Business News Wrap-up
By: Egypt Today
Wed, Feb. 28, 2018
Foreign investors (Arab and non-Arab foreigners) have intensified their purchases in today’s session at the Egyptian Stock Exchange (EGX) to register LE 3.1 billion, the highest rate for foreign investors’ daily buying activities in the history of EGX.
The Ministry of Investment and International Cooperation issued an advertisement on social media, showing what service investors get when they visit investors’ service centers.
The Central Bank of Egypt (CBE) has issued Wednesday its biggest Egyptian Pound Variable Rate Deposit Auction since it adopted such tool in November 2016, with a value of LE 205 billion with a 28-day term.
Egypt will see an expansion in petrochemicals projects over the coming period, Petroleum Minister Tarek el-Molla said Wednesday.
He said that the petrochemicals industry allows Egypt to fully utilize its gas and petrol resources and contributes positively to Egypt’s economy.
The Egyptian Exchange (EGX) ended Wednesday in a mixed note, amid Egyptian and foreign selling.
The benchmark EGX30 slipped 0.32 percent, or 50.19 points, to end at 15,472.69 points, leaving the highest point that the index reached on Tuesday.
The industrial sector’s debt to the Petroleum Ministry reached around LE 11 billion by December 2017, which is the cost of the petroleum products and natural gas the sector used, an official source at the petroleum Ministry said Wednesday.
Egypt witnessed a movement in its growth rates from 2.9 percent in 2013 to end the second quarter of 2017/2018 with a growth rate of 5.3 percent.
Planning Minister Hala al-Saeed said Saturday that Egypt is targeting a growth rate of 5.8 percent in fiscal year 2018/19 and seven percent in 2022.