U.S. one-hundred dollar bills are seen in this picture illustration, August 2, 2013 - REUTERS/Kim Hong-Ji/Illustration U.S. one-hundred dollar bills are seen in this picture illustration, August 2, 2013 - REUTERS/Kim Hong-Ji/Illustration

Business news wrap-up

Sun, Dec. 24, 2017

EFG Hermes to manage Banque du Caire IPO in 2018

Head of EFG Hermes business promotions Mostafa Gad said on Sunday that the investment bank will take over the initial public offering (IPO) process of state-owned bank Banque du Caire in 2018.

Sohag to witness more LE 17.6M development projects

Minister of Investment and International Cooperation Sahar Nasr signed a LE 17.6 million agreement with Misr El-Kheir Foundation to develop a village in Sohag governorate, a Sunday statement from the ministry announced.

‘Entrepreneurs 2030’ project to be launched soon

The Ministry of Planning will soon launch the “Entrepreneurs 2030” project, which provides young calibers with a master’s degree in entrepreneurship, Planning Minister Hala el-Saeed said Sunday.

EGX30 breaks highest record, reaching 14,790 points level

The Egyptian Exchange (EGX) ended its transactions Sunday in mixed note, with benchmark EGX30 being the only index that went up 0.83 percent to stand at 14,790 points.

Suez Canal revenues rose to LE 8.1B in November: SCA

Revenues of the Suez Canal Authority (SCA) rose to LE 8.1 billion in November, compared to LE 6.1 billion in the corresponding period of 2016, the monthly bulletin issued by the Central Agency for Public Mobilization and Statistics stated on Monday.

TGS, Schlumberger start seismic survey of Red Sea oil

Norwegian geophysical company TGS and Texas-based Schlumberger started working on their new 2D seismic project on the Red Sea, an official source in the Ministry of Petroleum said Sunday.

What to know about ‘Price Label’ decree issued by supply ministry

Minister of Supply Ali Moselhy issued a decree on Tuesday obliging manufacturers and importers to put price labels on products. The decree stirred a lot of debate.

3 coalitions offer to execute 5th metro line

Chairman of the National Authority for Tunnels (NAT) Tarek Gamal el-Din told Egypt Today Sunday that three foreign coalitions offered to execute the construction of the fifth metro line in Greater Cairo stretching on 24 kilometers and passing through 17 stations.

Selection of bidder in 1,300 railcars tender postponed

The selection of a bidder after evaluating tenders that offered to supply 1,300 railcars with an approximate cost of $600 million will be postponed to the first quarter of 2018 instead of this year, sources in Railway Authority told Egypt Today.

Al Tawfeek’s IPO 28x oversubscribed

Financial lease firm Al-Tawfeek Leasing Company’s initial public offering (IPO) is 28 times oversubscribed, the Egyptian Stock Exchange (EGX) announced in a Sunday statement.
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