Dana Gas announced the discovery of two new gases in Egypt on Sunday. It had acquired Canada's Centurion International by paying C$1.15 billion, in November 2006.

The 6th largest producer of gas made its first discovery at El Panseiya-1 west of the El Manzala concession. Its next discovery was South Faraskour-1, which was also associated with west of the El Manzala concession. A statement issued by the company said that both of its discoveries are likely to get associated to its El Wastani gas processing plant, this year.

It has appeared that a sum of $500 million may be invested by private equity firm Gulf Capital in Saudi Arabia, the United Arab Emirates and Egypt.

As per the Chief Executive Karim el-Solh, a deal in the healthcare sector that would be announced soon is included in the opportunities.

Though he did not provide many details, he did say that in general the fund targets 10 deals will a deal-size of about $50 million.

Jotun Paints, one of the world's leading producers and suppliers of paints and coatings, has received an order worth 1 million Egyptian pounds with Alexandria Governmental Bureau and Arab Contractors Company.

The deal involves the delivery of 40 tons of white and yellow 'Road Marking Paint', which are intended for the streets of Alexandria in Egypt.

The road marking initiative includes all the streets of Alexandria, including main thoroughfares such as Al Corniche St., Gamal Abd Al Nasser St., Al Horria St., and Airport Road.

National Bank of Abu Dhabi (NBAD), has announced that it has established its 27th branch in Egypt, in line with its target to extend its outlets to 50 by fiscal 2013.

The sources informed that the branch located in Senzo Mall in Hurghada, Red Sea, is part of NBAD's extensive network throughout the African nation covering the whole country in addition to 43 on-and off-site ATMs.

The UAE's second largest bank by assets has been functioning in Egypt since 1975.

EgyptAir, the flag carrier airline of the Arab Republic of Egypt, has signed an agreement with US-based Rockwell Collins to install an advanced detection system in five A330 aircraft with an option for three additional aircraft.

The agreement includes Rockwell Collins' Multiscan Hazard Detection System, which analyzes and determines actual weather hazards, TTR-2100 Traffic Collision Avoidance System, as well as a full communications, navigation and surveillance suite including the GLU-925 Multi-Mode Receiver.

Egypt Kuwait Holding has decided to set up a fertilizer and petrochemical company with capital of EGP500m ($90.4m), in partnership with other Egyptian and Gulf investors.

Under the arrangement, Egypt Kuwait Holding will hold 32% stake in the company. However, EK Holding declined to give details about the remaining shareholders.

The new company is set to produce 1.5 million tonnes of chemical fertiliser per year and will come onstream in 28 months.
 

Landline monopoly Telecom Egypt has clocked 16% growth in consolidated net profit at 789 million Egyptian pounds during second quarter.

According to the firm, its net profit margin stood at 29.5% on total consolidated revenue of 2.68 billion pounds.

The firm said it had 9.8 million fixed-line subscribers by end-June, a reduction of 1.88 million on a year earlier.

Company's average revenue per user (ARPU) jumped to 59.6 pounds per month versus 50.5 pounds in the second quarter of fiscal 2008.