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

Wed, Jan. 17, 2018

Nasr signs 2 grants with EU to support Egypt’s population strategy



Minister of Investment and International Cooperation Sahar Nasr signed on Wednesday two grants with the European Commission's Neighborhood Policy and Enlargement Negotiations.

The first is worth €27 million to support the national population strategy, while the second comes as part of the European Neighborhood Instrument (ENI), a statement from the ministry said.

Hermes surveys chief execs on economy at Egypt Conference



Hermes conducted a survey for 250 chief executives who attended the second annual Egypt Conference, and the results came with 54 percent who consider that the rise in interest rates is the biggest investing obstacle in Egypt during 2018.

UK’s CDC Group in Egypt to explore investment opportunities



A delegation from United Kingdom’s development finance institution, CDC Group, and its subsidiary Globeleq arrived in Egypt this week to explore new investment opportunities and potential areas of increased cooperation with Egyptian ministries and companies, a statement from the British Embassy in Cairo said.


EGX ends Wednesday in green amid foreign buying



he indices of the Egyptian Exchange (EGX) ended Wednesday in green amid local and Arab selling and foreign buying.

Market capitalization gained LE 3.6 billion ($204.75 million) by the end of the trading, totaling LE 853.32 billion, up from LE 849.68 billion.

Egypt’s imports drop $4.1B in first 10 months of 2017



Egypt’s imports dropped $4.1 billion year-on-year in the first 10 months of 2017 to stand at $53.88 billion, compared to $58.04 billion in the same period of 2016, the state statistics agency CAPMAS said Wednesday.

GPC to drill 18 wells, produce 64k barrels of crude in 2108/19



he Petroleum Ministry-affiliated General Petroleum Company (GPC) plans to drill five discovery wells and 13 development wells, in addition to producing some 64,000 barrels of crude, natural gas and condensates a day during fiscal year 2018/19, a statement from the Petroleum Ministry said Wednesday.

Gov’t invests LE 33.9B in H1 of 2017/18: Min. of Finance



“Governmental investments witnessed an increase of 23 percent in H1 of this fiscal year to record LE 33.9 billion, with 19 percent deficit funded, to reach about LE 28 billion,” Minister of Finance, Amr al-Garhy said in a speech at the second annual Egypt Conference on Wednesday.

Hermes concludes 2nd annual Egypt Conference



EFG Hermes announced on Wednesday the closure of its second annual Egypt Conference, which was held in Cairo for three days, according to Hermes’ press release.


Egyptian’s chemical exports increased to $4.4B in 2017



Chemical section’s exports increased 32 percent in 2017 to $4.4 billion, up from $3.3 billion in 2016, the Chemical and Fertilizers Export Council said in a Wednesday report.






 
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