Business News Wrap-up
Sat, Mar. 3, 2018
Egypt’s exports to Russia increased by 35 percent in 2017, reaching $504.5 million, compared to $374.1 million in 2016, Trade Minister Tarek Kabil said Saturday.
President Abdel-Fatah al-Sisi said that Egypt eyes more cooperation with the Chinese telecommunications company Huawei and seeks to increase the company’s activities in the country over the coming period.
Four Egyptian banks will issue Sunday the Aman Certificate (Security Certificate), a new life insurance plan for casual and temporary workers. The certificates can be purchased without any fees or opening an account.
The exchange rate of the U.S dollar could reach between LE 17.25-17.5 for buying, down from its current level of LE 17.59, in the coming months, banking sources said Saturday.
Striving to become one of the world’s 30 strongest economies by 2030, Egypt's Ministry of Trade and Industry adopted a 2020 industrial development strategy that aims to increase the contribution of the sector in the gross domestic product (GDP) from 17% to 21%.
Investments in the Upper Egyptian governorate of Sohag surpassed LE 10 billion in the last two years, in addition to investments in the small- and medium-sized enterprises (SMEs) sector, Sohag Investors Association announced Saturday.
Petroleum and Mineral Resources Minister Tarek el-Molla lauded the contribution of Egyptian oil companies in developing various gas activities in Jordanian market.