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Business News Wrap-up

Wed, Jan. 31, 2018

Zohr field, Egyptian economy long-awaited breakthrough



President Abdel Fatah al-Sisi inaugurated the giant Zohr gas field on Wednesday. It is one of the largest offshore gas fields discovered in the Mediterranean. The field is expected to provide Egyptian economy with a significant boost estimated to be $2.5 billion annually.

Zohr gas field in numbers



The Zohr gas field is an offshore natural gas field located in the Egyptian sector of the Mediterranean Sea. Egypt Today provides a summary of the most important numbers of the Zohr Gas Field.

No increase in sugar prices at gov’t outlets: Supply Min.



The Supply Ministry denied Wednesday any increase in the price of sugar at government outlets after Egypt’s decision to raise the price of sugarcane purchased from local farmers.

EGX ends January in red, market capitalization loses LE 12B



The Egyptian Exchange (EGX) ended the last session in January in red, amid Egyptian and Arab selling within foreign purchasing. The benchmark EGX30 closed at 15,042.37 points, losing 1.78 percent or 273.29 points.

Egypt’s arrears to foreign oil companies reach $2.4B: Min.



Egypt owed foreign oil companies operating in the country $2.4 billion by the end of June 2017, Petroleum Minister Tarek el-Molla said Wednesday during the inauguration of Zohr gas field.

Egypt targets 3.7% industrial growth in 2017/18



Ministry of Trade and Foreign Industry targets a 3.7 percent growth in the industrial section in fiscal year 2017/2018, compared to 2.8 percent in 2016/2017.

First baby formula production complex to be set up with Polish investments



Trade and Industry Minister Tarek Kabil unveiled plans by Poland's Polfa consortium to set up a complex for baby formula production in the Tenth of Ramadan city at investments of LE 600 million at the first stage.

Education Ministry, USAID conclude workshop on technical education



A workshop for 1,300 Egyptian technical school teachers and administrators from 60 vocational schools in 11 governorates across Egypt has been concluded, strengthening the career guidance skills of all participants and giving them better tools to help prepare the next generation of Egypt’s workforce.

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