Business News Wrap-up
Sun, Feb. 4, 2018
Egypt’s foreign reserves rose by some $18 billion in 14 months, or since the country floated its currency in November 2016, to record $37 billion in December 2017, compared to only $19 billion in October 2016, according to the Central Bank of Egypt (CBE).
Egypt will issue its anticipated dollar-denominated Eurobonds next week, Finance Minister Amr el-Garhy said Sunday.
President Abdel Fatah al-Sisi visits Muscat on Sunday for the first time since he took office, upon an invitation from Sultan of Oman Qaboos bin Said al-Said.
Minister of Trade and Industry Tarek Kabil referred to giant investment cooperation opportunities between Egypt and Oman on Sunday, saying the current trade exchange rates do not reflect the true trade potentials of both nations.
Prime Holding signed a contract to manage an initial public offering (IPO) on the Egyptian Exchange (EGX) for a company operating in the education sector with LE 500 million ($28.26 million) as initial capital, Vice Chairman of Prime Holding Mohamed Maher told Al-Masry Al-Youm.
Minister of Petroleum Tarek al- Molla said that Egypt accomplished four important projects for gas production in 2017, according to his speech in the Egypt Petroleum Show 2018 (EGYPS 2018).
The Egyptian Exchange (EGX) ended Sunday in red, amid foreign selling. The benchmark EGX30 slipped 1.42 percent, or 213.82 points, to end at 14,874.84 points.
Supply Minister Ali Moselhy inaugurated Sunday renovation works of the packing department as well as developing turbines and centrifuges at the state-owned Egyptian Sugar and Integrated Industries Company, with investment cost of LE 400 million, a statement from the Supply Ministry said.
Dubai’s Al Khaleej Sugar Refinery has agreed to build a major agro-industrial complex to produce beet sugar under a deal signed with the Egyptian government, the world’s largest port-based sugar refinery said on Sunday.