What is Genes in Space?
Genes in Space is an annual competition first launched by the UAE Space Agency, The National and Boeing in 2015.
It challenges school pupils to design experiments to be conducted in space and it aims to encourage future talent for the UAE’s fledgling space industry. It is the first of its kind in the UAE and, as well as encouraging talent, it also aims to raise interest and awareness among the general population about space exploration.
Director: Paul Weitz
Stars: Kevin Hart
3/5 stars
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs: Macan Turbo
Engine: Dual synchronous electric motors
Power: 639hp
Torque: 1,130Nm
Transmission: Single-speed automatic
Touring range: 591km
Price: From Dh412,500
On sale: Deliveries start in October
The specs
BMW M8 Competition Coupe
Engine 4.4-litre twin-turbo V8
Power 625hp at 6,000rpm
Torque 750Nm from 1,800-5,800rpm
Gearbox Eight-speed paddleshift auto
Acceleration 0-100kph in 3.2 sec
Top speed 305kph
Fuel economy, combined 10.6L / 100km
Price from Dh700,000 (estimate)
On sale Jan/Feb 2020
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
Sheer grandeur
The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.
A clear distinction between the residences and the Raffles hotel with the amenities operated separately.
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%3Cp%3E%3Cstrong%3EFeatherweight%20title%3C%2Fstrong%3E%3Cbr%3EAli%20Al%20Qaisi%20by%20Jesse%20Arnett%20by%20submission%2C%20round%203%3Cbr%3E%3Cstrong%3EWelterweight%20title%3C%2Fstrong%3E%3Cbr%3EJosh%20Togo%20bt%20Tahir%20Abdullaev%20by%20unanimous%20decision%3Cbr%3E%3Cstrong%3EFlyweight%3C%2Fstrong%3E%3Cbr%3EIago%20Ribeiro%20bt%20Juan%20Puerta%20by%20unanimous%20decision%3Cbr%3E%3Cstrong%3EMiddleweight%3C%2Fstrong%3E%3Cbr%3EYerkin%20Darmen%20bt%20Tyler%20Ray%20by%20TKO%2C%20round%203%3Cbr%3E%3Cstrong%3EWelterweight%3C%2Fstrong%3E%3Cbr%3EAbdulla%20Al%20Bousheiri%20bt%20John%20Adajar%20by%20submission%2C%20round%201%3Cbr%3E%3Cstrong%3ECatchweight%20232lb%3C%2Fstrong%3E%3Cbr%3EAsylzhan%20Bakhytzhanuly%20bt%20Hasan%20Yousefi%20by%20submission%2C%20round%202%3Cbr%3E%3Cstrong%3ECatchweight%20176lb%3C%2Fstrong%3E%3Cbr%3EAlin%20Chirila%20bt%20Silas%20Robson%20by%20KO%2C%20round%201%3Cbr%3E%3Cstrong%3ECatchweight%20176lb%3C%2Fstrong%3E%3Cbr%3EArvin%20Chan%20bt%20Abdi%20Farah%20by%20TKO%2C%20round%201%3Cbr%3E%3Cstrong%3ELightweight%3C%2Fstrong%3E%3Cbr%3EOle-Jorgen%20Johnsen%20bt%20Nart%20Abida%20by%20TKO%2C%20round%201%3Cbr%3E%3Cstrong%3EBantamweight%3C%2Fstrong%3E%3Cbr%3EOtar%20Tanzilov%20bt%20Eduardo%20Dinis%20by%20TKO%2C%20round%203%3Cbr%3E%3Cstrong%3EStrawweight%3C%2Fstrong%3E%3Cbr%3EColine%20Biron%20bt%20Aysun%20Erge%20via%20submission%2C%20round%202%3Cbr%3E%3Cstrong%3EWelterweight%3C%2Fstrong%3E%3Cbr%3ESoslan%20Margiev%20bt%20Mathieu%20Rakotondrazanany%20by%20unanimous%20decision%3Cbr%3E%3Cstrong%3EBantamweight%3C%2Fstrong%3E%3Cbr%3EBakhromjon%20Ruziev%20bt%20Younes%20Chemali%20by%20majority%20decision%3C%2Fp%3E%0A
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How to vote in the UAE
1) Download your ballot https://www.fvap.gov/
2) Take it to the US Embassy
3) Deadline is October 15
4) The embassy will ensure all ballots reach the US in time for the November 3 poll
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
COMPANY%20PROFILE
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MATCH INFO
Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD
* Second leg in Australia scheduled for October 10
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
UAE currency: the story behind the money in your pockets
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
