News - Pixabay
News - Pixabay

Business News Wrap-up

Mon, Aug. 21, 2017

Zohr works are progressing fast in August: Petrobel



Petrobel produced 345,000 barrels of equivalent oil per day in fiscal year 2016/17 with $693 million in investments, the Chairman said.

Russia's Rosneft closes deal to buy 49% stake in India's Essar Oil



An investment consortium comprising Trafigura and UCP has also announced the closure of their acquisition of a separate 49 percent share of EOL.

Second phase of Siemens stations 90% complete



The second and final phase of the three Siemens stations with a capacity of 14,400 megawatts in the new administrative capital.

Above 60k citizens apply for social housing units



Prices of newly-issued units is LE 184,000, up from LE 154,000 which was issued in April of last year.

U.S. dollar exchange rate stable Monday



It recorded LE 17.71 for buying and LE 17.81 for selling at the central bank.

Egypt’s oil & gas sector acquires majority of FDI: report



The United Kingdom, the United States and Belgium are the largest foreign investors, Renaissance Capital said.

Total boosts North Sea business with $7.5 billion Maersk Oil deal


Total is buying Maersk's oil and gas business in a $7.45 billion deal which the French energy major said would strengthen its operations in the

Gold trades change as focus on geopolitical uncertainty


Gold prices were little changed on Monday as investors sought further direction after a week of geopolitical uncertainty in the United States and Europe.

Omran named acting Head of Financial Supervisory Authority


Mohamed Omran has been serving as the Head of the Egyptian Exchange (EGX) for two sessions since September 21, 2011 until August 6, 2017.

Housing units of Dar Misr’s 2nd phase delivered by 2017 end


About 90 percent of the work of the second phase of Dar Misr is finished and the implementation of facilities and water and gas networks has started.

Al Arafa for Investment signs joint venture with Gheradi S.r.l



Al Arafa for Investment, subsidiary to Arafa Holding, will own 40 percent in the new firm Italian Shirts DMCC, while Gheradi will acquire 50 percent.

EGX ends in mixed note, benchmark adds 0.61%



Market capitalization achieved slight gains, recording LE 692 billion after LE 691.1 billion on Sunday. Turnover recorded LE 723 million.

EBRD signs $623M renewable energy agreements in Egypt


First two 50MW solar plants under the second round of the FiT have secured finance from the EBRD at $116 million.
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