Business news wrap-up
Wed, Nov. 8, 2017
Head of the Suez Canal Authority Mohab Mamish signed six contracts with Egyptian and foreign investors to develop northern and southern sides of the economic zone of the Suez Canal on Tuesday on the sidelines of the World Youth Forum (WYF) taking place in Sharm El-Sheikh.
Trade Minister Tarek Kabil and Governor of Luxor Mohamed Badr are set to launch the “Invest in Luxor” website soon, which shows 56 industrial investment opportunities in the Upper Egyptian governorate of Luxor. The website will be launched during an upcoming conference titled "Invest in Luxor - Unlocking Industrial Opportunities" which will be held on November 12 in Luxor.
A new 20MW solar plant in the Toshka area in Aswan governorate has started operations this week, with $25 million in investment, Complete Energy Solutions company, the project’s developer, said Wednesday. The power plant is completed for the benefit of UAE’s al-Dahra Agricultural Company, which purchased 100,000 feddans in Toshka project in 2013.
The Egyptian Exchange (EGX) closed in green Wednesday for the first time this week after a downward trend, affected by Saudi Arabia’s anti-corruption probe spread through the Gulf, pushing down every major market. Benchmark index EGX30 increased 1.05 percent to stand at 14,204 points.
Egypt’s primary deficit in the budget stood at 0.2 percent of GDP in the first quarter (Q1) of fiscal year (FY) 2017/2018, compared to 0.6 percent in Q1 of FY 2016/2017, Deputy Minister of Finance for Fiscal Policies Ahmed Khouchouk said Wednesday.
The European Bank for Reconstruction and Development (EBRD) approved earlier this week a $200 million loan to finance the energy efficiency project of the Egyptian Natural Gas Holding Company (EGAS).
China will build a logistics zone in the Suez Canal Economic Zone (SCZone) as TEDA Corporation and COSCO Shipping signed an agreement with Egypt Tuesday. To be spread over 130,000 square meters in Ain Sokhna, the project is expected to create more than 300 job opportunities.
Since establishing the Micro, Small and Medium Enterprises Development Agency (MSMEDA) in April, the government has been working to include small and medium enterprises (SMEs) in the formal sector. Business Today Egypt sat down with MSMEDA Director Nevine Gamea’ for a close look at the nature and scope of its work.