Business News Wrap-up

Trade between Egypt, U.S. reaches $5.6B in 2017

Bilateral Trade between Egypt and the U.S stood at $5.61 billion in 2017, compared to $4.97 billion in 2016, increasing by 13 percent, Trade Minister Tarek Kabil said Sunday.

CIB issues new certificates with variable return of 16%

Commercial International Bank (CIB) announced issuing three-month certificates with a variable return of 16 percent.

EGX gains for 2nd consecutive session amid Arab purchases

The Egyptian Exchange (EGX) ended Sunday in green for the second consecutive session, amid Arab purchases which were supported by the strong performance of the global markets on Friday’s trading.

QNB reduces its stake in Egyptian unit to 95%

Qatar National Bank (QNB) reduced its stake in its Egyptian unit QNB Alahli to 95 percent from 97.125 percent, according to a filing to the Egyptian Exchange on Sunday.

IDA to offer industrial permits, records electronically by March

The Industrial Development Authority (IDA) will start offering industrial permits and industrial records electronically through its various branches by mid march, a source at the IDA said Sunday.

Egypt’s revenues increase to LE 179B in 4 months

Egypt’s revenues increased to LE 179.2 billion ($10.11 billion) in the first four months (from July to October) of the current fiscal year 2017/2018, according to a recent report from the Central Agency for Public Mobilization and Statistics (CAPMAS).

Orascom Development Egypt sells noncore assets

Orascom Development Egypt (ODE) signed two final offers to divest non- core assets, according to a filing to the Egyptian Exchange.

Orascom clarified that the proceeds of the sale will reduce the company’s debt by LE 1 billion and generate an interest savings of LE 100 million annually on average till 2024.