Business News Wrap Up
Mon, Mar. 5, 2018
Egypt is discussing the setting up of a sovereign wealth fund to manage state companies as it plans to list them on the stock exchange, the minister for public enterprise, Khaled Badawi, said on Monday.
Egypt’s Emirates NBD Purchasing Managers’ Index (PMI) for the non-oil private sector fell to 49.7 in February, compared to 49.9 in January.
Telecom Egypt’s (ETEL) consolidated results increased 17.97 percent in 2017, recording LE 3.15 billion, compared to LE 2.67 billion in 2016.
President Abdel Fatah al-Sisi and Saudi Crown Prince Mohamed bin Salman bin Abdulaziz Al Saud checked major national projects at Suez Canal region on Monday.
Chairman of the Suez Canal Authority Mohab Mamish revealed that 187 projects will be implemented in the economic region of the Suez Canal.
Mamish affirmed that there is a large demand from investors to invest in the economic region.
The UAE-based Dana Gas (DANA) announced the receipt of $ 10.4 million in February 2018 from the sale of 157,200 barrels of the Egyptian Condensate El Wastasni at an average of $66.5 per barrel.
Prime Minister Sherif Ismail was handed over on Monday a cheque for LE 20 million from the head of the Egyptian Federation of Investors Associations (EFIA), businessman Farid Khamis, as a "personal donation" dedicated for the development process of Sinai.
Deputy Minister of Finance for Tax policy Amr el-Mounir submitted his resignation to the Prime Minister Sherif Ismail on Monday.
The report said that while this decline left Egypt below the 50-mark, it remained above the series’ long-run average.
Egypt’s hospitality sector has long been a vital pillar in attracting foreign direct investment (FDI) and a major contributor to the country’s GDP, with annual revenue ranging from $30 billion to $40 billion, according to the Oxford Business Group (OBG). But the situation drastically changed with the 2011 uprising and subsequent political unrest.
The Egyptian Exchange (EGX) ended Monday in green for the second consecutive session, and market capitalization gained LE 4.39 billion.
The benchmark EGX30 rose 1.22 percent, to end at 15,709.01 points.
Chairman of Armed Forces Engineering Authority Kamel al-Wazir said that Suez Canal tunnels shortened the transit time of the Canal to 20 minutes instead of waiting on the Canal’s ferries and el-Salam Bridge that could extend to 5 days.
Finance Minister Amr el-Garhy announced Monday that Prime Minister Sherif Ismail accepted the resignation of Deputy Minister of Finance for Tax Policy Amr el-Mounir.
Minister of Finance Amr el-Garhy said that the government aims to reduce the public debt to 97 percent of the gross domestic product (GDP) in the budget of fiscal year 2018/2019.