Business news wrap-up
Sat, Nov. 4, 2017
The inauguration of the Mediterranean’s largest gas field Zohr will take place in December, kicking off with a production of 350 million cubic feet (mmcf) of gas per day, a source in Egypt’s petroleum sector said Saturday.
After Attijariwafa bank’s acquisition of Barclays Bank Egypt’s shares, the bank operated under the new identity “Attijariwafa bank Egypt” as of November 3, a statement from the bank said Saturday. The bank name and trade mark will accordingly be changed on all transactions conducted in the bank’s 55 branches and ATM machines across Egypt.
Dice Sport and Casual Wear S.A.E. announced Saturday the successful conclusion of the book-building process for, and the pricing of, the international offering to institutional investors of 28,089,457 existing ordinary shares at a price of LE 22.60 per ordinary share, a statement from the company said.
A year after Egypt launched its ambitious economic reform program, the country is reaping some fruits of the austerity measures that left half of the population already near or below poverty line struggling to make ends meet as inflation levels soared to the highest in decades.
The Islamic Development Bank Group-affiliate International Islamic Trade Finance Corporation (ITFC) seeks strategic partnership with Egypt in light of its continued support to the group, said ITFC CEO Hani Salem Sonbol.
The deal on setting up a Russian industrial zone is in its final stages, acting Russian trade representative in Cairo Nikolai Aslanov told MENA news agency. The project will cover an area of 5 million square meters in East Port Said and will open up about 35,000 job opportunities.
Minister of Trade and Industry Tareq Kabil discussed with Greek Ambassador to Egypt Michael-Christos Diamessis means of fostering economic relations, boosting trade exchange and increasing joint investments between Cairo and Athens in the coming period.
U.S. President Donald Trump said on Saturday he “would very much appreciate Saudi Arabia doing their IPO of Aramco with the New York Stock Exchange.” “Very important to the United States!” Trump wrote on Twitter about Saudi Aramco’s plan to float around 5 percent of the company in an initial public offering next year.