Business news wrap-up
Wed, Dec. 13, 2017
Egypt and Russia have been negotiating a $7 billion worth of Russian investment in an industrial zone in the East Port Said region, with a final agreement set be finalized soon.
The zone will be established on an area of 5.25 square kilometers and will be built over three phases.
Egypt will achieve its self-sufficiency of natural gas before the end of 2018, with gas production amounting to six billion cubic feet of gas a day, Petroleum Minister Tarek el-Molla said Wednesday.
he Egyptian Exchange (EGX) ended its transactions Wednesday in green for the fourth consecutive day this week. Benchmark index EGX30 went up 0.42 percent to stand at 14,651 points.
The Damietta governorate launched the second phase of land plots in Damietta Furniture City, Governor Abdel Hamid Taha announced Wednesday. A value of LE 700 million has so far been spent on the project.
The Slums Development Fund finished around 60 percent of development works of slum areas in Dakahlia governorate, head of the fund Khaled Sedik said Tuesday.
The confirmation made by Supply Minister Ali Moselhy on Tuesday regarding confiscating any commodity “without a price tag” as of January 1, 2018 triggered dissatisfaction among both importers and manufacturers.
Egypt and Switzerland have signed a joint declaration for a strategic cooperation program between the two countries for 2017-2020 at a total value of 86 million francs.