Business news wrap-up

Qatar’s economy hampered by 4 months of diplomatic rift

In efforts to flush foreign reserves and support liquidity, Qatar Investment Authority (QIA) reduced stakes in many of its subsidiaries in September.

Zohr to start production in December: Eni

The first phase will see an output of one billion cubic feet per day (ft2).

Nasr, USAID director discuss activating signed agreements between Egypt, US

Sahr Nasr met Thursday with Director of the US Agency for International Development in Egypt Sherry Carlin and in Egypt Tarek Tawfik.

Government denies hikes in cigarette taxes

Tax Authority is not conducting any studies in that regard, keeping the current tax rate stable.

Interview: The Dutch talk renewable energy future in Egypt

A Dutch Foreign Ministry delegation was in Egypt last month discussing opportunities of cooperation in the renewable energy sector within the framework of both countries' views on climate change policy. Tessa Terpstra, the Netherland’s MENA Regional Envoy for Water and Energy and the head of the delegation, spoke to Egypt Today in an email interview about chances of cooperation and the future of renewable energy (RE) in Egypt.

Government collects 100% of Q1 FY2017/18 taxes target

Tax revenues in FY2016/17 increased by 34.1 percent year-on-year to reach LE 659 billion.

Industry Ministry launches second phase of Al-Robeky project

The second phase is spread over 85,000 square meters, representing 30 percent of the project’s area.

Gold industrial zone to be established near Aswan

The project is also within the framework of legalizing gold mining.

Switzerland committed to support Egypt in all fields - amb.

Swiss Ambassador to Egypt Paul Garnier asserted his country's full support for Egypt in all domains, particularly in the economic and social fields.

Ismail confers with JBIC head on ways to support cooperation

Prime Minister Sherif Ismail on Wednesday met with Japan Bank for International Cooperation (JBIC) Governor Akira Kondoh.

Egypt to participate in Anuga fair in Germany

Egypt will participate in the 2017 Anuga fair for food industries, which will be held from October 7 to 11 in Cologne in Germany.

Salman to Putin: Moscow, Riyadh to work on oil price stability

Russia and Saudi Arabia will continue to work on stabilizing world oil markets, Saudi King Salman told Russian President Vladimir Putin.

Russia's Sibur, Saudi Aramco agree to explore possible cooperation

Sibur and Russian state investment fund RDIF on Thursday signed a MOU with Saudi Aramco to exploit possible cooperation in Russia and Saudi Arabia.

Saudis reconsidering speed of austerity plan as economy slumps: IMF

Riyadh has been cutting spending while raising taxes and fees to curb a huge state budget deficit caused by low oil prices.

Spanish bank studies moving HQ from Catalonia as crisis deepens

Catalonia-based newspaper La Vanguardia reported that Sabadell was considering moving its headquarters to either Alicante or Madrid.