Business News Wrap-up
Tue, Feb. 27, 2018
Fitch Rating expected Tuesday that inflation in Egypt will fall further this year but remain in double digits, averaging around 13 percent, assuming that further subsidy reform in July leads to energy price increases, especially given higher oil prices.
The Egyptian Exchange (EGX) ended Tuesday in green, and market capitalization gained LE 4.39 billion.
The benchmark EGX30 rose 0.45 percent, or 68.88 points, to end at 15,522.88 points.
Minister of Industry and Foreign Trade Tarek Kabil inaugurated Tuesday the first phase of the expansion of Mars Wirgley Egypt's factory in the 6th of October factory, with two new production lines worth LE 750 million.
President of Mars Wrigley Confectionery Martin Radvan said that Egypt had been and still a perfect market, which supported the company's choice of Egypt to be its center of production in the ME and Africa.
The law regulating the gas market is supporting Egypt’s strategic goal of becoming a regional energy hub, Petroleum Minister Tarek el-Molla said in a statement on Tuesday.
Egypt Kuwait Holding (EKH) announced that it excogitates drilling five new wells in 2018 with an investment cost of $ 110 million, according to a filling to the Egyptian Exchange (EGX).