Dubai – Mubasher: Emirates National Oil Company (ENOC) Group is seeking to expand its aviation operations in Egypt.
Dubai’s state-run company intends to acquire shares in the jet fuel hydrant system at Terminal 2 of Cairo International Airport, ENOC said in a statement on Tuesday.
It plans to establish a physical presence by opening an office for its aviation operations, jet fuel marketing and serving in an effort to enable the growth and development of Egypt’s aviation infrastructure.
The step follows a recent agreement with the Egyptian General Petroleum Corporation (EGPC) to enable the supply of jet fuel at all key airports across the country, in addition to providing further opportunities to drive foreign direct investment (FDI) in the Egyptian market.
“With an expected 5.8% [gross domestic product (GDP)] growth for 2019 and a commitment to diversify markets and products, Egypt offers strong fundamentals for international investors,” Saif Humaid Al Falasi, CEO of ENOC, said.
On the back of heading the African Union next year, the Egyptian government is pushing ahead with attracting further FDI to the country in an effort to turn to a key gateway to the continent, he added.
Moreover, the Dubai-based oil company revealed that it is looking to complete the construction of 17 filling stations in Saudi Arabia over the next three years.