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Business news wrap-up

Sun, Oct. 8, 2017

Remittances soar 40% in August: CBE



International remittances of Egyptian workers abroad hiked 40 percent in August, to record $1.7 billion, up from $1.2 billion in the same month a year ago.

Egypt has tools for renewable energy booming: Minister



Egypt has the needed land plots and regulations to achieve a boom in the renewable energy industry, Minister of Environment Khaled Fahmy stated.


Germany willing to support Egypt's renewable: Hergenrother



Germany finds Egypt to be the most important partner for mechanical engineering and machinery.

New solar plants to enter operations next month: NREA



A number of 32 solar developers have expressed interest in taking part in the FiT second round, NREA chairman says.

How the IMF sees Egypt's economic progress



Though many might not feel the economic improvement on the ground, the latest IMF review on Egypt showed positive predications.

EGX benchmark up 2.12%, indices end in positive note



Market capitalization hiked LE 7.9 billion Sunday to LE 776.57 billion, compared to LE 764.905 in the latest session Wednesday.

Egypt recognized as primary location for IT business worldwide



Yasser el Kadi said Egypt has been recognized as a primary location for information technology and communication business worldwide.

Uber launches Cairo-based center to serve 16 countries’ customers



Access to its services will be available in three main languages: English, Arabic and Urdu.

Solar energy now cheaper than conventional energy: SolarizEgypt



"The renewable energy sector is witnessing a breakthrough because there is a political will to end energy subsidies," Yaseen Abdel Ghaffar added.

Date exports increase 10% in H1 2017: Minister of Trade



Date exports in Egypt have increased by 10 percent in the first half (H1) of 2017 from the same period of 2016; amounting to 22,000 tons at a cost of $19.5 million.

Foreign investors’ net purchases in EGX record LE 8.2B



Non-Arab foreign investors’ net purchases in the Egyptian Exchange (EGX) recorded LE 8.24 billion ($466.12 million) since the beginning of 2017.

Dollar exchange rate stable at major banks



The US dollar exchange rate was relatively stable during morning transactions at major banks on Sunday.

Kabil heads for Morocco to attend WHO mini ministerial meeting



Minister of Trade and Industry Tareq Kabil left here Sunday for Casablanca to head Egypt's delegation at a ministerial meeting of the WTO.
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