Business news wrap-up
Sat, Oct. 21, 2017
The New Valley Governor Mohamed el-Zamalout approved on Saturday the establishing of an industrial zone on a space of 100 feddans (one feddan = 1,025 acres) in the area between the Farafra and Bahariya oasis. The lands within the zone will be given to beneficiaries for a symbolic fee, but they will have to pay for the establishment of the needed facilities.
The Mediterranean’s largest gas field Zohr will start production in the second half of November with a production capacity of 350 million cubic feet (mmcf) of gas per day, a source in the Egyptian Natural Gas Holding Company (EGAS) said Saturday. He expects production to be doubled in two months to reach some 700 mmcf per day, increasing to one billion cubic feet before the end of the first quarter of 2018.
During his visit to France that will start on Tuesday, President Abdel Fattah al-Sisi will meet with the chairpersons of 40 French companies, which are interested to start or increase investments in Egypt, Akhbar el-Youm newspaper reported Saturday.
The Egyptian Railway Authority received three tender offers for the provision of 700 railcars, the authority’s vice-chairman Reda Abu Harga told Egypt Today Saturday. Abu Harga added that the offers are from Italy and Latvia, in addition to a joint Russian-Hungarian offer.
Director and Regional Expert on African Sovereigns in international rating agency Standard and Poor’s (S&P) Ravi Bhatia said on Saturday that the positive indicators of the Egyptian economy assure the seriousness of the government in applying the economic reform program.
Chairman of the Suez Canal Authority Mohab Mamish said that a record of 107 ships crossed the Suez Canal on Friday and Saturday laden with 7.7 million tons.
Investment and International Cooperation Minister Sahar Nasr on Saturday discussed with Romania's Ambassador to Egypt Mihai Ștefan Stuparu the activation of four MoUs signed by the two countries in July in the Romanian capital, Bucharest.