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Egypt Begins Trial Operation of Development Projects in Petrochemical Plants

Petroleum Minister Tarek el-Molla tours the Petroleum Minister Tarek el-Molla. (Asaharq Al-Awsat)
Petroleum Minister Tarek el-Molla tours the Petroleum Minister Tarek el-Molla. (Asaharq Al-Awsat)
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Egypt Begins Trial Operation of Development Projects in Petrochemical Plants

Petroleum Minister Tarek el-Molla tours the Petroleum Minister Tarek el-Molla. (Asaharq Al-Awsat)
Petroleum Minister Tarek el-Molla tours the Petroleum Minister Tarek el-Molla. (Asaharq Al-Awsat)

Egypt inaugurated on Monday comprehensive development projects at the factories of the Egyptian Petrochemical Company in Alexandria.

Petroleum Minister Tarek el-Molla inaugurated the trial operation of the developed factories, including the chlorine plant and the new thermal cracking unit of the vinyl chloride monomer production plant.

He stressed the sector's keenness on increasing production from petrochemical projects as a primary goal to replace imports with local products.

In a press statement received by Asharq Al-Awsat, he stressed that the state will continue to implement the comprehensive development plan and increase the efficiency of the various public oil sector companies to maximize production.

Molla said the Egyptian Petrochemical Company in Alexandria is a pioneer in the industry and witnessing significant projects that are developing its factories and increasing its production capacity.

He pointed out that the petroleum and petrochemical manufacturing complexes serve as a safety valve to meet the local market's needs, especially in times of global challenges and crises.

He discussed the integration between Sidi Kerir Petrochemicals Company (SIDPEC), the Egyptian Ethylene and Derivatives Company (ETHYDCO), and Egyptian Petrochemicals to maximize the utilization of resources.

Molla also oversaw the signing of a contract between the Egyptian Petrochemicals and Petrojet to design, supply, and operate a new unit to maintain the continuity of operation with total production capacity and ensure the provision of capacity storage.

On Sunday, the minister launched the operation of the second phase of the Midor Refinery expansion project with an investment of $2.4 billion.

The project aims to boost the current production capacity of the Midor refinery by 60 percent to reach 160,000 barrels per day.

Molla explored operational projects in the second phase, including the new four storages for crude and products with a total capacity of 400,000 barrels of oil and 290,000 barrels of intermediate products.

The first phase comprised a unit for nitrogen production with a doubled capacity from the current levels, a new 49-megawatt power plant to feed in the project and a gas pressure reduction station with a total of 1.4 million cubic meters per day supply gas to Midor Electricity company.

The minister explained that the Midor refinery expansion project is a part of the ambitious strategy adopted by the petroleum ministry in 2016 to execute a series of national projects to boost domestic gas output and narrow the gap between production and local consumption of oil products.

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Arcapita, Hines to Explore Joint investments in GCC Industrial and Logistics Real Estate

Arcapita's headquarters in Manama, Bahrain. Photo: Asharq Al-Awsat
Arcapita's headquarters in Manama, Bahrain. Photo: Asharq Al-Awsat
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Arcapita, Hines to Explore Joint investments in GCC Industrial and Logistics Real Estate

Arcapita's headquarters in Manama, Bahrain. Photo: Asharq Al-Awsat
Arcapita's headquarters in Manama, Bahrain. Photo: Asharq Al-Awsat

Arcapita Group Holdings Limited, the global alternative investment firm, and Hines, one of the world’s largest real assets investment managers, announced on Wednesday a partnership to together explore the creation of an institutional-grade platform focused on industrial and logistics real estate assets across the Gulf Cooperation Council (GCC).

The platform would seek to combine Hines’ global real estate investment, development and operating standards with Arcapita’s regional investment, structuring and asset management expertise, supported by Lintara, Arcapita’s local operating platform, a joint statement said.

Through the partnership, the two companies would focus on jointly originating, structuring and executing investments across both development opportunities and stabilized income-producing assets, it added.

Arcapita is headquartered in Manama, Bahrain. It also operates from its offices in the United States, the United Kingdom, Saudi Arabia, the United Arab Emirates and Singapore.

Hines is based in Houston, Texas.

Martin Tan, Arcapita’s Chief Investment Officer, said: “This strategic partnership marks an important step in our approach to the GCC industrial and logistics opportunity. Market fundamentals across the region have reached a depth and maturity that support the case for a dedicated, institutional-scale platform rather than a transaction-led strategy.”

“As GCC countries continue to focus on supply chain resilience and national self-sufficiency, we see a compelling opportunity to help deliver modern logistics infrastructure at scale. By bringing together Arcapita’s long standing regional track record, sourcing and asset management capabilities with Hines’ globally recognized development expertise, the platform would be well positioned to pursue high-quality opportunities across the sector.”

As for Hines’ Global Head of Real Estate, Steve Luthman, he said that the GCC represents one of the most compelling logistics growth markets globally.

