Business News Wrap-up
Sun, Mar. 4, 2018
Egypt’s Petroleum Ministry achieved around 800 new oil and gas discoveries starting fiscal year (FY) 2001/02 and until 2015/16.
During this period, the ministry achieved 520 crude oil discoveries, according to figures from state statistics agency CAPMAS.
Egypt’s foreign reserves rose to $42.524 billion at the end of February from $38.209 billion at the end of January, the central bank said on Sunday.
Minister of Housing Mostafa Madbouli said that the volume of investment projects that will be implemented in partnership with the private sector amounted to LE 500 billion.
Egypt’s balance of trade deficit increased 13.8 percent in December 2017, recording $3.3 billion, compared to $2.9 billion in the same month of 2016, the Central Agency for Public Mobilization and Statistics (CAPMAS) said in a Sunday report.
Minister of Petroleum Tarek el-Molla told Reuters Sunday that Egypt aims at increasing production at Zohr gas field to 700 million cubic feet per day in May, up from about 350 million cubic feet per day.
The Egyptian Exchange (EGX) gained about 300 million pounds at the end of trading Sunday backed by purchase operations by foreign and Arab investment funds.
In light of the restructuring process of the Ministry of Tourism, Tourism Minister Rania al-Mashat has directed the heads of different sectors and administrations in the ministry to nominate five young calibers between 28 and 35 years of age in order to formulate a team to cope with the ministry's development plan in the coming period.