Tag: Economy
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Total to start exploratory drilling off Cyprus with Greece following
The discovery of natural resources in Israel and Egypt has motivated big companies to look into the Eastern Mediterranean closer. The French oil exploration company Total is ready to start exploratory marine drilling off Cyprus. What made this possible was the discovery of the Egypt’s Zohr deposit. Experts argue that the chances for deposits of similar value in Cyprus’…
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Egypt sets up new fund to revive tourism industry
Egypt has set up a new fund worth 5 billion Egyptian pounds ($267 million) to upgrade hotels, tourist resorts and Nile floating boats across the country as part of efforts to revive its ailing tourism industry. The new fund, which was announced by the Central Bank of Egypt (CBE) on Dec. 26, would finance maintenance and…