He welcomed “the opportunity to partner with Arcapita to explore the development of a structured, platform-led entry into a rapidly growing market, backed by deep local relationships and execution capability.”

Business

Airlines Should Still Avoid Airspace Over Iran After Framework Deal, EU Agency Warns

A Kish Air Airlines McDonnell Douglas MD-82 passenger aircraft prepares for landing at Tehran's Mehrabad Airport on June 20, 2026. (AFP)
A Kish Air Airlines McDonnell Douglas MD-82 passenger aircraft prepares for landing at Tehran's Mehrabad Airport on June 20, 2026. (AFP)
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Airlines Should Still Avoid Airspace Over Iran After Framework Deal, EU Agency Warns

A Kish Air Airlines McDonnell Douglas MD-82 passenger aircraft prepares for landing at Tehran's Mehrabad Airport on June 20, 2026. (AFP)
A Kish Air Airlines McDonnell Douglas MD-82 passenger aircraft prepares for landing at Tehran's Mehrabad Airport on June 20, 2026. (AFP)

Airlines ‌should continue to avoid the airspace over Iran, Iraq and Lebanon and remain cautious across the region despite the framework deal between Washington and Tehran, because violations remained possible, the ‌EU aviation safety ‌agency EASA said.

EASA ‌said ⁠on Wednesday it ⁠was extending its conflict-zone advisory for the region until July 1.

Short-term violations of the US-Iran ceasefire remain possible, ⁠in particular in ‌and ‌around the Strait of ‌Hormuz and neighboring airspace, the ‌agency said.

The agency also flagged the fragile ceasefire between Israel and Hezbollah, creating ‌the potential for military activity impacting the airspace ⁠of ⁠Lebanon.

Business

Al-Jadaan: Economic Resilience, Partnerships Are Key to Meeting Global Development Challenges

Saudi Finance Minister Mohammed Al-Jadaan addresses the OPEC Fund Development Forum in Vienna. (X)
Saudi Finance Minister Mohammed Al-Jadaan addresses the OPEC Fund Development Forum in Vienna. (X)
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Al-Jadaan: Economic Resilience, Partnerships Are Key to Meeting Global Development Challenges

Saudi Finance Minister Mohammed Al-Jadaan addresses the OPEC Fund Development Forum in Vienna. (X)
Saudi Finance Minister Mohammed Al-Jadaan addresses the OPEC Fund Development Forum in Vienna. (X)

Saudi Finance Minister Mohammed Al-Jadaan warned that the world is facing increasingly difficult economic conditions shaped by uncertainty, fragmentation, geopolitical conflicts, trade tensions, debt risks, and challenges related to energy security and broader security concerns, factors he said threaten to undermine global development goals.

Addressing the OPEC Fund Development Forum in Vienna, held to mark the 50th anniversary of the OPEC Fund for International Development (OFID), Al-Jadaan described the milestone as an opportunity not only to celebrate the institution’s achievements over the past half-century, but also to reflect on lessons learned and consider the challenges and opportunities that lie ahead.

Over the past five decades, the OPEC Fund has helped tackle some of the world’s most pressing development challenges, supporting sustainable development, economic growth, and prosperity while improving living standards in low- and middle-income countries, he noted. Its efforts have enabled millions to gain access to electricity, quality education, and clean energy solutions, while expanding economic opportunities and improving essential services.

Al-Jadaan outlined three priorities for preventing setbacks in global development progress.

The first is placing resilience at the center of development strategies. Rather than serving merely as a response to crises, resilience must become a long-term, proactive approach.

Building systems capable of withstanding shocks requires investment in infrastructure, energy, food security, healthcare, education, and institutional capacity, he argued. It also demands inclusive policies tailored to local needs that diversify sources of income, improve livelihoods, and stabilize fragile markets.

The second priority is strengthening partnerships. No country can confront development challenges alone, Al-Jadaan said, emphasizing the critical role of development finance institutions in mobilizing resources, sharing knowledge, and fostering innovation. The private sector, he added, remains essential for driving investment, creating jobs, and delivering practical solutions.

Greater cooperation among development partners can improve coordination, attract additional capital, and maximize development impact.

Turning to his third priority, Al-Jadaan stressed that trust and national ownership must remain at the heart of development efforts. Development financing is most effective when aligned with national priorities, responsive to local realities, and built on genuine partnerships.

Expanding the OPEC Fund’s activities and deepening cooperation with partner countries would help align financing strategies with national development plans, improve the efficiency of resource allocation, strengthen implementation, and deliver measurable results, he said.

Al-Jadaan also underscored the importance of candid feedback from development partners and their support for bold, long-term structural reforms that enhance resilience, growth, and prosperity.

Fifty years is not a limit to what can be achieved. It is the foundation on which we build, he stated. He added that stronger partnerships and shared commitments will help safeguard the gains of the past five decades and advance sustainable development in the decades ahead.