The Emirati Safwan Petroleum Technologies company allocated $2m initial investments for the Egyptian market.
Magdy Aziz, the company’s general manager, said they agreed with Tanmeya Investment Company on conducting tests on its oil wells, with equipment arriving from India in about two months.
Tanmeya Investment Company’s scope includes oilfield development, whether new or old, maintaining and increasing production, providing facilities and services for early production, excavation, and repair and maintenance of wells.
The company is also responsible for providing consultancy and technical support to carry out integrated operations of drilling and production, providing skilled labour, preparing studies related to reservoirs and production, reviewing of development plans, and maximising production plans.
Aziz stated that the legislation and laws governing investment in Egypt are excellent and protect all Arab and international companies, adding that Safwan drew up an integrated plan to invest in Egypt, and initiated it in collaboration with Tanmeya.
Al-Mousa Specialized Cables announced that it is targeting to achieve sales of $35m in the Egyptian market during 2017.
Hesham Monier, vice CEO at the company, said that the company concluded contracts with Egyptian companies to supply cables and wires, including Orascom Construction, Arab Contractor, and Petrojet companies.
He added that the Egyptian market is a promising and attractive market for investment and the company is seeking to increase its number of branches and create new alliances to serve industrial projects and assist the government in its development until 2030.
He added that the company has been working for 25 years in Saudi Arabia, and the company uses the profit margin of cables distribution in proliferation and diversity, increasing the number of branches of the company, as well as increasing the size of its business in the Egyptian market— especially since it is the exclusive representative of MESC Cables Company.