Skip to content Skip to Search
Skip navigation

Saudi’s Taqa to quadruple energy investments in Egypt

By Pramod Kumar
Taqa is planning to enter the marine petroleum well services sector, including drilling and exploration in Egypt Reuters/Alexander Manzyuk
Taqa is planning to enter the marine petroleum well services sector, including drilling and exploration in Egypt

Saudi Arabia’s Industrialization and Energy Services Company (Taqa) plans to quadruple investments in Egypt’s energy sector over the next two years, according to a media report.

The company aims to double its business and services in Egypt, as well as expand into deepwater petroleum services by 2026, Daily News Egypt reported, citing Mario Ruscev, executive vice president of Taqa.

No details were given on the investment outlay.

The Saudi energy company has contracts with 20 oil companies for well maintenance and preparation in Egypt’s western desert.

In addition, Taqa is planning to enter the marine petroleum well services sector, including drilling and exploration in Egypt, to support its growth targets in the coming years.

The petroleum sector in Egypt accounted for 40 percent of the total foreign investments in the country in the past five years.

Taqa has no plans to enter the renewable energy sector. Instead, the company is focusing on its geothermal energy subsidiary, Taqa Geothermal Energy, which was established last year to harness clean energy sources from underground geothermal heat in Saudi Arabia and the Mena region.

Ruscev said the company is investing heavily in geothermal energy to reduce its own combustion emissions and capture carbon.

Saudi sovereign Public Investment Fund owns 54 percent of Taqa.

Latest articles

Wind turbines in Bozcaada, Turkey. The country wants to strengthen its renewable energy sector by developing the solar power market

Turkey’s renewables scheme given $1bn by World Bank

The World Bank has signed a $1 billion programme with Turkey to fast-track the nation’s renewable energy expansion initiatives. The financing comprises €600 million ($657 million) in loans from the International Bank of Reconstruction and Development, $30 million from the clean technology fund, and $3 million in grant funding from the World Bank’s energy sector management assistance […]

Mark Foster, who played professional rugby for Gloucester and now heads LIV Golf, says the sport is ripe for investment

LIV Golf chief says rugby next in line for Gulf funds

Talks are taking place with sovereign wealth funds and private equity entities about potential Gulf investment in rugby, according to Mark Foster, senior vice president of finance operations at Saudi-backed LIV Golf Investments. Foster, a former Gloucester and Exeter Chiefs professional rugby player, told The Good the Bad & the Rugby podcast that discussions have […]

Dubai mall Lamcy Plaza

Fire-hit Dubai shopping mall fails to attract auction bids

A Dubai shopping mall closed since a fire in 2017 has failed to attract interest from potential buyers after being put up for auction. The Lamcy Plaza mall went on auction earlier this month with a starting bid of AED200 million ($54 million), but received no offers. The five-storey neighbourhood mall, which opened in 1997, […]

Emirates Nigeria

Emirates to resume Nigeria service from October

Emirates will restart services to Nigeria from October 1, after suspending flights on the route for almost two years. The Dubai airline will operate a daily service to  Lagos, Nigeria’s largest city.  “We are excited to resume our services to Nigeria,” said Adnan Kazim, deputy president and chief commercial officer, Emirates.  “We thank the Nigerian government for their partnership and support in re-establishing this […]