Jordan's EDGO Ventures said Thursday it plans to invest more than $300 million in the Middle East and North Africa region on behalf of its parent company, The Engineering and Development Group, or EDGO.
"Individual projects that we have on the table are for investments in excess of $300 million," EV Managing Director Omar Masri told Zawya Dow Jones.
The Amman-based company is also going to set up a new $50 million unit, EDGO Energy, which will move into oil and gas exploration and production.
The new unit, whose incorporation Masri expects to be completed in two months, will target its activities toward Libya, Algeria, Sudan, Egypt and Norway.
"EDGO is currently negotiating with a Gulf-based private equity firm to enter into a partnership agreement for an oil and gas acquisition in Egypt," Masri said.
Besides energy sector opportunities for EDGO beyond the group's traditional core business in the oil and gas services sector, EV will also manage the EDGO's overall assets, which include telecommunications and real estate.
"EV is implementing a model whereby a long-standing family business group establishes in-house investment banking abilities," he said. "This model is being replicated in the Gulf, but in Jordan it is unique."
- By Nadim Issa, Zawya Dow Jones, +961 1 985757, [email protected]
(END) Dow Jones Newswires
10-05-061018ET
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