Abu Dhabi's AD Ports Group to invest $200 million in Egypt's Safaga Port | Reuters
Abu Dhabi's AD Ports Group signed a 30-year concession agreement worth $200 million to develop and operate Egypt's Safaga port, according to a statement released by AD Ports on Saturday.
Two additional 15-year agreements, a memorandum of understanding and three head terms concerning ports located in Egypt's Red Sea region and Mediterranean Sea were also signed, the statement said.
"AD Ports Group will invest a total of up to $200 million in superstructure and equipment, buildings, and other real estate facilities and utilities’ network inside the concession area. The majority of this CapEx will be spent in 2024 and 2025," the statement added.
Saturday 18 March 2023
S&P, Moody's positive on #SaudiArabia's non-oil reforms | Reuters
S&P, Moody's positive on Saudi Arabia's non-oil reforms | Reuters
S&P Global on Friday raised its sovereign rating on Saudi Arabia to "A/A-1", citing expected reform and diversification plans to boost development of the kingdom's non-oil sector and shift dependence away from oil.
Rival ratings agency Moody's also said that Saudi Arabia's plans will support it amid volatile oil price cycles and a global transition to sustainable energy. Moody's changed its outlook on the kingdom to "positive" from "stable", and reaffirmed its "A1" rating.
Oil prices have been volatile amid Western sanctions against Russia, supply constraints and most recently, financial fears that have gripped the market following the turmoil in the U.S. banking sector.
Saudi Arabia's reform plans complement its "longstanding position as the world's largest oil exporter, with spare installed capacity providing it the ability to adjust production swiftly when market conditions change, in the current environment of reasonably strong global energy prices," S&P said.
The ratings agency, which previously had a "A-/A-2" rating on Saudi Arabia, forecast a slow rise in the kingdom's oil production through 2026.
S&P Global on Friday raised its sovereign rating on Saudi Arabia to "A/A-1", citing expected reform and diversification plans to boost development of the kingdom's non-oil sector and shift dependence away from oil.
Rival ratings agency Moody's also said that Saudi Arabia's plans will support it amid volatile oil price cycles and a global transition to sustainable energy. Moody's changed its outlook on the kingdom to "positive" from "stable", and reaffirmed its "A1" rating.
Oil prices have been volatile amid Western sanctions against Russia, supply constraints and most recently, financial fears that have gripped the market following the turmoil in the U.S. banking sector.
Saudi Arabia's reform plans complement its "longstanding position as the world's largest oil exporter, with spare installed capacity providing it the ability to adjust production swiftly when market conditions change, in the current environment of reasonably strong global energy prices," S&P said.
The ratings agency, which previously had a "A-/A-2" rating on Saudi Arabia, forecast a slow rise in the kingdom's oil production through 2026.
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