A bank employee counts U.S. dollar notes- Reuters photo A bank employee counts U.S. dollar notes- Reuters photo

Business news wrap-up

Wed, Sep. 13, 2017

Egypt seals €4.7M loan with EIB for sanitation project



EIB will contribute to funding three other sanitation projects.

Egypt, Germany’s Bavaria sign 5 deals for SCZone



Egypt signed five agreements Wednesday with Germany’s Bavaria company to build five factories in East Port Said by 2018.

Foreign investments in debt record $15B since flotation: CBE



Egypt will extend $2.7 billion currency swap agreement with China.

Merchandise trade deficit keeps narrowing to $8.4B in Q4: Pharos



The non-oil trade deficit fell to $7.3 billion in Q4 from $7.8 billion in the previous quarter, as the non-oil imports decreased to $11.1 billion from $11.6 billion in Q3.

Benchmark extends losses for 2nd day, dragging EGX to mixed note



Market capitalization added LE 1.5 billion ($85 million) to reach LE 713.9 billion, up from LE 712.4 billion registered Tuesday.

German delegation visits Cairo in October for SCZone projects



Suez Canal Authority head agreed with German conglomerate Siemens to build a training center inside the zone to train technical workers.

Marriott Hotels plan to invest in new El Alamein City



Housing Minister Mostafa Madbouly met with the board of directors of Marriott Hotels to overlook potential collaboration in investing in new El Alamein City.

Industrial production jumps 29% in Q4 2016



The coke and petroleum products sector made the largest contribution to the Industrial sector, representing 16% of the total industrial production volume.

Egypt's GDP growth registers 5% in Q4: Planning Ministry


The growth of the telecommunication, construction and trade sectors contributed to the rise of the GDP.

IDA to launch 6M square meters of land before year-end



Around 4 million square meter will be in the 10th of Ramadan City, while 2 million will be in Sadat City.

Petrobel’s annual output ups 10%



Petrobel’s crude oil production recorded 80,000 barrels per day.

Saudi's Savola may rise on Almarai shares sale, Saudi Fransi may stabilise



Shares of Saudi Arabia’s largest food producer, Savola, may rise on Wednesday after it started selling some of its shares in peer Almarai.

Shell to withdraw from Iraq's Majnoon oilfield: Iraqi oil officials



Royal Dutch Shell (RDSa.L) is seeking to sell Iraq’s Majnoon oilfield and the oil ministry has started preparations to finalise its exit.
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