Business news wrap-up
Sun, Nov. 26, 2017
Minister of Finance Amr el-Garhy issued orders to finish the application procedures of the Government Fiscal Management Information System (GFMIS), which includes electronic payment and collection of state revenues and expenditures.
In a meeting with President Abdel-Fatah al-Sisi Sunday, Governor of the Central Bank of Egypt (CBE) Tarek Amer reviewed the fiscal situation and the measures taken by the CBE to help implement structural reforms and preserve fiscal and monetary stability.
A Cypriot businessmen delegation will visit Egypt soon to resume negotiations with the Egyptian side, which started at the Egyptian-Cypriot Business Forum that was held in Cyprus recently, Head of the Egyptian-Cypriot Businessmen Council Saeed Ahmed said Sunday in a statement.
Minister of Transportation Hisham Arafat and Canal Authority chairman Mohab Mamesh will travel Sunday to Germany to present investment opportunities in the Suez Canal Economic Zone (SCZone).
The Ministry of Housing will launch land plots in 23 new cities for investment and services purposes, with spaces between 252 square meters and 113,400 square meters, Minister of Housing Mostafa Madbouly announced.
Egypt's chemical sector is considered to be one of the strategic sectors as it adds value to the mineral resources of the country. A breakthrough is expected as there are several expansionary projects in the sector; such as installing new production units in Misr Fertilizers Production Company (MOPCO).
The Egyptian Exchange (EGX) ended its transactions positively Sunday, despite the terrorist attack on Rawdah Mosque in west Arish City, which left 305 dead, including 27 children, and 128 more people were wounded. Benchmark index EGX30 went up 0.83 percent to stand at 14,222 points.
Investments in the chemicals sector reached a total value of $36 billion, Head of the Chamber of Chemical Industries Sherif el-Gabaly said Sunday.